Data and Research

Employees Want a Full Suite of Benefits

By Lee Barney editors@plansponsor.com | July 06, 2017
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Employers tend to agree with employees’ belief that they have a responsibility to help them with their financial lives; 73% believe they have a responsibility for their employees’ health and well-being of their employees. Sixty-four percent of employers believe that their benefits can help employees make better financial decisions, and 80% think benefits can increase employee satisfaction.

Eighty-eight percent think financial wellness benefits can boost employee productivity, and 75% think they will result in employees working longer hours. Seventy-eight percent think that benefits overall can increase employee loyalty, and 73% think they can attract employees.

The top five benefits employers think they must offer are health insurance (88%), prescription drug coverage and a 401(k) or other retirement plan (both tied at 72%), auto insurance (68%), dental insurance (68%) and home insurance (62%).

“It is important for employers to ensure that they offer the benefits that employees need, even if the company doesn’t pay for them,” MetLife says. “Offering a benefits experience that provides a range of support shows employees that their goals—in and out of work—are understood. Getting to know the needs of employees can help employers decide on the right mix of benefits options.”

MetLife also says employers should make enrolling in benefits easier for their employees.

Metlife’s report was conducted by ORC International last October and November among 2,504 company benefits executives and 2,652 employees. The full report can be downloaded here.

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