U.S. Employees Willing to Sacrifice Pay for Better Benefits
Research recently published by Willis Towers Watson of 8,000 workers indicates that a growing number of U.S. employees are willing to sacrifice additional pay in exchange for more generous retirement and health care benefits. Two-thirds of respondents (67%) are willing to pay a higher amount each month for more comprehensive retirement benefits, an increase from 55% in 2011. More than four in 10 workers (42%) would sacrifice additional pay each month for a more expansive health benefit plan, a dramatic increase from 27% in 2013.
The survey also found that a significant number of employees would rather receive more substantial benefits (37%) and time off (13%) than additional pay or bonuses. Of course, responses varied by worker age. Half (50%) of Generation Z employees ranked more pay as their highest priority, compared with 35% who ranked more generous benefits as a top priority. Only 15% were more interested in additional time off.
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