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August 1, 2012

Benefits Satisfaction = Job Engagement?

Filed under: Benefits,General HR Buzz12:17 pm

As I’ve been reviewing benefits data for a project, I ran across some very interesting findings in the 10th Annual MetLife Study of Employee Benefits Trends.  Although there is a lot of thought provoking information in the study, one of the things I found particularly interesting was the strong connection they found between benefits satisfaction, employee loyalty and job satisfaction.  The study confirmed that employees who are dissatisfied with their benefits are more likely to want to work elsewhere.

Here are some other key findings of this study:

  • Employees who are very satisfied with their benefits are nearly three times as likely to say they are very satisfied with their jobs and less likely to plan to leave.
  • Employees who are very satisfied with their benefits are more likely to feel loyal to their employer.
  • There is a widening gap between employer and employee perceptions of company loyalty towards employees.  The study shows that since 2008 employees who believe their employer has a very strong sense of loyalty to them has decreased from 40 percent to 32 percent.

From a benefits planning perspective, the study stresses the importance of understanding what employees want and value in their benefits.  Specifically, employers are underestimating the power of non-medical benefits such as disability and life insurance. Employees also value having a choice of voluntary benefits; something employers haven’t believed to be as important.

Take a look at the entire study.  We’re moving into that time of the year when we are finalizing benefits programs and determining costs for 2013.  This may provide you with a terrific opportunity to increase benefits satisfaction with the added benefit of increasing employee loyalty.

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