The View From Here: State of the Workplace Financial Benefits Study 2021
The workplace is changing — whether working from home, working behind masks, or working on the front lines of a global pandemic. Expectations have changed, too — and with them, the playbook for how companies can navigate their relationships with employees using one of their strongest tools: workplace benefits.
Morgan Stanley at Work conducted a first-of-its-kind study to ask how workplace experiences in the time of COVID-19 have transformed — and continue to transform — the perceptions of employees and HR executives alike.
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It’s no surprise that many employees are focusing more attention on the financial benefits offered through their employers. And with this increased focus comes new priorities: Employees want more in employer-provided financial wellness benefits, and they want their employer to help them through financial hardships.
On the other side of the coin, employers have also experienced a fundamental shift in perception, especially when it comes to how their organization’s financial benefits stack up against the competition—and how effective they are at helping employees to reach financial goals.
The data shows a clear consensus on one inescapable message: In our changing environment, employees and HR execs alike agree that employers must do more to help their teams navigate financial challenges and maximize financial benefits.
- Over the past year, more than 9 in 10 US employees have faced financial issues in their personal life—especially personal and household budgeting, debt reduction, and emergency and short-term savings. 1
- 4 in 5 employees say that their employers should be more involved in helping them through specific financial hardships. Nearly as many also admit their company needs to help employees understand how to maximize their current benefits.1
- 9 in 10 HR executives say their company needs to do a better job helping employees understand how to maximize financial benefits.1