12 th Annual MetLife U.S. Employee Benefits Trends Study

Transcription

1 12 th Annual MetLife U.S. Employee Benefits Trends Study The information presented herein was based on data available as of and is subject to change as well as be open to further interpretation.

2 Speaker: Insert Name Date: 3/3/2014

3 Agenda Benefits Breakthrough A Bend in the Loyalty Curve The Benefits Balancing Act Gets Harder Now is Not the Time to Reduce Focus on Voluntary Benefits Employees as Benefits Consumers Putting It All Together Turn Insights Into Action 3

4 Benefits Breakthrough: Satisfaction with Benefits is Up Employees are more satisfied with benefits than at any time since the study began. Percentage of employees who strongly agree, I am satisfied with the benefits that I receive through my employer

5 Benefits Breakthrough: Job Satisfaction Spikes Job satisfaction has spiked, reinforcing a strong connection with benefits satisfaction. Percentage of employees who say, I am satisfied with the job that I have now. 5

6 Benefits Breakthrough: Employee Loyalty is Up Employee loyalty shows a significant increase over last year. EMPLOYEES: I feel very loyal to my employer. 6

7 Benefits Breakthrough: The Role of Benefits Benefits factor into employee perceptions of their employer. Employees who strongly agree with the following statements: 7

8 A Bend in the Loyalty Curve: Employers Not Recognizing the Upswing Benefits satisfaction increases but employers are not aware of the upswing. 8

9 A Bend in the Loyalty Curve: Employers Underestimate Job Satisfaction Employers expected lower job satisfaction in their workforce. 9

10 A Bend in the Loyalty Curve: Important Shift in Loyalty Perceptions A reversing loyalty gap in perceived employee loyalty to the company. 10

11 The Benefits Balancing Act Gets Harder: Health Care Top of Mind 60% of employers cite health care costs are their biggest challenge. Very challenging issues for companies 11

12 The Benefits Balancing Act Gets Harder: A Challenging Cost Convergence 88% of employers report cost control is a very important benefits objective but employee retention continues to be an equally important (87%). Very important factors when making benefits decisions. 12

13 The Benefits Balancing Act Gets Harder: Budgets Remain Stable Despite cost pressures, few employers plan to decrease their benefits budget. Actions companies are most likely to take in regard to employer-paid benefits 13

14 Now Is Not the Time to Reduce Focus on Voluntary Benefits: A Surprising Dip The Study reveals a surprising dip in the number of companies that believe voluntary benefits are a significant part of their company s benefits strategy. Employers who agree that voluntary benefits are a significant part of their company s benefits strategy 14

15 Now Is Not the Time to Reduce Focus on Voluntary Benefits: The Loyalty Pay-Off Not only can voluntary benefits help employers address cost concerns, they can help drive employee loyalty. 15

16 Employees as Benefits Consumers: Employee Financial Concerns Remain High Five years on from the recession, employees share increased financial concerns. Employees who are very concerned about the following issues 16

17 Employees as Benefits Consumers: Employees Willing to Pull Their Weight Employees clearly value their benefits options and are willing to pay more for a broader choice that suits their personal needs. I am interested in having my employer provide a wider array of voluntary benefits that I can choose to purchase. I am willing to bear more of the cost of my benefits in order to have the choice of benefits that meet my needs. 17

18 Employees as Benefits Consumers: Personalization is Key 80% of employees say that the ability to personalize their benefits selection to meet their personal situation is appealing. 18

19 Employees as Benefits Consumers: Choice Means a More Active Role for Employees Company is moving toward a health strategy that requires a more active employee role. 19

20 Employees as Benefits Consumers: Looking to Employers for More Help As benefits consumers, employees are ready, willing but are they able? Employees who strongly agree with the following statement: 20

21 Employees as Benefits Consumers: Seeking Understanding of How Benefits Address Needs 42% of employees say they are not confident that they use their benefits effectively now. Employees who strongly agree that they need more help understanding how their benefits work and help meet their needs 21

22 Putting It All Together: Benefits Can Help Employees Achieve Financial Security 44% of employees are very concerned about meeting financial obligations. Employees who are very concerned about unforeseen events 22

23 Putting It All Together: Benefits Can Help Address Out-of-Pocket Cost Concerns 48% of employees are very concerned about having enough money to cover out-of-pocket medical expenses. Employee interest in the following voluntary employee benefits, if employer offered them: 23

24 Putting It All Together: Wellness Programs Continue to Rise 41% of employers strongly agree that wellness programs are effective for reducing costs The number of companies offering wellness programs has risen steadily across all company sizes during the last decade. Companies that offer wellness programs 24

25 Putting It All Together: Financial Wellness and Productivity 51% of employers say employees are less productive at work when they are worried about personal financial problems. 25

26 Turn Insights into Actions: Making the Most of Benefits Investment 1 Add Voluntary Value 64% of employees are interested in having their employer provide a wider array of voluntary benefits. 2 Support Financial Security 54% of employees report that they are very concerned about their financial security, with 44% concerned about meeting their monthly financial obligations. 3 Make Smart Benefits Decisions 60% of employers agree that managing benefits with the current level of HR resources is a challenge. Brokers and carriers can help with data and reports that can help. 26

27 Turn Insights into Actions: Making the Most of Benefits Investment 4 Help Employees be Better Educated Benefits Consumers Effective communications can help employees be better educated benefits consumers especially when employers approach education and communications using employees preferred channels and methods. Employees who agree they would find the following options helpful when selecting and enrolling in benefits: 27

28 Questions? The information presented herein was based on data available as of and is subject to change as well as be open to further interpretation. 28