A recent Intuit QuickBooks survey, conducted in partnership with Allstate Health Solutions, underscores the critical role that healthcare benefits play in employee retention and hiring amid a competitive job market. The 2024 Intuit QuickBooks Allstate Health Solutions Benefits Survey found that over two-thirds of employees prioritize healthcare benefits second only to salary when evaluating job offers. Additionally, 78% of employees would seek new employment if their current benefits package fell short.
The survey, which involved 1,000 employees from both small and large businesses enrolled in their company’s health insurance plan, highlights growing concerns about the affordability of healthcare benefits. With rising interest rates and inflation, 23% of employees struggle to afford their employer-provided benefits, and a significant portion of workers—62% at small companies and 66% at large firms—believe their monthly contributions are excessively high.
Laurent Sellier, Senior Vice President of Intuit QuickBooks Payroll Solutions, emphasized the importance of maintaining competitive benefits packages to retain employees in today’s tight labor market. He noted that although the high-value employees place on health benefits, many find it increasingly difficult to manage these costs.
Key findings from the survey include:
- Impact on Savings: Medical costs affect long-term financial goals for many employees. 71% of workers at small companies and 63% at large companies report difficulties saving for emergencies or retirement due to medical expenses. Notably, these costs significantly affect over a quarter of women at both small and large companies, compared to 18% of men.
- Desire for Benefit Options: Nearly 60% of employees prefer various benefits options, such as HMOs, PPOs, and FSAs. Additionally, 50% of employees at small companies and 61% at larger firms want the ability to add supplemental benefits like dental, vision, mental health, and pet insurance.
- Job Satisfaction and Productivity: Benefits are closely linked to job satisfaction and productivity. Over 90% of employees at both small and large companies connect their overall job satisfaction to their benefits. A substantial majority—68% of employees at smaller companies and 72% at larger ones—say that inadequate medical coverage could negatively affect their productivity.
President of Allstate Benefits and Allstate Health Solutions, David Essary, noted the importance of offering comprehensive and flexible benefits to support employee well-being and retention. He emphasized that the partnership with Intuit QuickBooks aims to provide businesses with enhanced health insurance options to attract and retain top talent.
To explore the full results of the 2024 Intuit QuickBooks Allstate Benefits Survey and learn more about the partnership, visit QuickBooks and Allstate Health Solutions.
