Value Benefits More Than a Bump in Pay?

A recent AICPA survey found that employees - by a whopping 4 to 1 margin - would choose a job with benefits over an identical job that offered 30% more salary but no benefits.  What do you think?

Of course, depending on the benefits (and salary), benefit costs add up to about 30% of pay – and so, while financially the tradeoff might be seen as “equal”.  Interestingly though, employed adults appear to overestimate the value of their benefits – assuming that their benefits represent 40% of their total compensation package, though the Bureau of Labor Statistics, puts that figure at about 31.7%.

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* 1. Do you believe that most of the workers with which you come in contact would prefer benefits over a 30% boost in pay?

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* 2. Do you believe that most of the workers that you come in contact with know the value of their benefits?

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* 3. It's long been touted that benefits are designed to attract and retain qualified workers.  Do you believe that is still true?

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* 4. What, if anything, have you/your plan sponsor clients done to help workers better understand/appreciate the value of their benefits?

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* 5. Do YOU know the value of YOUR benefits?

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* 6. While you've almost certainly, at one point or another in your career, changed jobs because of compensation - have you ever changed - or stayed with - an employer because of benefits?

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* 7. Other comments about benefits, the value of benefits, knowing the value of benefits, communicating the value of benefits, taking full advantage of benefits, or helping workers better understand - and take full advantage of - benefits, or life in general?

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* 8. What is your role working with retirement plans?

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* 9. What size plans do you PRIMARILY work with?

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* 10. Suggestions for future survey questions?

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* 11. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...

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