In an ideal world, employers offer both a generous wage and plentiful employee benefits. However, given the choice between the two job perks, many Americans would rather have the former, a newly released survey suggests.
Approximately 20 percent of full-time workers say they would rather have higher wages and fewer benefits than vice versa, a recent study conducted by the Employee Benefit Research Institute found. That's up from 12 percent who indicated as much last year when a similar analysis was done.
These findings seem to suggest that many workers would be open to negotiating health insurance-related perks. Other analysis has found this to be the case. Compared to last year, nearly 45 percent of workers say they're "somewhat" or "much" more inclined to compromise on non-monetary perks, such as wellness benefits, telecommuting, vacation days and flexible work schedules, based on a poll done by staffing services firm Robert Half this past December.
Among some employers, coverage benefits aren't an option, but compulsory, in light of the Affordable Care Act. The employer mandate requires all businesses that employ 50 or more full-time staff members to provide health insurance coverage to them as well as their immediate family members. However, even before the health reform law fully went into effect in 2015, over 75 percent of the nation's workers obtained health insurance through their employer, according to government data.
66 percent happy with employer health plan package
Meanwhile, small business owners with fewer than 50 employees have the freedom to offer health insurance if they feel it is worth it and appreciated by their personnel. Two-thirds of workers say they're satisfied with the coverage they receive, according to EBRI's findings between 2012 and 2015.
Paul Fronstin, director of EBRI's Health Research and Education Program, said business owners can better determine what's in their best interest by taking a census of how employees are using their benefits and if they're satisfied with them.
"As employers consider whether to continue offering coverage, and if they do, which options to offer in the plan, data on worker preferences will be useful for making informed decisions about the future direction of employment-based health benefits," Fronstin explained.
A variety of plan options traditionally makes for happy personnel, as workers are given more free reign over their personal health care. However, the EBRI survey discovered that most workers are confident that the health plans employers or unions choose as best are sufficient for them.
More Americans invested in the personal over the professional
Other non-monetary perks that employees are coming to expect are those that enable them to balance their work life with their personal life. Over half of today's white collar workforce – 54 percent – say they've grown more committed to their personal interactions in the last 12 months, according to a separate poll also done by Robert Half. Meanwhile, 38 percent say they've revitalized their interest and attention to their careers.
Paul McDonald, senior executive director for the Menlo Park, California-based recruitment company, referenced how employers that cater to their workers' wishes are in the driver's seat when it comes to drawing interest from job seekers.
"In a strong job market, professionals have more confidence in their career prospects, which gives them the breathing room to focus on interests outside of work," McDonald said. "Companies that offer perks to help with work-life balance, such as generous vacation policies or the ability to telecommute, have a recruiting edge."
Today's workforce highly values spring and summer break time. Nearly 1 in 3 professionals say extra time off is something that they'd most like to have more of, last December's poll by Robert Half discovered.
