In annual survey spanning three areas of
health—financial, mental and physical—American workers express a 15
percent year-over-year increase in concerns over financial
health
Survey reveals disconnect between employers
prioritizing health and dental insurance, HSAs and charitable
contributions, while employees prioritize increased pay and 401(k)
matches
The American workplace landscape is undergoing profound shifts
according to the latest survey from Franklin Templeton. In its
fourth year, Franklin Templeton’s Voice of the American Workplace
Survey found that 91 percent of employers experienced turnover
rates exceeding 10 percent in 2023. Furthermore, employee
expectations, particularly regarding compensation, are on the rise,
with 80 percent of employers struggling to meet demands for
increased compensation. This year's survey examined both employer
and employee perspectives, emphasizing the crucial need for
aligning expectations with available resources.
“Managing heightened employee expectations is one of the biggest
challenges facing employers today,” said Jacque Reardon, Head of
Client Marketing for Retirement, Insurance, 529 and Wealth
Management for Franklin Templeton. “Understanding employee
preferences and effectively communicating available resources is
paramount for organizations aiming to attract and retain top
talent. Employers must articulate the holistic value of total
compensation and benefit packages to ensure alignment with employee
needs and preferences.”
Aligning Employer Offerings with Employee Needs
While employers strive to address employee needs, there is a
clear disconnect between offered benefits and employee preferences.
The survey reveals that employees prioritize increased pay (56
percent) and 401(k) matches (42 percent), while employers assume
preferences for improved health and dental insurance, health
savings accounts (HSAs), and charitable contributions. Meanwhile,
70 percent of American workers indicate their salary is not keeping
up with inflation.
In addition, 49 percent of employers surveyed are providing
access to resources like financial wellness platforms, yet only 28
percent of employees are leveraging them, and 72 percent of
employees admit that they struggle to understand the benefits
available to them. Nearly a third (29%) admit they struggle to
understand the monetary value of employer-provided benefits. The
American worker has also expressed interest in more personalized
offerings in their 401(k) and overall benefit packages – 84 percent
and 82 percent, respectively. Meanwhile, 90 percent of employees
increasingly seek work-life balance to enhance their wellbeing.
“To address these challenges, employers must prioritize
strategies focused on employee retention and satisfaction, which
may entail offering competitive compensation packages and fostering
positive work environments that prioritize employee wellbeing and
work-life balance,” added Reardon. “By aligning with employee
expectations and prioritizing their satisfaction, employers can
mitigate turnover and cultivate a more engaged and productive
workforce.”
Financial Stress and the Pursuit of Financial
Independence
The survey also sheds light on the financial stress experienced
by American workers, with financial independence emerging as a
major concern. Workers express heightened anxiety regarding income,
retirement savings, and healthcare costs, which surpass concerns
about mental and physical health.
Notably, nearly two-thirds (61 percent) of workers feel that
their financial independence is jeopardized by the current economic
environment, as they struggle to achieve important financial
milestones. Other key concerns are recurring expenses (66%),
healthcare costs (64 percent) and student loan debt (47 percent),
and nearly half (47 percent) say their ability to retire feels in
jeopardy due to the current economic situation.
“Each year, we've asked questions across three areas of health:
financial health, mental health, and physical health,” said
Reardon. “Generally, importance and concern are even across all
three areas, but for the first time this year we see that financial
health far outweighs concerns in other areas. In fact, there is a
15 percent increase year-over-year in concern over financial
health.”
The survey was conducted by The Harris Poll on behalf of
Franklin Templeton and the Retirement Innovation Initiative (RII),
which launched in January 2020 and brings together industry experts
to help improve the future of retirement in the U.S.
Methodology
The Voice of the American Employer Survey was conducted by The
Harris Poll on behalf of Franklin Templeton from November 6 to 17,
2023. All 1,000 respondents, based in the United States, are
classified as employers, defined as having at least some influence
over company benefits and/or hiring at organizations with over 100
employees. Respondents represent a mix of industries, company size,
role, age, and race.
The Voice of the American Worker Survey was conducted by The
Harris Poll on behalf of Franklin Templeton from November 9 to 21,
2023, among 2,001 employed US adults. All respondents had some form
of retirement savings. This online survey is not based on a
probability sample and therefore no estimate of theoretical
sampling error can be calculated. Findings from previous years
reference studies of a similar nature that were conducted by The
Harris Poll on behalf of Franklin Templeton. The 2022 survey was
fielded from October 17 to October 27, 2022 among 1,000 employed
adults
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and
multi-asset solutions. With more than 1,300 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and approximately $1.6 trillion in assets under
management as of January 31, 2024. For more information, please
visit franklintempleton.com and follow us on LinkedIn, Twitter and
Facebook.
Copyright © 2024. Franklin Templeton. All rights reserved.
Franklin Distributors, LLC. Member FINRA/SIPC. Franklin
Distributors, LLC is a Franklin Templeton affiliated company.
TN24-13
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version on businesswire.com: https://www.businesswire.com/news/home/20240228100706/en/
Rebecca Radosevich, (212) 632-3207,
rebecca.radosevich@franklintempleton.com
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