STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential

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The Progressives A Small But Growing Segment of Plan Sponsors Companies approach benefits differently. There is no one “rule” for success. Gauging employees’ needs and contributions to the company, the competitive environment, and the ability to subsidize expenses must all be carefully weighed to tune a benefit program. To effectively meet each firm’s goals, understanding the breadth of approaches can be helpful in developing a business strategy. 5 From the study participant responses, a continuum of plan sponsor “progressiveness” in terms of vision and strategy was developed to serve as a starting point for plan sponsors in gauging the relative orientation of their firm toward employee benefits as a strategy for attracting and retaining talent. 28
Criteria for Progressive Plan Sponsors Currently offer benefits that are competitive within their industry/size segment. Understand employees’ greatest financial and lifestyle concerns. Highly interested in helping employees address their needs AND planning to do so by 2010, particularly in maintaining a healthy lifestyle, providing access to mental health counseling, retirement planning, and work/life balance programs. The Number of “Progressives” Will Increase By 2010 On average, 11% of employers (about 68,000 businesses nationwide) consider themselves “progressive.” Another 31% consider themselves “above average,” meaning they have a progressive benefit philosophy, but take a slightly more conservative approach in adopting new programs, communication strategies, technology, and outsourcing. Across plan sponsors in the research, the percent of progressive and forward-thinking companies will be increasing by 2010 to more than 50% of all employers. THE PROGRESSIVE CONTINUUM <strong>OF</strong> PLAN SPONSORS U.S. BUSINESSES WITH 50+ <strong>EMPLOYEE</strong>S 46% 11% 22% 31% 36% Progressives Forward Looking Followers Status Quo 29
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 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: Plan Sponsors Want Enhanced Perform
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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