Alight’s 2024 International Workforce and Wellbeing Mindset Study finds benefits are a critical factor influencing employee retention
CHICAGO, October 31, 2024--(BUSINESS WIRE)--Amid economic instability, layoffs and increasing burnout, many workers are seeking support from their employers that extends beyond compensation, according to the 2024 Alight International Workforce and Wellbeing Mindset Study. With only 44% of respondents rating their wellbeing positively, a seven-point decline from last year’s study, employees are expressing a need for greater support to enhance their overall wellbeing.
The findings from this year’s study reveal the decline affects all dimensions of workers’ wellbeing across their professional, social, financial and physical health. Most employees report experiencing moderate to severe stress, and 43% note symptoms of burnout that affect their work. As a result, nearly half of the workforce surveyed is either actively job hunting or open to new opportunities, and the benefits an employer offers are a critical factor influencing their decision to stay or leave their current employer. In fact, 41% of employees say they would reconsider leaving their job if offered better benefits.
"The opportunity is clear: employers must prioritize comprehensive wellbeing strategies to retain top talent and support their workforce," said Rob Austin, head of thought leadership at Alight. "Alight’s Mindset study highlights the importance of viewing benefits not as an expense, but as a potential strategic advantage. When employees feel supported, they experience greater wellbeing and confidence, which in turn fosters stronger connections to their employer. The key difference lies in the quality of benefits, resources and support they receive. By offering personalized benefits, organizations create a more positive employee experience, improve personal wellbeing and unlock a 'benefits advantage' that drives both individual performance and bottom-line success."
One in five workers are looking to change jobs within the next year
While job security remains a leading reason for employee retention, more than a third of workers are rethinking their loyalty, driven by the potential for better benefits, job growth and flexibility. In fact, one in five employees are actively looking to change jobs within the next 12 months, according to the Mindset results.
While pay remains a critical motivator for job seekers, many workers feel they aren’t receiving the personalized tools and support they need and express a desire for a more holistic total rewards experience. Less than half report having access to a personalized benefits website or mobile app, and only 27% have access to 1:1 health navigation support—despite the fact that more than half of workers who have access to these services find them valuable.
Health and financial wellbeing on the decline
Workers’ perceptions of their health and financial security continue to decline. Financial challenges are a pressing concern for many, with nearly half feeling they are just getting by. This issue transcends income and age levels, with Gen X workers reporting the most concern, as 59% express worries about their savings and retirement prospects.
Additionally, survey respondents noted their wellbeing is influenced by many factors, and a wrong decision can wreak havoc. To that end, almost 60% of respondents noted they regretted a healthcare decision last year. Less than two-thirds say they felt confident with their most recent medical health plan election, with younger and lower-paid workers feeling the least confident.
Employees seek support from employers to improve wellbeing
One-third of employees say good physical health, including work-life balance, has an impact on their mental health. Additionally, a substantial majority of workers express a desire for more assistance from their employers. Offering a comprehensive suite of services and support significantly enhances employee experience and wellbeing, as 86% of respondents indicate having a one-stop website for all their health, wealth and wellbeing benefits is important. Among those with access to personalized tools, 70% say their employer provides resources to help them manage their health and wellbeing—nearly double the percentage of unsupported employees. This advantage is evident in several key areas:
57% of supported employees report positive overall wellbeing, compared to 42% of unsupported employees.
81% vs. 68% say they are consistently productive at work.
73% vs. 46% feel empowered to improve their health and wellbeing.
61% vs. 46% rarely think about leaving for another job.
74% vs. 44% trust their employer to support them during wellbeing challenges.
These insights demonstrate the tangible benefits of offering robust wellbeing programs, websites and navigation tools to employees, fostering a healthier, more engaged workforce.
"It is clear that employers can establish a benefits advantage through a healthy and financially secure workforce," Laine Thomas Conway, vice president, engagement services strategy and thought leader at Alight. "Organizations that invest in comprehensive, personalized benefits can improve employee morale and health outcomes while also strengthening their own performance and profitability. Embracing this shift in benefits strategy can transform how employers are perceived and significantly impact the workplace culture."
About the report
In its 14th year, the 2024 International Workforce and Wellbeing Mindset Study examines employee perceptions around wellbeing, culture, total rewards and workplace technology to help employers optimize their employees' experiences to improve wellbeing, engagement, productivity and performance. Between April and May 2024, responses were collected from over 2,000 U.S. employees working full- or part-time at employers with at least 1,000 employees. The employee sample is representative of a range of age groups, along with race, gender and sexual orientation.
About Alight Solutions
Alight is a leading cloud-based human capital technology and services provider for many of the world’s largest organizations and over 35 million people and dependents. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem across health, wealth, wellbeing, absence management and navigation. Our Alight Worklife® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life’s most important moments with personalized benefits management and data-driven insights, leading to increased employee wellbeing, engagement and productivity. Learn more about the Alight Benefits Advantage™ at alight.com.
