Nearly nine in 10 respondents in a survey of manufacturing workers said that benefits are as important as salary, according to research from Purchasing Power, an Atlanta-based financial services company.
That result comes from the “2024 Manufacturing Financial Wellness eBook,” which describes the outcomes of a November 2023 survey exploring the financial wellness of 500 U.S. manufacturing professionals on topics including workplace benefits, the toll of labor shortages, and advancement opportunities.
Among its findings, the survey found:
- 87% of survey respondents report benefits to be as important as salary.
- Seven in 10 respondents are committed to pursuing work in the manufacturing field.
- 60% of respondents said labor shortages cause them to work more hours, taking a toll on work/life balance.
- Workplace stress also affects employees emotionally (65%), physically (59%), mentally (57%) and financially (50%)
- More than half (53%) said their employer pays at or above industry wages, but just 22% reported their employer offers voluntary or short-term benefits options.
“Our survey revealed that while the manufacturing industry has made progress, like many industries, it continues to face labor challenges and training opportunities,” Assad Lazarus, chief commercial officer at Purchasing Power, said in a release. “When architected correctly, voluntary benefits that support overall employee health and wellbeing can show tremendous value and promise to both the employee and employer.”
Purchasing Power, which calls itself a “voluntary benefits and financial wellness company,” says it can provide those services by arranging for employers to offer their workers special financing deals that let them purchase goods up front, and then pay off those costs over time through direct payroll deductions instead of credit card charges.
