Employee optimism and expectations for the future

Despite struggling with debt and a higher cost of living, employees are starting to get their lives back on course and transitioned into 2024 feeling more financially confident and optimistic about their future. This trend is one of the many findings you can explore in the recently released 2024 Workplace Benefits Report.

In its 14^th year, the report provides greater awareness and understanding of the sentiments of today’s workforce and perspective from other plan sponsors on timely workplace topics. Findings from this year’s report can also help guide you in evolving your programs to better support employees and compete for talent.

The 2024 report identified six key trends to watch:

The number of employees feeling financially well is trending up, but some groups report greater financial well-being than their peers.

Caregiving support in the workplace improves financial wellness, but many employees aren’t aware of the resources.

The four-day work week tops the list of additional workplace benefits employees want.

Pay equity has shown an improvement in many employers’ ability to attract top talent.

Employees stay for work/life balance, and they leave for better compensation.

More education is needed to understand the power of Health Savings Accounts (HSAs).

Go to the Workplace Benefits Report website to download the full report and get actionable takeaways that can help you address the expectations of today’s workforce.

2024 Workplace Benefits Report

The 2024 Workplace Benefits Report has been prepared by Bank of America Workplace Benefits™, in partnership with Bank of America Institute. First launched in 2011, the annual Workplace Benefits Report plays a critical role in helping make financial lives better by generating real-world insights to help us create solutions that fit our clients’ needs.

Methodology

Escalent surveyed a national sample of 955 employees who are working full time and participate in 401(k) plans, and 804 employers who offer both a 401(k) plan and have sole or shared responsibility for decisions made in the plan. The survey was conducted between November 22, 2023, and January 4, 2024. To qualify for the survey, employees had to be current participants of a 401(k) plan and employers had to offer a 401(k) plan option. Neither was required to work with Bank of America. Bank of America was not identified as the sponsor of the study.