STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential

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The Progressives Progressive Employers Come in All Sizes Interestingly, every employer segment by company size has a substantial share of both progressives and forward-thinkers. Employers with 5,000-9,999 employees comprise the largest share of progressives at 34%. Companies in this segment might have achieved the financial ability to offer stronger benefits, but likely also feel advanced benefits programs are key to attracting and retaining talent as they seek to reach the next level. The largest employers (10,000+) are solidly positioned as forward-thinkers. Their resources, success, brand names, and other factors are strong tools for attracting and retaining talent. Yet, most are unwilling to allow their competition to surpass them in terms of benefits offerings. Forward-thinkers is the largest segment of employers in the broad mid-size (and emerging large) market of 500-5,000 employees. As these firms gain success and increase the ranks of longer-term employees in whom they’ve invested, benefits become an important tool. Employers with less than 1,000 employees have a healthy distribution of progressives and forward-thinkers. Given their size and other priorities, some firms’ “status quo” approach to benefits is not surprising. Even so, smaller companies tend to watch market trends closely and adjust when necessary. PROGRESSIVE EMPLOYERS BY COMPANY SIZE 9% 14% 19% 13% 15% 14% 19% 21% 20% 14% 21% 14% 23% 23% 14% 22% 28% 24% 33% 34% 30% 29% 34% 39% 42% 46% 45% 41% 30 50-99 100–499 500–999 1,000–1,999 2,000–4,999 5,000–9,999 10,000+ Progressives Forward-Thinkers Followers Status Quo
Progressives Are More In Sync with Employee Financial and Lifestyle Needs In the next five years, progressive employers plan to assist their employees with both financial and lifestyle needs at significantly higher rates than other employers. TOP BENEFIT INITIATIVES TO BE ADDRESSED BY 2010 % Rating “highly important” Progressives All Firms Point Difference Programs to promote healthy lifestyle 98% 40% +58 Tailored benefits for aging workforce 83% 29% +54 Assistance with return to work 93% 39% +54 Employee education on disability plan 80% 26% +54 Flexible workplace arrangements 82% 33% +49 Integrated healthcare/disability management 82% 33% +49 Access to mental health counseling 81% 32% +49 Education on retirement plan payout 91% 43% +48 Retirement investment education 93% 48% +45 Consumer-Directed health plans 81% 41% +40 Progressives Are More Responsive to Diversity Trends On many issues, progressives are twice as likely as other employers to say diversity has an influence on employee benefits. And, not only are progressive employers doing more to accommodate diversity now, they plan to do more in the future. Progressive firms may be better positioned to attract and retain their top talent. EXPECTED INFLUENCE <strong>OF</strong> DIVERSITY TRENDS ON <strong>BENEFITS</strong> PROGRAMS BY 2010 % Rating “highly important” Progressives All Firms Point Difference Balancing work and personal life 75% 29% +46 Workforce education and income gaps 68% 24% +44 Multigenerational workforce 77% 33% +44 Single working parents 67% 33% +34 Multilingual/multicultural workforce 64% 33% +31 Dual working couples 57% 26% +31 Same sex couples 47% 16% +31 Growing number of employees age 50+ 75% 47% +28 31
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 and 30: Plan Sponsors Want Enhanced Perform
Page 31: Criteria for Progressive Plan Spons
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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