Voice of the American Worker
Published by
RPAG
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Economic uncertainty is driving financial fears and has made it more important than ever for employers to align with employees in all aspects of their lives.
Watch this webinar to hear the latest Voice of the American Worker Survey results and to:
- Identify why there has never been a more urgent time for employers to evaluate their benefit offerings and consider ways to evolve the way they support employee needs.
- Understand that lack of employee well-being has an impact on their work.
- Understand how personalization has empowered consumers and is becoming the market standard.
- Recognize that workers are looking to their employers for help.
- Roxanne Brecek, Franklin Templeton
Summary
Jacquie Reardon of Franklin Templeton offers insight into the research methodology and key findings from their recent survey. She expands on various subjects, including how the current economic climate is accelerating financial stress and how American employees are seeking assistance from their employers.
Reardon provides an introduction by highlighting significant recurring themes and developments that have occurred since Templeton’s previous survey. Workers continue to prioritize financial independence over traditional retirement. Employers must prioritize assessing their benefits package and exploring ways to support their employees.
The prevailing economic climate is having adverse effects on approximately two-thirds of the American workforce, with almost one-third reporting sleep disturbances and a quarter experiencing strained relationships and decreased work performance. Reardon emphasizes the significance for employers to check-in with their employees to see how they are feeling and offer support. This approach could potentially enhance employees’ overall well-being.
As employees navigate the economic storm, they are seeking familiar stability, with some having the desire to return to their previous employers. This is known as 'The Great Return'.
The current economy has also compelled workers to rethink their retirement plans, with 63% stating that their aspirations for early retirement have been altered. The current climate has pushed back the planned retirement age by 3 years to 65, although some would choose differently if certain benefits existed. The increased expenses are causing employees stress, which may impact their job performance. In the case that employers cannot provide a pay raise, they can explore offering benefits that could be just as effective.
Franklin Templeton can assist in various ways, such as plan benchmarking, educational content, research, market insights, and plan review checklists.
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