Employers looking to keep their workers satisfied could start with offering a strong retirement plan, according to research conducted by LIMRA SRI.
The LIMRA SRI study, which identified four distinct worker groups and examined how their workplace perceptions influence their experiences and mindset, found that “satisfied” employees are more likely to feel positive about their employer, their employer-sponsored retirement benefits, and more likely to feel their employers help them plan for retirement.
Satisfied workers, the report noted, are every employer’s dream worker: They are enthusiastic, passionate, positive and proud.
The other defined groups are “settled” workers who are less satisfied with their employers and their benefits, but far from disengaged; “resigned” workers who are not actively dissatisfied, but largely neutral about their employers, and who tend to have larger financial stresses and concerns than other segments. “Restless” employees have an eye out for future opportunities and one foot out the door.
The study found that an overwhelming majority of satisfied workers (99 percent) felt workplace benefits were critical to their financial security and were nearly twice as likely to feel their retirement benefits were adequate compared to the other worker segments. They were also more likely to participate in their employer-sponsored DC plan and have an employer match.
The top financial goal across all groups was achieving retirement security, the study found. Yet LIMRA SRI researchers found financial stress contributed to lower confidence levels in workers’ financial security.
More resigned and restless workers, the research showed, report being financially stressed, with 51 percent of resigned workers and 48 percent of restless workers saying they were financially stressed, compared with just 34 percent of satisfied workers and 39 percent of settled workers.
As a result, satisfied and settled workers were far more likely to feel financially secure and optimistic about their financial future than resigned and restless workers.
All workers, the study found, are more comfortable in their ability to meet more immediate and short-term financial responsibilities than longer-term needs. Resigned workers are much more likely to feel concerned about meeting their current financial obligations than the other workers, it said.
Additionally, meeting longer–term goals such as retirement and future health-care costs was concerning for all workers. Nine in 10 are worried about saving enough for retirement and more than 8 in 10 are concerned about saving for future healthcare costs.