MetLife’s 11 th Annual Study of Employee Benefits Trends, released today, reveals that while only two out of five U.S. workers would strongly recommend their employer as a “great place to work,” those who do are three times more likely to be satisfied with their benefits.
Other notable findings include:
- Three out of five employees who would strongly recommend their employer report benefits are an important reason why they remain with the company.
- More than half (51%) of employees report they are willing to bear more of their benefits costs in order to have a choice of products that meet their needs.
- 58% of employers say providing voluntary benefits is a significant benefits strategy – up significantly in 2012 from 32 percent in 2010.
“Companies that are recognized by employees as great places to work appear to be making the connection between job satisfaction and benefits satisfaction. With many employees saying they would pay more for a wider range of voluntary benefits, employers clearly have an opportunity to increase benefits satisfaction without increasing the bottom line,” said Anthony J. Nugent, executive vice president, MetLife.
As companies grow their voluntary benefits offerings, encouraging and enabling participation in their programs is vital. Less than half (42%) of employers are very satisfied with the current employee participation levels in their voluntary benefits programs. The study explores several strategies for improving employee participation rates, including:
- Improving communications around benefits: While 52% of employers believe their communications are very easy to understand, only 43% of employees agree. More than one-third of employees grade their company’s benefits communications a “C” or below.
- Creating a benefits shopping experience that consumers find familiar: Seventy-five percent of employers who offer online enrollment and are satisfied with employee participation rates report a buying experience that compares favorably with the best online consumer shopping experiences.