Intuit QuickBooks and Allstate Health Solutions Survey Finds 78% of Employees Would Find a New Job If Their Benefits Package Was Inadequate
Survey highlights the impact of employee benefits packages on workforce productivity, satisfaction, and retention across small and large businesses
The survey engaged 1,000 employees from small and large businesses all enrolled in their company’s health insurance plan.
With macroeconomic challenges such as rising interest rates and inflation, employees face more challenges when it comes to managing their health benefits costs. In fact,
“With the historically low unemployment rates in the US, businesses can't afford to lose employees in today's competitive market,” said Laurent Sellier, Senior Vice President, Intuit QuickBooks Payroll Solutions. “Our research shows that employees are placing higher value on health benefits when it comes to their job satisfaction, but many are finding it difficult to manage benefits costs in today’s economic climate. For that reason, maintaining competitive benefits packages at an affordable price is vital to employee retention.”
Additional findings include:
-
Medical Costs Impact Ability to Save Long-Term: Most workers at small (
71% ) and large companies (63% ) have struggled to save long-term for emergencies or retirement because of medical costs. And more than a quarter of women at small and large companies report medical costs have significantly impacted their ability to meet long-term financial goals, compared to18% of men. -
Range and Choice of Benefits Matter: Nearly
60% of employees want a range of benefits options to choose from, including Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), and Flexible Spending Accounts (FSAs). In addition,50% at small and61% at larger companies want the choice of adding supplemental benefits, including dental, vision, mental health, pet insurance, and more. -
Job Satisfaction and Productivity are Tied to Benefits: More than 9 out of 10 employees at both small and large companies connect their overall job satisfaction to their benefits, and a substantial majority say inadequate coverage of medical needs could impact their ability to be productive while on the job, as noted by
68% of employees at smaller companies and72% at larger businesses.
“We understand that employees seek comprehensive and flexible benefits that support their well-being,” said David Essary, President at Allstate Benefits and Allstate Health Solutions. “Our partnership with Intuit QuickBooks ensures seamless connected, embedded insurance that enhances employee satisfaction and retention while helping businesses attract top talent.”
Read the complete 2024 Intuit QuickBooks Allstate Benefits Survey results here.
To support talent retention and hiring, QuickBooks recently partnered with Allstate Health Solutions to provide businesses with expanded health insurance options for their employees. To learn more about QuickBooks partnership with Allstate Health Solutions, visit https://quickbooks.intuit.com/payroll/employee-benefits/.
2024 Intuit QuickBooks Allstate Benefits Survey Methodology
The survey was conducted by Wakefield Research among 500 employed adults working at companies of 5 to 100 employees and 500 employed adults working at companies with more than 100 employees, all of whom are currently enrolled in their company's health insurance plan, between May 24th and May 31st, 2024, using an email invitation and an online survey. Data has been weighted using data from the most recent Current Population survey conducted by the
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Allstate
The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with a wide array of protection for autos, homes, electronic devices and identity theft. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online and at the workplace. Allstate is widely known for the slogan “You’re in Good Hands with Allstate.” For more information, visit www.allstate.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813821631/en/
Intuit QuickBooks:
Kim Amsbaugh
650-224-3645
Kim_Amsbaugh@Intuit.com
Source: Intuit Inc.