- Employees are paying more attention to their financial benefits compared to a year ago
- Employees increasingly expect more clarity and options in workplace benefits; HR leaders agree
- HR leaders believe their company needs to do a better job helping employees understand how to maximize financial benefits
New York –
Morgan Stanley at Work released today the latest findings from its second annual State of the Workplace Financial Benefits Study, highlighting the economic challenges employees face amid rising inflation and evolving views on financial benefits.
The study found that employees across age groups are struggling with their personal finances due to inflation and concerns of a recession. Compared to last year, employees are paying more attention to their financial benefits and are looking to their employers for expanded resources and guidance.
- Employees and employers agree companies should offer the best benefits: Among employees, 60% say they are paying more attention to reviewing their financial benefits compared to a year ago, and an overwhelming 96% of employees agree that their company should ensure it offers the best benefits available in their industry, which aligns with HR leaders ‘ views (97%).
- Employees are looking for more benefits: Despite more executives saying they are offering quality financial benefits, 84% of HR leaders (up from 78% in 2021) recall a recent time when an employee has requested a specific type of financial benefit that their current company does not offer.
- Employers and employees agree there is more work to do: Almost all HR leaders (96%) say “their company needs to do a better job helping employees understand how to maximize the financial benefits offered to them,” an increase from the previous year (93%). Employees largely agree; with 89% saying their company needs to do a better job helping employees understand how to maximize financial benefits, slightly up from 2021 (87%).
“For employees and employers alike, the stakes today are high when it comes to ensuring employee financial well-being,” said Brian McDonald, Head of Morgan Stanley at Work. “In 2021 the effects of Covid were still being felt by many employees when it came to their finances, yet now in 2022, we face a new set of challenges and a very different economic environment. Amid persistently high inflation, many employees are seeking help managing their short and long-term financial needs, such as budgeting, reducing debt, building emergency savings, and planning for retirement. We have seen first-hand that many employers are stepping up to tackle these challenges, yet there remains more work to be done.”
Additional details are available in Morgan Stanley and Work’s State of the Workplace Study, available here. As part of a series of findings from Morgan Stanley at Work’s second annual study, the business will also publish its findings on financial wellness, retirement, and equity compensation.
Methodology: The data from the Morgan Stanley at Work Employees Survey and HR leaders Survey comes from a survey of 1,000 US employed adults and 600 HR leaders for companies. The survey was conducted on behalf of Morgan and Stanley at Work using an email invitation and an online survey between July 13th and July 19th 2022, by Wakefield Research (www.wakefieldresearch.com).
About Morgan Stanley at Work
Morgan Stanley at Work offers a suite of financial solutions, which spans Equity Compensation through Shareworks and E*TRADE Equity Edge Online, Retirement and Financial Wellness Solutions. Morgan Stanley at Work combines cutting-edge planning and Morgan Stanley intellectual capital and financial education delivered through multiple channels to enable employees to build a holistic plan to achieve their financial goals. Shareworks services are provided by Morgan Stanley Smith Barney LLC, member SIPC, and its affiliates, and Equity Edge Online® employee stock plan solutions are offered by E*TRADE Financial Corporate Services, Inc., both are parts of Morgan Stanley at Work and all wholly owned subsidiaries of Morgan Stanley.
About Morgan Stanley Wealth Management
Morgan Stanley Wealth Management is a leading financial services firm that provides access to a wide range of products and services to individuals, businesses, and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement, and trust services.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
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