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Bigger firms' benefits spur satisfaction
74% of workers at big companies are OK with benefits package, vs. 47% at smaller organizations.
December 4, 2003: 10:48 AM EST

NEW YORK (CNN/Money) - If you work at a big corporation, you're much more likely to be satisfied with your benefits package, a key component of job satisfaction, a survey said Thursday.

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Who are happier with their benefits -- workers at small companies or big ones? Susan Meisinger from the Society of Human Research Management talks about results of an employee satisfaction survey.

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The survey, co-sponsored by the Society for Human Resource Management (SHRM) and the cable network CNNfn, shows that employees rated benefits packages as second most important, after job security, for overall job satisfaction. SHRM is a professional organization for human resources management that represents more than 175,000 individual members.

Nearly 74 percent of workers at large organizations, with at least 500 employees, and 60 percent at medium-sized companies reported that they are satisfied with their total benefits package, compared with 47 percent at small companies, defined as fewer than 100 employees.

And 87 percent of those who said they were satisfied with their benefits package were also satisfied with their jobs overall.

As organizations work to recruit and retain employees, human resources professionals and their employers need to take steps to determine which factors most influence employee motivation and job satisfaction. Employee satisfaction contributes directly to organizational growth and ultimately to the bottom line, the survey said.

"This survey clearly indicates that it is critically important for small organizations to design comprehensive employee benefits packages," Ken Jautz, the executive vice president for CNN News Group's business news operations, said in a press release.

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"Small businesses are the backbone of the U.S. economy, yet they face serious financial and creative challenges associated with providing employee benefits packages," he added. CNN, CNNfn and CNN/Money are all owned by New York-based Time Warner Inc. (TWX: Research, Estimates).

Both employees and human resources professionals rated health care, paid time off and retirement benefits as the most important perks relating to overall job satisfaction. Child-care assistance, flexible spending accounts and professional development were among the benefits that ranked among the least important to both groups.

The survey suggests that employees may be more concerned with health, time off and retirement benefits because the current economic climate may have drawn them toward benefits that provide a degree of stability as well as tangible monetary value.

"People issues are important bottom-line issues in organizations today," Susan Meisinger, the president and CEO of SHRM, noted in a press release. "Organizations that learn what satisfies employees will gain the edge in increasing customer satisfaction, retaining employees, competing for top talent and driving success."  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.