Your benefits program might be an even bigger retention tool than you thought.
A new survey says that 40% of employees appear to be experiencing “job lock” because of health benefits.
That is, they would leave their jobs if they could buy health insurance on the open market that is comparable in cost and coverage to the benefits they currently have through their employers.
Securian Financial Group, which conducted the poll of 767 U.S. workers, put it another way: Those employees are “reluctant to change jobs for fear” they’ll lose health insurance.
Securian found that 83% of employees are satisfied or somewhat satisfied with their current health insurance—and 91% are satisfied with their jobs. Yet many feel trapped by their benefits.
“More than half (56%) say they have considered leaving their jobs to do something more personal or meaningful but didn’t because they need the health insurance,” said Securian’s Michelle Hall. “Of that group, 43% say they would start their own businesses.” Another 16% who have considered quitting say they would work in a field they prefer where employers typically don’t offer health benefits.
The survey found that 43% of those polled said they had turned down job offers because the health insurance benefit didn’t meet their needs.