STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential

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Teach Them Well Employees Want Greater Support in Understanding and Using Their Financial Benefits 2 Employees express concern about having adequate medical insurance and retirement income, but many are also concerned about their family’s financial security in the event of their premature death, a disability, or the need for extended care following an illness or injury. Unfortunately, many don’t fully understand or appreciate how their employers’ benefit plan offerings can better prepare them financially for these unforeseen events. Furthermore, a majority of plan sponsors are currently either unaware or unable to address their employees’ need for financial education and advice. An increase in voluntary benefits, defined contribution plans, and consumer-directed health plans will place even greater responsibility on employees to select and pay for the benefits that best meet their family’s needs. Consequently, benefits education and communication will be increasingly valued at the workplace. 10
The Gap Among Top Financial Concerns Is Surprising When employees are asked to rate the importance of various financial concerns, retirement-related issues are, of course, high on the list and most employers well recognize the importance. Interestingly, many employees are also concerned about having adequate insurance protection for themselves and their families. As insurance programs have become more complex with a broader range of traditional benefits and options, employees express great interest in obtaining needed insurance at the workplace. However, the benefits priorities for many employers are elsewhere and the gap in employers recognizing these employee needs/concerns is surprisingly large. <strong>EMPLOYEE</strong>S’ TOP FINANCIAL CONCERNS Employer perceptions of importance to employees Employee actual importance Point Difference Having financial plan LTC insurance needs Life insurance needs Disability insurance needs Saving for retirement Saving for college Obtaining financial advice Education on retirement 34% 80% 39% 77% 46% 79% 52% 83% 58% 86% 44% 67% 36% 57% 60% 72% -46 -38 -33 -31 -28 -23 -21 -12 11
Page 1 and 2: PRUDENTIAL’S GROUP INSURANCE STUD
Page 3 and 4: Welcome The cost of employee benefi
Page 5 and 6: Methodology This study surveyed a b
Page 7 and 8: Benefits Matter Eight in Ten Plan S
Page 9 and 10: Commitment to Benefits Spans Most C
Page 11: Benefits Decision Making Is Increas
Page 15 and 16: Voluntary Benefits on the Rise, But
Page 17 and 18: Most Plan Sponsors Do Not Require C
Page 19 and 20: Plan Sponsors and Participants Are
Page 21 and 22: Employee Concerns Extend Beyond Fin
Page 23 and 24: Interest in Lifestyle Benefits Vari
Page 25 and 26: Positive Online Outlook Online Tool
Page 27 and 28: Web Technology is Empowering Employ
Page 29 and 30: Plan Sponsors Want Enhanced Perform
Page 31 and 32: Criteria for Progressive Plan Spons
Page 33 and 34: Progressives Are More In Sync with
Page 35 and 36: Progressives Also Outpace Other Com
Page 37: Progressive Employers Value Persona
Page 40 and 41: Summary of Key Findings Theme One:
Page 42: About Prudential Financial Currentl

STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential

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