WINDSOR, Conn.–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), releases new consumer survey results revealing that while the wide range of employee benefits and savings offerings continues to evolve, the employer-sponsored pension plan remains a key element in attracting and retaining talent. Specifically, Voya’s research found that among American workers, 60% are more likely to stay with their current employer if they offer an employer-sponsored retirement plan. Competitive pay or compensation (64%) and flexible working hours (63%) were equally important for people who worked.
“We know that the COVID-19 pandemic has forever changed the landscape of workplace benefits and savings and as a result, many employers continue to evolve their offerings to support their workforce, particularly as an opportunity to attract and retain talent in today’s competitive marketplace,” said Heather Lavallee, Chief Executive Officer, Wealth Solutions, and President and Chief Executive Officer-Elect, Voya Financial. At the same time, amid new offerings such as flexible or hybrid work arrangements, employers should remember that employer-sponsored retirement plans are an essential part of helping individuals prepare for a financial future. safer.
The focus remains on the long term
With many already looking ahead to 2023, Voya’s survey also found that due to inflation, more than three-quarters (76%) of individuals are extremely likely or likely to spend less on non-essential items in the future. next year, which generally could include things like dining out, vacations, or luxuries. At the same time, they continue to focus on the long-term benefits of saving, with nearly 7 in 10 Americans (68%) saying they plan to save for retirement next year. This emphasis on long-term preparation becomes all the more important as individuals continue to want to “stay the course” despite the current market uncertainty. For example, Voya’s survey also found that a majority (81%) of Americans find it important or extremely important to take a long-term view of their investments, with 79% agreeing importance of staying the course during a volatile market.
“It is extremely encouraging to see individuals focusing on their long-term goals, despite the roller coaster of financial extremes that many have experienced in recent years,” Lavallee added. “All employers should take note of the firmness American workers are expressing when it comes to the value of building their retirement savings through their workplace plan. This is particularly important as our survey also revealed that 75% of individuals plan to follow a financial plan and budget in 2023.”
Benefits continue to play a valuable role in the lives of American workers
While a retirement plan remains an important aspect of the workplace benefits and savings package, Voya’s survey reinforced the valuable role workplace benefits play in people’s lives. working Americans, especially regarding their health and wealth needs. More than half (52%) of employed people said they were more likely to stay with their current employer if they offered: etc., financial wellness benefits/programs such as access to tools and resources to budget, build savings, reduce debt, etc., and a workplace emergency savings plan (51%). Additionally, nearly half (49%) are more likely to stay with their current employer if they offer access to voluntary benefits like critical illness, hospital allowance, disability income, accident insurance, etc., and 47% are more likely to stay with access to healthcare spending and savings accounts (HSA, FSA, Dependent Care Account).
“While at Voya we believe that a focus on achieving better retirement outcomes is essential to support today’s workforce, the financial uncertainty that surrounds many people today Today is also driving a mindset shift around the holistic wellness needs of employees,” added Rob Grubka, CEO, Health Solutions at Voya. “As many employers face a growing market that attracts and retains talent, the new year offers a great opportunity to evaluate your offers in order to stand out as an employer of choice. And for employees, just knowing what’s available can only benefit you. So it’s important to understand your options, especially if it means being more curious about your own employer.
“Today, more and more employers are being proactive with their offerings because they understand that the short-term financial needs of their workforce can directly impact their ability to save for the long term,” said added Lavallee. “Programs that offer support for student debt, caregiver needs, building emergency savings, and access to financial professionals or counseling tools are all things to ask for. when it comes to meeting the magnitude of the financial planning needs that individuals face today.”
As an industry leader focused on providing benefits, savings and investment solutions to and through the workplace, Voya is committed to fulfilling its mission to enable a secure financial future for all Americans – one person, one family, one institution at a time.
All data bbased on the results of a Voya Financial survey conducted on October 10 and 11, 2022 on the omnibus online platform Ipsos eNation among 1,004 adults (461 employees) aged 18 and over in the United States.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company that provides products, solutions and technologies that enable a better financial future for its customers, its customers and society. Serving the needs of 14.3 million individual, professional and institutional customers, Voya has approximately 6,000 employees and total assets under management and administration of $711 billion as of September 30, 2022. Certified “Great Place to Work” by the Great Place to work® Institute, Voya is driven and also committed to conducting its business in a socially, environmentally, economically and ethically responsible manner. Voya has been recognized as: one of the world’s most ethical companies® by the Ethisphere Institute; member of the Bloomberg Gender-Equality Index; and a “Best Workplace for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
About Ipsos
Ipsos is the third largest market research company in the world, present in 90 markets and employing more than 18,000 people. Our passionate and inquisitive research professionals, analysts and scientists have built unique multi-specialty capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees . We serve over 5,000 customers worldwide with 75 business solutions. Founded in France in 1975, Ipsos has been listed on Euronext Paris since July 1, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com.
Ipsos is a separate entity and not an affiliate of Voya Financial®.
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