Monday, January 14, 2013

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[IWS] MERCER WORKPLACE SURVEY 12: SUMMARY FOR EMPLOYERS

 

 

IWS Documented News Service

_______________________________

Institute for Workplace Studies----------------- Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

________________________________________________________________________

 

Mercer

 

MERCER WORKPLACE SURVEY 12: SUMMARY FOR EMPLOYERS

http://www.mercer.com/2012-mws-summary

[full-text, 15 pages]

 

InfoGraphic

http://mthink.mercer.com/economic-expectations/

 

 

Press Release 4 January 2013

Mercer Workplace Survey 2012 provides insights into 401k and benefit plan participant attitudes

http://www.mercer.com/press-releases/1499760

 

Mercer recently published the results of its 12th annual 2012 Mercer Workplace Survey, a nationally representative cross section of US workers who participate in their employers 401k and health benefit programs. Key highlights include:

 

Despite perceived economic recovery, US employees are still concerned about saving enough for retirement

 

•73% expect either “weak” or “robust” economic growth in the next 12 months, while the number anticipating a recession has declined sharply, from 40% in 2011 to 27% in 2012

•36% are still concerned about losing their jobs and a survey record 44% have considered delaying retirement

•Only 53% believe they will be ready to retire financially, down two percentage points from last year

•This concern may have caused an increase in commitment to save more in 401(k) plans – an average of $7,995 up 7% from 2011

Workers who are age 50 and over are more concerned than younger workers about their job security and have significantly lower retirement expectations

 

•Concern about job loss for those ages 50+ reached 36%, its highest level since 2007 (25%)

•59% of older workers are considering delaying retirement, up from 55% in 2011, while those under age 50 considering delayed retirement remained flat at 37%

•62% of those over 50 believe they will have to work at least part time in retirement compared to 48% of younger workers

401(k) participants who use “in-plan” advice have rosier retirement outlooks

 

•Only about one-fifth (18%) say they engage in online or in person advice within their 401(k)

•But those that do use such resources are much more likely to feel they have enough money for retirement (49% versus 35%), expect to live as well or better as when working (40% versus 29%), and believe they will not have to delay retirement (34% versus 44%)

Although still very important, participants perceive the value of their benefits has dropped

 

•Only 36% of respondents agreed that their health benefits are definitely worth what they pay out of pocket, the lowest level since 2008

•Understanding health plans is getting more difficult -  although 75% say that understanding the features and choices in their health plan is very or somewhat easy, this is down from 83% in 2011

These are just a few of the many data points and insights that can be found in the 2012 Mercer Workplace Survey. The executive summary can also be downloaded at www.mercer.com/2012-mws-summary

.Mercer has also created an engaging “infographic” derived from the survey that can be viewed at http://mthink.mercer.com/economic-expectations/

 

 

 

 

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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

 




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