According to insurancenewnet.com, a recent MetLife survey outlines workers’ value for employer-sponsored benefits.
The survey, issued in MetLife’s 13th Annual Employee Benefit Trends Survey, confirms the relationship between a company’s ability to offer strong employer-based benefits and that company’s ability to keep employees and tamp down on turnover. But in order for benefits to serve as an effective retention strategy, employers need to offer a suite of benefits. The survey found that 18 percent of employees working for companies offering five or fewer benefits said they intend to stay at their employer. Meanwhile, 30 percent of employees at companies offering 11 to 15 benefits said they intend to stay.
MetLife’s latest survey also found that standard benefits such as medical, prescription drug, dental and vision coverage are quickly becoming table stakes. Voluntary benefits such as critical illness, accident, hospital indemnity and cancer overage can make the difference between an employee choosing one employer over another, MetLife executive vice president of Group, Voluntary & Worksite Benefits said.“Throughout the study, the positive impact of the number of benefits an employer offered was clear,likely because the greater number of options provides employees with the opportunity to tailor benefits to their specific needs.”