New Data Demonstrates Need for Compelling, Flexible Benefits to Recruit and Retain Talent; Finds Employees Want Options that Aren’t Offered

DRAPER, Utah, Sept. 09, 2021 (GLOBE NEWSWIRE) -- HealthEquity, the nation’s largest health savings account (HSA) non-bank custodian, today released the results of its Working in the New Normal Survey which provides employee perspectives surrounding open enrollment, Return to Work and the Great Resignation.

The survey, which polled over 1,000 Americans who transitioned from working onsite to remotely (at least part-time) because of the pandemic, finds more than half (56%) of respondents are not satisfied with their employer’s efforts to make appropriate employee benefits changes to support the current work environment.

It further reveals that flexible work schedules are highly valued: flexible schedules was most frequently ranked in the top 3 most important of the employee benefits tested*. Decreased commuting time (51%) or decreased commuting costs (42%) were most often ranked in the top 3 reasons why some prefer to continue working remotely.   

The findings provide important insights for employers and benefit leaders including the following:

Benefits and Satisfaction

• Nearly three quarters (72%) of respondents whose employer expanded at least one of the tested benefits during COVID say they are satisfied with the overall level of support they received, compared with 44% of those who received no expanded benefits.
• Satisfied employees are more likely than dissatisfied employees to have received expanded benefits in the following areas: work schedule flexibility, mental health benefits, childcare benefits and/or a home office stipend.

Return to Work

• About three quarters (77%) of respondents do not want to return to working onsite full time. However, 74% indicate they have returned to the workplace or will do so in the next year.
• Respondents who want to continue working remote full time are significantly more likely than those who prefer a model hybrid to say their productivity increases when working remotely (41% versus 27%).
• While commuter benefits can help mitigate some of the challenges of returning onsite, 62% of respondents do not have access to commuter benefits or do not know whether they have access.
  

Health Savings Accounts

• HSAs continue to be a valued benefit during the pandemic, as 46% of HSA participants indicate they have increased contributions and 40% say they have increased healthcare spending in the past year.
• More than three quarters (77%) believe having an HSA has provided peace of mind during COVID-19.
• Families with children living at home are more likely to have and use an HSA. More than half (51%) increased spending from their HSA for healthcare expenses, 55% increased contributions and 50% took advantage of contribution deadline extensions.
• Among benefits tested, 52% of HSA participants ranked HSAs among the top 3 most important benefits; among non-participants, only 18% ranked HSAs among the top 3.

“HealthEquity is working to provide organizations and benefits leaders with a greater understanding of shifting employee expectations to help navigate open enrollment, Return to Work and the Great Resignation,” said Ted Bloomberg, Executive Vice President and Chief Operating Officer. “As millions change jobs, looking for new opportunities and even new careers, organizations with a compelling, flexible benefits offering will be better positioned to attract and retain top talent.”

HealthEquity conducted the nationwide survey in June 2021 in partnership with independent research firm 8 Acre Perspective. An eBook with survey results, further insights and recommendations can be found clicking here.

*Tested benefits refer to the employer benefits we asked research participants about specifically in the market research study—ex. increased flexibility for the FSA, the DCRA, expanded mental health benefits, etc.

About HealthEquity

HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for our more than 13 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable “Purple” service. For more information, visit www.healthequity.com.

Amy Cerny
Director of Corporate Communications
Direct Line: 801-508-3237
acerny@healthequity.com