VideoRemarkably, another 20 percent of the respondents said they don't even know what their total compensation packages are worth.
When it comes to employee benefits, however, employees seem better informed. About 68 percent of the workers in the poll said their companies do a good job providing information on benefits.
This communication seems to pay off. The percentage of workers who believe their benefits packages compare well to packages offered by other companies jumped 10 percentage points between 2000 and 2002, to 42 percent.
When it comes to specific benefits strategies, however, employee reactions were mixed.
The majority of workers said they're satisfied with their leave benefits (71 percent), savings plans (67 percent), health-care plans (64 percent), and pension/retirement plans (60 percent).
The percentage of employees satisfied with their profit-sharing plans fell by 10 points to 45 percent between 2000 and 2002, while satisfaction with stock programs declined by 7 points to 50 percent in the same period.
Those results are not overly surprising, however, given the recent slide in both corporate profits and the equity market.
Older Workers Want Their Bennies
Based on another new poll of employees, it appears that pay is not as important as benefits to workers who are 45 and older.
According to a national AARP survey conducted by Roper ASW, participants singled out soft benefits as "absolutely essential parts of their ideal jobs." Such benefits include adequate time off (86 percent) and flexible schedules (76 percent). Respondents said hard benefits such as health-care benefits/insurance (84 percent) and good pension benefits (76 percent) were "also absolutely essential."
More than three-quarters (76 percent) of the workers in the AARP survey said the fact that they "enjoy the job" or "enjoy working" is a "major factor" in their decision to be currently working. Three out of four of the respondents said the need for money is a major factor in why they work.
In addition, 69 percent of the respondents plan to work in some capacity in their retirement years. A little more than a third (34 percent) said they would work part-time for interest or enjoyment. About one in five said they would work part-time for needed income. Another 10 percent indicated they would go into business for themselves in their golden years, while 6 percent said they would work "full-time doing something else."
Only 28 percent said they would not work at all.
The survey involved 1,500 employed workers age 45 to 74.
Interestingly, more than half (58 percent) of the surveyed workers said that "economic need" is the one major reason why they work. Yet a whopping 84 percent of the respondents indicated they would continue working even if "they won the lottery and were financially set for the rest of their lives."
Go figure.
PwC to Miss Tyco Deadline
PricewaterhouseCoopers LLP will probably not certify Tyco International's financial statements in time for the conglomerate's scheduled release of its fiscal fourth-quarter earnings on October 24, according to the Wall Street Journal.
Rather, the Big Four auditor first plans to wait for the results of a forensic audit of Tyco's financials going all the way back to 1999.
The forensic audit, being conducted by outside attorneys and a separate accounting firm, is expected to be completed by late November. PwC is cooperating in that audit.
The Journal pointed out that under securities rules, PwC actually has until late December to complete its audit and sign the letter, since that's when Tyco's annual report is due.
"Generally speaking, audits aren't completed until investigations looking into potentially material matters are completed," David Nestor, a spokesman for PwC, told the paper.
Walter Montgomery, a Tyco spokesman, reportedly said his company has been "working closely with PricewaterhouseCoopers on completing the audit," but added that he didn't know when the audit would be finished.
Atlas Shrugs: Will Reaudit Its Financials
Atlas Air Worldwide Holdings Inc. indicated it will restate and reaudit its financial results for fiscal 2000 and 2001 after determining that certain adjustments were required in a number of areas.
The company's management said it arrived at this decision while conducting a systematic review of its financial records and accounting policies. The review was initiated after Atlas replaced Arthur Andersen with Ernst & Young as the company's independent auditor back in April.
The adjustments will have no effect on the company's cash position, Atlas management added.
Adjustments will be required in the areas of inventory obsolescence, maintenance expense, and allowance for bad debt.
"We anticipate that this reaudit will be completed in early 2003, along with the completion of audited financial statements for fiscal 2002," said Atlas CEO Richard H. Shuyler.
Reader Comments» Post a comment