Infographics: Workers Prefer Financial Benefits to Lifestyle Perks
A survey by Morgan Stanley shows heartening results for plan advisers and sponsors.
Retirement plan advisers and their plan sponsor clients often work hard to create great benefit plans for employees. But is that work truly appreciated?
According to findings from Morgan Stanley’s most recent Investor Pulse Survey, the answer is often “yes.”
In a survey of over 900 people, Morgan Stanley found that most employees will pick a financial workplace benefit over a lifestyle perk such as first-class seats for a business trip or box seats to a game or show.
The tradeoffs are far from scientific, with the asset manager comparing, for example, having a large office to having a large 401(k) balance. But the findings, 92% for the 401(k) balance compared to 8% for the office, are useful for benefit providers to consider, says Anthony Bunnell, head of retirement and deferred compensation solutions, Morgan Stanley at Work.
“It is clear that employees define success in the workplace by sound finances rather than by creature comforts,” Bunnell says. “
Bunnell says Morgan Stanley sees the findings as a key insight for “employers to take to heart amid an uncertain economic environment and a tight labor market.”
“Making employees feel valued stems from offering a spectrum of financial benefits, from retirement planning and equity compensation, to deferred compensation and estate planning—and this is where human resource leaders should channel their focus,” he says.
The findings included:
Large Office vs. Large Balance in Your 401(k)
- A large office
- A large balance in your 401(k)
Access to Box Seats vs. Access to an Estate Planner
- Access to box seats
- Access to an estate planner
Paid Sabbatical vs. Company Stock as Bonus
- Earning a paid sabbatical
- Earning company stock as a bonus
First Class vs. Deferred Compensation
- Using first class for business trips
- Using a deferred compensation plans