STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential

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Teach Them Well Demographic and Social Trends Will Strongly Influence Future Benefit Offerings Thirty years ago, workplaces were treated as mostly homogeneous and companies struggled to make any benefits package available. Employers did not have the luxury or need to develop benefits solutions by employee segment. Today, the rapidly changing workforce is a reflection of our changing world and its economic forces. The pre-retiree and even retiree populations (from former “primary” careers) work alongside other generations. Multicultural and multilingual employees who are so important to our future, also have special benefits needs. Dual working parents, single parents, and empty nesters (no children at home) often require special consideration as well. Today, savvy companies and their HR functions seek to develop benefits programs that meet the needs of various employee segments to keep workforce retention and production high. Benefits providers must be effective partners, capable of developing benefits features and communications that meet the challenges of a modern 21st century workforce. IMPACT OF DIVERSITY TRENDS ON BENEFITS OFFERINGS STRONG INFLUENCE — TOP 2 POINTS OF 7-POINT SCALE Doing in 2006 Plan to do by 2010 Mature employees age 50+ Multigenerational workforce Multilingual/multicultural workforce Workforce education/income gap Dual working couples Single working parents Same sex partners 26% 47% 23% 33% 25% 33% 17% 24% 19% 26% 27% 33% 12% 16% 2006–2010 Change +21 +10 +8 +7 +7 +6 +4 16
Plan Sponsors and Participants Are Receptive to Targeted Communications The complexity of insurance and retirement products and the challenge of reaching financial goals cause many employees to prefer more tailored, personalized benefits communication. A surprising four in ten employees are willing to share personal information to receive more effective and customized benefits offerings and advice. Plan sponsors who are frustrated by low participation in certain voluntary benefits are testing various communication and enrollment strategies. Among these emerging strategies is life-stage or life-event marketing, offering more customized benefit communications to select employee segments based on personal information the employer has obtained willingly from its employees (e.g., “permission marketing”). This allows a plan sponsor or its benefits provider to target the right benefits options to the right employees at the right time. WILLINGNESS TO SHARE PERSONAL INFORMATION FOR PERSONALIZED BENEFIT OFFERINGS/COMMUNICATIONS 61% 64% Not very willing to share personal information Very willing to share personal information 39% 36% Employers Employees 17
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 and 12: Benefits Decision Making Is Increas
Page 13 and 14: The Gap Among Top Financial Concern
Page 15 and 16: Voluntary Benefits on the Rise, But
Page 17: Most Plan Sponsors Do Not Require C
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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