Employers and employees are out of synch when it comes to that’s most important in the workplace, according to the 13th annual Top Five Total Rewards Priorities Survey published by Deloitte Consulting.
For employers, the biggest concern, for the eight consecutive years, was controlling healthcare costs, with 80% of the 422 human resource professionals ranking it first. Helping ensure employees are prepared for retirement only ranked in the top five list 25% of the time.
When asked what, as employees, concerns them most, 59% of the same respondents ranked retirement in the top spot.
At the same time, human resources professionals noted an increased focus on recruiting and retaining talent. In fact, 75% of those surveyed ranked the ability to attract and retain skilled employees in the top five, compared to 69% in 2006. Among companies with revenues over $1 billion, recruitment outranked healthcare concerns, appearing in the top five in 77% of cases, compared to 73% for health.
Perhaps as a result of this focus on retention, employers said they are searching for ways to improve or expand their retirement programs. Examples of some tools companies are considering include pre-retirement planning sessions; increased 401(k) and other defined benefit plan contributions, and more planning tools, according to the survey.