Benefits package key to keeping employees loyal, satisfied
Most employers tend to believe their employees are happy and loyal. But according to a study released online at MetLife, the employees have something else to say.
MetLife’s ninth annual “Study of Employee Benefits Trends” reveals a work force of dissatisfied, disloyal employees. One in three, or 36 percent, said they hope to be working someplace else within 12 months.
What’s important for retaining talented, happy employees? Companies with good benefits packages tend to have employees who express a sense of loyalty.
Business owners who don’t think employee longevity means much should understand that, according to the study, long-term employment is directly related to company growth.
Now is not the time for business owners to lose sight of employee attraction, retention and productivity, MetLife said. As the job market begins to improve, dissatisfied employees may find opportunities to leave.
For the past three years, the recession has forced employers into controlling expenses. And many employees claimed to be grateful just to have a job.
But the financial stress of the recession has taken its toll on employees as well. Workers feel they have partnered in the pain long enough. The trends show that employee loyalty has reached a three-year low, and employers appear to be unaware of the downward trend.
In the business model of past decades, employees exchanged loyalty and productivity for lifelong financial security and health care. The modern business model, though, looks different.
The economic reality of escalating health care costs and growing age population equals new benefits needs. Balancing business costs and needs isn’t necessarily about spending more, the study suggests; it’s about spending differently.
Wellness programs, for example, have become a major player in the new era. The results are real; if employees work harder at staying healthy and manage chronic disease more effectively, the company will benefit from lower health costs and reduced absences.
Offering loss-of-income insurance is another suggested strategy for increasing employee loyalty. Most employees don’t take the time to calculate how much they would need to survive in case of catastrophe.
Retirement packages are another way of attracting and keeping employees, both young and those almost old enough to qualify for Medicare. Most employees said they are not properly prepared for retirement and that having a plan in place would offer great incentive to stay with a company.
A PDF of the complete study is available for download at metlife.com.
MetLife’s ninth annual “Study of Employee Benefits Trends” reveals a work force of dissatisfied, disloyal employees. One in three, or 36 percent, said they hope to be working someplace else within 12 months.
What’s important for retaining talented, happy employees? Companies with good benefits packages tend to have employees who express a sense of loyalty.
Business owners who don’t think employee longevity means much should understand that, according to the study, long-term employment is directly related to company growth.
Now is not the time for business owners to lose sight of employee attraction, retention and productivity, MetLife said. As the job market begins to improve, dissatisfied employees may find opportunities to leave.
For the past three years, the recession has forced employers into controlling expenses. And many employees claimed to be grateful just to have a job.
But the financial stress of the recession has taken its toll on employees as well. Workers feel they have partnered in the pain long enough. The trends show that employee loyalty has reached a three-year low, and employers appear to be unaware of the downward trend.
In the business model of past decades, employees exchanged loyalty and productivity for lifelong financial security and health care. The modern business model, though, looks different.
The economic reality of escalating health care costs and growing age population equals new benefits needs. Balancing business costs and needs isn’t necessarily about spending more, the study suggests; it’s about spending differently.
Wellness programs, for example, have become a major player in the new era. The results are real; if employees work harder at staying healthy and manage chronic disease more effectively, the company will benefit from lower health costs and reduced absences.
Offering loss-of-income insurance is another suggested strategy for increasing employee loyalty. Most employees don’t take the time to calculate how much they would need to survive in case of catastrophe.
Retirement packages are another way of attracting and keeping employees, both young and those almost old enough to qualify for Medicare. Most employees said they are not properly prepared for retirement and that having a plan in place would offer great incentive to stay with a company.
A PDF of the complete study is available for download at metlife.com.