Today, MetLife launched its 15th annual U.S. Employee Benefit Trends Study (EBTS). The report, Work Redefined: A New Age of Benefits explores the role of benefits in engaging employees as work and life overlap more than ever before.
The study highlights the impact of demographic changes on the workplace today, as multiple generations work side by side, employees’ definitions of family are changing and certain demographics, such as single women are on the rise. It finds that employees have distinct wants and needs and expect their employers to respond to their needs and support their overall wellbeing. This in turn creates new challenges and priorities for employers, who, the study finds, are focused on retention.
“To attract and retain top talent in this new era, especially during a time of decreasing unemployment rates, employers have an opportunity to adapt their workplaces to address the unique needs of their employees. This is especially critical when it comes to benefits,” said Todd Katz, executive vice president, Group Benefits.
A primary EBTS finding shows that retaining talent is a top focus among employers. In fact, more employers (83 percent) say retaining employees is an important benefits objective than increasing employee productivity (80 percent) and controlling health and welfare benefit costs (79 percent). More so, over half of employers (51 percent) say that retaining employees through benefits will become even more important in the next 3-5 years.
To help employers retain top talent, they should provide employees with the ability to customize their benefits, according to EBTS. The Study revealed that nearly three-fourths (74 percent) of employees said that having benefits customized to meet their needs is important when considering taking a new job and 72 percent said that having the ability to customize their benefits would increase their loyalty to their current employer.
“By using these insights paired with our 100 years of expertise in employee benefits and our strong voluntary benefits offering, we are well positioned to help our customers adapt their benefits strategies to meet the unique needs of their employees,” said Katz. “By lending our expertise and advocating for employers and employees alike, we have a powerful opportunity to demonstrate our support of the workforce.”
The study was unveiled today at MetLife’s 13th Annual National Benefits Symposium in Washington D.C., teeing off a concerted industry outreach campaign that will continue throughout 2017. Building on last year’s rollout of the “We’re for the Workforce” platform, MetLife is also activating a second phase of the “We’re for the Workforce” advertising, which will run through the end of June. The advertising will include network television commercials, online video for YouTube, print ads in B2B publication, web advertising and social media.
Visit the EBTS site to explore more insights from the new report.
Contact: Cherri Smith