METLIFE STUDY FINDS EMPLOYEES WHO ARE SATISFIEDWITH BENEFITS MORE LIKELY TO RECOMMEND EMPLOYER AS A “GREAT PLACE TO WORK”
New York, March 18, 2013
MetLife’s 11th 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 2012from 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 communicationsa “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.
To learn more about how employers can improve the voluntary benefits experience and receive employee recommendations as a “great place to work,” as well as the top benefits communications tactics employees find most helpful, access MetLife’s 11th Annual Study of Employee Benefits Trends by visiting BenefitTrends.MetLife.com.
MetLife’s 11th Annual Study of Employee Benefits Trends was conducted during October 2012 and consisted of two distinct studies fielded by GfK Custom Research North America. The employer survey comprised 1,503 interviews with benefits decision-makers at companies with staff sizes of at least two employees. The employee sample comprised 1,422 interviews with full-time employees age 21 and over, at companies with a minimum of two employees.
GfK is one of the world’s largest research companies, with more than 11,500 experts working to discover new insights into the way people live, think and shop, in over 100 markets, every day. GfK is constantly innovating and using the latest technologies and the smartest methodologies to give its clients the clearest understanding of the most important people in the world: their customers. To find out more, visit www.gfk.com/us or follow GfK on Twitter: www.twitter.com/gfk_en.
Metropolitan Life Insurance Company (MetLife) is a subsidiary of MetLife, Inc. (NYSE: MET), a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.