Well-being varies significantly across gender, race, income, life stage and other demographic segments, and employers should adapt accordingly, according to Buck Global LLC’s 2024 Wellbeing and Voluntary Benefits Survey. 

The employment benefit consultancy surveyed both employers and workers to gauge employee well-being and how benefits effect different demographic groups. The firm concluded that employers should use a data-driven approach in shaping the design of their benefits and well-being programs to meet the needs of all workers. 

“Among the top factors influencing employee job satisfaction and engagement are an employer’s commitment to supporting wellbeing and a benefits package that meets their personal needs,” Ruth Hunt, a principal in Gallagher’s Communications practice, and co-author of the report, said in a statement. “The data clearly shows that voluntary benefits can play a key role in workforce retention, especially in a market where big pay bumps are cooling. And organizations likely need to revisit their communication strategies to enhance employee education and increase use of benefits, to drive desired outcomes and results.”  

LPAs on the Rise 

Buck’s surveying found that women consistently rate their well-being lower than men across all aspects; younger employees express a heightened desire for more resources from their employers; lower-income individuals prioritize assistance for day-to-day expenses; and almost 40% of Millennials identify as parents with a focus on family-forming benefits, child care and education support.  

In response to these varied requirements, an escalating number of employers are contemplating the adoption of what are known as lifestyle planning accounts. An increasingly popular strategy, LPAs offer a solution to address a spectrum of well-being needs. One-third (66%) of employers have indicated their intention to assess the feasibility of LPAs in the upcoming year, Buck found. 

Well-being priorities also varied across different generations. The full breakdown, by generation, was:  

DEI in Focus 

Employers also continue to implement diversity, equity and inclusion initiatives, the firm found. The commitment to DE&I within organizations is on the ascent, with 77% of employees affirming their organization’s dedication to social justice, diversity and inclusion—an increase from 69% the previous year.  

Moreover, the enhancement in DE&I is evident in employees’ perceptions of benefits programs, as 76% now believe that their organization provides diverse offerings tailored for a varied workforce, up from 68% in 2022. Additionally, the survey indicated a positive trend in workplace culture, with 77% of employees expressing that individuals from all cultures and backgrounds are respected and valued, reflecting a modest increase from 76% in the preceding year. 

Employees are also placing more emphasis on accessing benefits related to family formation and support for dependents, according to Buck’s data. The desire for increased support for dependents has grown significantly, rising to 70%, compared with 50% in 2022. Notably, nearly one in three employers has expressed its intention to prioritize women and parents in their benefits strategy, with a particular focus on overall well-being and mental/emotional health, perceived as the most effective avenues for delivering tangible results.  

Conducted in November 2023, the survey gathered responses from 255 participating employers and 698 employees. Both the employer and employee samples are reflective of the characteristics of large U.S. employers, according to Buck. 

Buck is owned by Arthur J. Gallagher & Co., an insurance, risk management and consulting firm that also does retirement plan advisement.