Among employees in businesses with 10 or more employees, the percent owning at least one voluntary (100% employee-paid through payroll deduction) product increased from 32 percent to 38 percent. But the ownership percentage varies by employer size. (The 38 percent is a weighted average based on the employee population in the U.S.) The ownership rates ranged from 29 percent to 43 percentage across different size categories. The highest ownership rate was among those employed in businesses with between 50 and 500 employees. The lowest ownership rate was among those in the smallest business (10 to 25 employees).
The number of voluntary products owned by those owning at least one has also increased. Only 15 percent of employees own just one voluntary product. This is down from 21 percent in 2010 and 31 percent in 2006. Over half of all employees now own either two or three products.
These are just a few of the findings in the new report released by Eastbridge, MarketVision™—The Employee Viewpoint. The report updates the research completed in 2010 and provides important information that carriers can use to understand and improve their employee value proposition. Some questions addressed in the report include:
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.