Benefit Offerings Increasingly Important for Employees - Abel HR

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Benefit Offerings Increasingly Important for Employees

Workers are now more than ever putting a premium on their happiness, both at work and at home, according to MetLife’s 15th Annual U.S. Employee Benefit Trends Study.

Forty-nine percent of employees are concerned about their financial well-being. One way to ease their worry is with benefits.

With this in mind, benefits are becoming an increasingly important tool for attracting – and retaining – talent, with some employees valuing the perks that come with the company almost as much as they value the paycheck.

Companies have a responsibility for the health and well-being of their workforce, according to 73 percent of employees. Thankfully, 82 percent of employers agree. In terms of how these benefits are provided, employees value flexibility the most, with 58 percent seeking benefits that are customized to their unique personal needs and 47 percent wanting benefits that can adapt to alternative family structures, such as same-sex partnerships.

Asked to rank which benefits were “must haves,” unsurprisingly, health benefits were listed as most important, with 88 percent of respondents agreeing that it should always be a part of the perk package. Next in line was a tie between prescription drug coverage and 401K/retirement plans at 72 percent, followed by auto insurance and dental insurance (both 68 percent), home insurance (62 percent), life insurance (57 percent), vision care (51 percent) and long-term and short-term disability insurance (45 percent and 43 percent, respectively).

Beyond what we would consider “traditional” benefits, there were certain perks that were also of high interest to employees. For example, 75 percent of survey respondents said that they would be more likely to accept a job with a new employer if they offered flex-hours (shifting workday hours as necessary) and 74 percent indicated that this perk would make them more loyal to their current employer.

Similarly, the ability to work from home/in remote locations would make a new job more attractive to 64 percent of employees and make 66 percent of employees more loyal to their current company. This desire to have so-called “benefit experiences” reflects a growing need among employees for companies to “respect their personal lives and family structures,” according to the report findings.

Businesses are also placing increased stock in benefits. Specifically, 80 percent suggest that benefits can increase employee satisfaction, which is an increase from 77 percent in the year-earlier survey, 80 percent suggested the can increase employee productivity, up from 78 percent, 78 percent suggested it could increase employee loyalty, up from 76 percent; and 73 percent said it could attract new talent to the business, up from 71 percent.

Do you think these findings reflect the benefit needs of your company? Abel HR’s benefits experts can help you amend and entertain new benefit options based on your employee’s needs and wants. Connect with them at 800-400-1968 or info@abelhr.com.

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