Perhaps not surprisingly, the need for security andwork-life balance is not as important as pay among Gen Zers juststarting their careers. (Photo: Shutterstock)

A year-end bonus is always appreciated. But in today's world,the need for more security and greater work-life balance is causingan increasing number of workers to prefer richer benefits and moretime off, according to Willis Towers Watson's Global Benefits Attitudes Survey.

The firm polled 8,000 U.S. workers and found that more than halfof the respondents (57 percent) say their benefit package is moreimportant to them than ever before. So much so that 37 percentwould rather receive more substantial benefits than additional payor bonuses, and 13 percent would rather receive timeoff.

Related: Workers across generations focusing on long-termbenefits

Drilling down further, 42 percent of the respondents say theywould be willing to pass up additional pay each month if it meantthey could receive a more expansive health benefit plan. In thefirm's 2013 survey, only 27 percent said this.

Moreover, a majority (67 percent) of respondents in this year'ssurvey say they are willing to pay a higher amount each month formore comprehensive retirement benefits, up from 55 percent in thefirm's 2011 survey.

"For the vast majority of employees, benefits indeed matter,"says Steve Nyce, the firm's senior economist. "Employees of allages want more security, and getting benefits through theiremployer is an important way to obtain it. They also want choiceand personalization, and are looking to their employers to providetools to ensure appropriate decision making."

The survey also found that the ability to choose between benefitoptions is good, but too many choices is just overwhelming — 64percent of the respondents prefer a moderate number of benefitchoices, while just 20 percent favor a large number of options.

"Employees want benefit packages that meet their specific needsbut don't overwhelm them with too many options, says JenniferDeMeo, the firm's senior director, retirement. "While this balancemay be tricky, employers can help employees by offering education,communication and decision-support tools. This approach not onlyleads employees to make more informed benefit decisions but alsoboosts their financial well-being."

Other key survey findings include:

• Less than half (40 percent) of the respondents feel theresources their employer provides to support their health andwell-being meet their needs, and just 32 percent say that aboutresources to help manage their finances. More respondents (70percent) feel their health care benefits meet their needs, thoughfor those who are in poor physical and mental health, only 56percent say that.
• Perhaps not surprisingly, the need for security and work-lifebalance is not as important as pay among Gen Zers just startingtheir careers. Half (50 percent) of the respondents in thatgeneration rank more pay as their highest priority, compared with35 percent who rank more generous benefits as a top priority. Only15 percent are more interested in additional time off.
•  Nearly half of the respondents (46 percent) would beinterested in purchasing home and automobile insurance if offeredby their employer, followed by long-term care insurance (36percent). Baby boomers are most interested in long-term careinsurance compared with millennials (46 percent versus 28 percent),while millennials favor auto and home insurance (52 percent) morethan do boomers (35 percent).

Read more: 

• 30 percent salary bump? No, I'll take thebenefits
• 2020 workplace trend: The sunsetting ofone-size-fits-all benefits packages
• Are employees focusing on the wrongbenefits?