Just ask! Employers can double satisfaction with their workplace benefits experience by seeking – and acting on – employee feedback, new Prudential study finds

Benefits & Beyond study spotlights employee feedback as common thread to help
bridge satisfaction gaps and enhance engagement in workplace benefits programs.

NEWARK, N.J., OCTOBER 21, 2024 - A new study released today by Prudential Financial, Inc. (NYSE:PRU) reveals many employers overestimate employee satisfaction with their workplace benefits, and that while employees have ideas on how to improve these programs, they are seldom asked for their feedback.

Employers who ask for this feedback in building their workplace benefits experiences have double the satisfaction rate than employers who don't, according to the second installment of Prudential's Benefits & Beyond study.

"The simple act of asking for feedback gives employees a voice in creating benefits programs that better meet their evolving needs," said Michael Estep, president of Prudential Group Insurance. "Their feedback helps employers create a benefits experience that will attract top talent and increase employee loyalty."

For millions of American workers, the fall season is associated with Open Enrollment - a time of the year when they can make changes or sign up for employer-sponsored insurance coverage. Prudential's research highlights differences between how employers and employees perceive their benefits programs, shatters common perceptions, and offers recommendations to help improve the overall workplace benefits experience.

A key finding from the study showed that while two-thirds of employers (66%) believe their employees are satisfied with their benefits, only half of employees (51%) agree and have ideas to improve them. The study also revealed that only one-third (29%) of employers ask their employees what benefits are important to them.

"Today's employees want more from their workplace benefits and to be more holistically supported throughout various life moments so they can protect themselves and their families," Estep added. "When employers take a fresh look at communicating the right information about their benefit offerings, they'll find employees are able to make better decisions during enrollment season."

The research also highlighted the need for employers to provide more personalized education and tools that support decision-making. Nearly 7 in 10 employees surveyed said they want more tailored advice to help them make better benefits decisions.

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

Click here to read the full Benefits & Beyond study or download the research paper. Visit Prudential.com/employers/Group-Insurance for 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.

MEDIA CONTACT
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