In other words, a significant number of Asian American employees with the most experience and organizational prestige don’t see the employee benefits their company offers as worth the cost.
Low utilization rates are one of the top things that keep benefits managers up at night—and it can be especially frustrating when a sizable portion of highly educated employees don’t see value in the benefits offered.
More than 54% of Asian Americans and Pacific Islanders have a college degree, compared to roughly 1 out of 3 people in the U.S. overall. And that makes low utilization among Asian Americans a strategic concern for the business.
Employers want to attract and retain the best and brightest. But employees that aren’t happy with the benefits their employer offers may be tempted to look for other opportunities.
This raises the question of what benefits do Asian American employees tend to value? In general, the survey found that they rank ancillary benefits such as legal and support services, rewards, and personalized experiences higher than the general population.
They also tend to prefer custom-build benefits plans over lifestyle-based ones—and the top reason they cite for this preference is that it fosters greater trust.