Intuit QuickBooks and Allstate Health Solutions Research Reveals Employee Benefits as a Key Factor in Employee Satisfaction and Retention

A new survey conducted by Intuit QuickBooks, in partnership with Allstate Health Solutions, underscores the significant impact employee benefits packages have on employee productivity, satisfaction, and retention across businesses large and small. According to the 2024 Intuit QuickBooks Allstate Health Solutions Benefits Survey, 78% of workers will consider finding a new job if their current benefits package is inadequate, highlighting the important role health care benefits play in employee decision-making.

Key Findings of the Study

• Health Care Benefits and Career Decisions: More than two-thirds of employees rated health care benefits as the second most important factor, behind only salary, when considering a job offer. This puts a lot of pressure on businesses to offer competitive benefits packages to retain top talent.
• Economic Pressures on Benefit Costs: The study, which involved 1,000 employees enrolled in their company’s health insurance plans, revealed that 23% of employees find it challenging to pay for their employer-provided benefits. A large proportion of employees (62 percent of small companies and 66 percent of large companies) believe that their monthly contributions are too high, especially in the face of rising inflation and interest.
• Impact on Long-Term Financial Goals: The study found that 71% of employees in small companies and 63% in large companies have struggled to set long-term goals, such as emergencies or retirement, because of medical expenses. This issue was particularly prominent among women, with more than a quarter reporting serious financial problems, compared to 18% of men.
• Desire for Total Benefits: About 60% of workers expressed a desire for a range of benefit options, including HMOs, PPOs, and FSAs. Additionally, 50% of employees at small companies and 61% at large companies want the ability to add additional benefits such as dental, vision, mental health, and even pet insurance.
• Job Satisfaction and Productivity Linked to Benefits: The survey highlighted a strong connection between benefits packages and overall job satisfaction, with more than 90% of employees in both small and large companies linking their job satisfaction to their benefits. In addition, most indicated that inadequate medical care can have a negative impact on their productivity at work.

Industry Insights

Laurent Sellier, Senior Vice President of Intuit QuickBooks Payroll Solutions, emphasized the importance of offering competitive benefits in the current economic climate.

“With historically low unemployment rates in the US, businesses cannot afford to lose workers in today’s competitive market,” said Sellier. “Our research shows that employees prioritize health benefits when it comes to job satisfaction, but many find it difficult to manage the cost of benefits in today’s economic climate. For that reason, maintaining competitive benefits packages at an affordable price is critical to retaining employees.”

David Essary, President of Allstate Benefits and Allstate Health Solutions, echoed these sentiments, saying, “We understand that employees want comprehensive and flexible benefits that support their well-being. Our partnership with Intuit QuickBooks ensures seamless, connected, embedded insurance that improves employee satisfaction and retention while helping businesses attract top talent.”

About the Survey

The 2024 Intuit QuickBooks Allstate Benefits survey was conducted by Wakefield Research among 1,000 employed adults, including 500 from companies with 5 to 100 employees and 500 from companies with more than 100 employees. The survey focuses on those currently enrolled in their company’s health insurance plan and was conducted between May 24 and May 31, 2024.