New Prudential research explores shifting workplace benefits trends

Benefits & Beyond study highlights common misconceptions and reveals new strategies to help meet expectations of a modern and inclusive workforce

NEWARK, N.J. - Employers are right to be optimistic about their workplace benefits and how they manage them overall, but to stay relevant and compete, organizations must build even better benefits programs that help meet employees' evolving needs, according to a new study released today by Prudential Financial, Inc.

Prudential's Benefits & Beyond study lays out current benefits trends, clarifies differences between how employers and employees perceive their benefits program, shatters common perceptions and reveals strategies to help maximize benefits programs for everyone.

"As the modern workforce changes, so do benefits needs," said Michael Estep, president of Prudential Group Insurance. "Staying in place is not an option for organizations. Employers must meet the expectations of a modern and inclusive workforce and look at all insurance products - not only medical, dental and vision, but life, disability, and supplemental health - to attract and retain their best talent and help protect their life's work."

Many factors impact how employers think about and administer their workplace benefits - among them are rising health insurance costs, technology advancements, state legislation regarding leave, changes to workforce composition, and increased employee expectations from their workplace benefits.

The research found that 90% of employers rate their current benefits offerings as above average compared to competitors, with virtually none rating them below average. At the same time, it showed that employers overestimate their employees' satisfaction with the benefits offered by their companies.

Another key finding: Many employers don't have a formal mechanism in place to gather employee feedback on their benefits programs. "A theme we consistently heard was the lack of gathering or using feedback effectively," Estep said. "Ongoing employee feedback helps create relevant benefits programs that reflect what employees truly need and want. It can also help check employers' own positive assessments as well as help shape a more modern and relevant benefits program."

The research was conducted with 1,011 employees, 756 benefits decision-makers, and 504 brokers via national online surveys from January 2024 through February 2024.

Click hereto read the full Benefits & Beyond study or download the research paper.Visit Prudential.com/employers/Group-Insurancefor more information on Prudential Group Insurance's broad portfolio of workplace benefits, absence management and risk mitigation solutions.

ABOUT PRUDENTIAL

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.5 trillion in assets under management as of June 30, 2024, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information, please visit news.prudential.com.

Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability, and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefits plans. The business also sells critical illness, accidental death and dismemberment, and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee paid and unpaid leave including FMLA, ADA, and PFL.

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