AZ Big Media Workplace Wellness Survey Reveals 80% of Employees Have Debt
Main results of 2022 Well-being at work survey released today by Employee Benefits Research Institute (EBRI) and Greenwald Research report that most employees are concerned about the financial well-being of their household and most employees describe their level of debt as a problem. Employees also agree that their employers have a responsibility to make sure they are well physically, emotionally and financially, but less than half place great importance on their employer’s efforts in these areas.
The Wellbeing at Work survey examines workers’ attitudes towards employment-related benefits in the workplace, as well as a wide range of financial wellbeing issues, health insurance employment-related and retirement benefits.
Key highlights from the 2022 Workplace Wellbeing Survey report include:
Most employees are concerned about the financial well-being of their household and the overwhelming majority describe their level of debt as a problem. Six in ten employees (60%) are at least moderately concerned about the financial well-being of their household, which has increased by 11 points since 2021 (49%). About half of employees are concerned about their emotional (50%) and physical (48%) well-being.
Employees agree that their employers have a responsibility to make sure they are well physically, emotionally and financially, but less than half place great importance on their employer’s efforts in these areas. Three in four employees agree that their employers have a responsibility to ensure that employees are mentally and emotionally healthy (77%) and healthy and physically (74%). Two-thirds (66%) think the same about their employer’s responsibility to ensure employees are financially secure and healthy.
Health insurance and retirement savings plans are the most common employee benefits and the main benefits for employee retention/recruitment and financial security. Four in ten employees (44%) are extremely or very satisfied with their benefits package, which has decreased by 7 points since 2021 (51%).
Most employees have a high level of understanding of their health benefits and half rate their employer’s communications about health benefits highly. Half of employees (52%) rate their employer’s communications about health insurance and healthcare as excellent or very good. Less than half (47%) rate online resource communications about benefits at the same level.
Workplace flexibility, work-life balance, paid time off, and benefits are important to employees. Most believe that working from home has had a positive impact on their well-being. Four in ten employees (39%) describe the work-life balance at their company as excellent or very good, which has declined significantly since 2021. 36% rate it as good and 25% rate it as fair or poor.
Most employees agree it is difficult to balance work and caregiving, but few employees report having access to benefits. A quarter of employees (24%) report that their employer offers subsidized/free child care or daycare. Among those who have access to it, 65% of employees have used it. Of those who don’t have access, 44% are interested in the benefit being available.
Half of employees are satisfied with their current pension benefits and most are satisfied with the contributions received from their employer. Seven out of ten employees (70%) say they are currently offered a retirement savings plan. Half of employees (51%) are extremely or very satisfied with their current retirement benefits and almost six in ten (58%) understand their retirement benefits extremely or very well.
Less than half of employees report benefiting from a financial wellness program at work. When offered, six out of ten employees participated. More than four in ten employees (45%) say their employer offers the opportunity to participate in a financial wellness program.
Most employees feel that mental health wellness programs have become more important over the past year and most are interested in mental health resources and expanded benefits. Four in ten employees (45%) rate their employer’s communications on mental health and work-life balance as excellent or very good over the past year.
Most employees remain satisfied with their current job despite declining satisfaction with their benefits package and work-life balance. Six in ten employees (59%) are extremely or very satisfied with their current job, which is in line with the 2021 results (60%).
“This is the third year of the Workplace Wellbeing Survey and possibly the most significant survey report where workplace flexibility, work-life balance, paid time off and benefits have become major critical factors for employees,” said Paul Fronstin, Director, Health Benefits Research, EBRI.
Lisa Greenwald, President and CEO of Greenwald Research, adds, “Over the past several years, key metrics such as job satisfaction, benefits satisfaction, and work/life balance ratings personal have remained fairly constant. It is important to note the declines measured this year in overall satisfaction with benefits and in work-life balance ratings, which contrast with stable job satisfaction, and the belief that remote work has improved well-being. be and stresses the need for employers to properly accelerate -be efforts.
For this year’s survey, a total of 1,518 full-time and part-time workers in the United States, between the ages of 21 and 64, were interviewed. Within this national audience – 1,014 workers and an oversample of 504 LGBTQ workers responded to the surveys – bringing the total to 605 LGBTQ workers. Information for the survey was collected through 20-minute online interviews conducted July 13-29, 2022. Data was weighted by race, age, gender, income and gender. LGBTQ status to reflect US employees ages 21-64. The margin of error for the total sample of current workers in this study is approximately +/- 2.5%.