There is a big disconnect between how employers and employees value the offering of benefits especially voluntary benefits (100% employee paid). This was evidenced in MetLife’s 9th Annual Study of Employee Benefits Trends released in April 2011.
A significant part of the survey focused on employee and employer perceptions about which benefits most effectively build loyalty and satisfaction. The survey noted:
- 58% of the employers surveyed considered health benefits as extremely important to loyalty while 74% of employees surveyed considered health benefits extremely important to loyalty.
- 37% of the employers surveyed felt all other benefits (dental, disability, vision, life, etc) as extremely important to loyalty compared to 59% of the employees surveyed.
- Only 21% of the employers surveyed thought that voluntary benefits were an extremely important factor that contributed to employee loyalty and satisfaction. In fact, 36% of the employees surveyed felt voluntary benefits were extremely important in building employee satisfaction and loyalty.
As you can see, across the board, more employees value the importance of employee benefits in building loyalty and satisfaction than employers think.
Based on the information provided, employers should expand their benefit offerings to employees. According to the survey, 52% of employees state they are interested in a wider array of voluntary benefits that they can choose and pay for on their own. It is not necessary that employers contribute to these offerings. What is important is the offering.
The commitment required on employers is minimal:
- Implementation: Easy and limited regulatory concerns
- Support: Communicate the benefits to your employees
- Ongoing Administration: Minimal payroll and servicing
Seitlin Benefits works with many insurance carriers and products to help employers round out their benefit offerings. Let Seitlin Benefits do the same for you.
For more information, please contact:
Bill Grossman
Senior Vice President - Seitlin Benefits
Tel: 305.717.6051
Email: wgrossman@seitlin.com
2011 Metlife, Inc. 9th Annual Study of Employee Benefits Trends
