Research from Unum shows importance of most benefits has steadily
increased since 2008 among employees of all ages
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
A recent study commissioned by Unum (NYSE: UNM) and conducted by Harris
Interactive shows that benefits matter more than ever to employees.
The third annual study of employees’ views toward their benefits and
enrollment was conducted online in December following the 2010 benefits
enrollment period among more than 1,700 working adults. The research
finds the perceived importance of many employee benefits notably
increased from 2008 to 2010 across all age groups.
“This economic environment has caused employees to take a hard look at
how to protect their income and savings from not only another recession,
but from personal hardship, as well,” said Bill Dalicandro, vice
president at Unum. “Employees are recognizing the important role
financial protection benefits in particular can play in protecting their
financial stability.”
When employees were asked to rate benefits in terms of their importance,
regardless of whether or not they were available through their employer,
financial protection benefits saw some of the highest gains.
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On a scale of importance from 1 (not at all important) to 10
(extremely important), 53 percent of employees rated long term
disability insurance an 8 or higher, a seven-point increase from 2008.
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Half of employees rated short term disability insurance an 8 or
higher, up from 45 percent in 2008.
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And 50 percent of employees gave an 8 or higher rating to accidental
injury coverage, a 10-point increase from 2008.
The study also finds employees 45 and older consider long term
disability more important than life insurance as a benefit.
“This is an encouraging trend because research shows that employees are
far more likely to become disabled than die,” Dalicandro said. “So while
life insurance is still very important to have, employees are also
recognizing the need to protect their paychecks should they become
disabled during their working years.”
But although employees rate the importance of benefits higher,
participation has remained relatively constant since 2008 across
benefits.
Unum’s research also shows employees have had less access to printed
benefits education materials and in-person benefits education since
2008, and that some employees are not provided enough time to make
informed choices.
“Employees clearly value these benefits, particularly in a struggling
economy,” Dalicandro said. “Ensuring that they understand their options
and feel comfortable making benefits decisions helps them choose the
coverages they need and want.”
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services in the United States and the United Kingdom. Through its
subsidiaries, Unum Group paid approximately $6 billion in total benefits
to customers in 2010.
Harris Interactive Survey Methodology
The 2010 survey was conducted online within the United States by Harris
Interactive on behalf of Unum from December 6-8, among 1,712 adults ages
18 and older who are employed full- or part-time. The 2008 survey was
conducted online within the United States by Harris Interactive on
behalf of Unum from December 9-11, 2008, among 1,122 workers 18 and
older. For more information regarding the study, please contact Brian
Baker at (423) 294-7839.
About Harris Interactive
Harris
Interactive is one of the world’s leading custom market research
firms, leveraging research, technology, and business acumen to transform
relevant insight into actionable foresight. Serving clients in over 215
countries and territories through our North American, European, and
Asian offices and a network of independent market research firms, Harris
specializes in delivering research solutions that help us – and our
clients – stay ahead of what’s next. For more information, please visit www.harrisinteractive.com
Unum
Brian Baker, 423-294-7839
bbaker4@unum.com
Source: Unum