Declining unemployment rates, rising wages, and a rebounding economy mean that today’s workers can afford to be choosier when it comes to finding employment. A recent MetLife survey reveals that businesses that want to hire and keep the most talented employees must dial in to what they want most: flexible, customizable benefits—particularly with respect to health benefits.
In recent years, a growing number of businesses have turned to health reimbursement arrangements (HRAs) like the qualified small employer health reimbursement arrangement (QSEHRA), or Small Business HRA, to deliver the customized health benefits employees are looking for.
MetLife Employee Benefits Trends Survey
The MetLife Employee Benefits Trends Survey provides compelling insights into what businesses identify as their top priorities, as well as what employees say matters most to them when it comes to benefits.
Retention Is a Top Concern for Businesses
Among the businesses surveyed, retention emerged as the chief area of concern.
- 83 percent of businesses said that keeping employees is more important to them than other priorities, such as increasing employee productivity or reining in benefit costs.
- 51 percent of businesses predict that the next 3 to 5 years will see an even greater focus on keeping employees through benefits.
Employees Value Customizable Benefits
Benefits were also top of mind for employees, who consistently ranked benefits at the top of their list of must-haves when looking for a job, or staying at their current one. Employees were also particularly keen on the idea of customized benefits, with the majority of workers ranking customizable benefits as more important than the ability to work from home.
- 74 percent of employees reported that having benefits customized to suit their needs is important when considering accepting a new job.
- 72 percent of employees said that the ability to customize their benefits would lead them to be more loyal to their current company.
- 68 percent of employees claimed they’d be more loyal to their current company if they had the option to take their benefits with them if they decided to move on.
Businesses large and small are abandoning group health policies in favor of alternatives like the QSEHRA. As the job market continues to become more competitive over the next three to five years, businesses must focus on offering the flexible, personalized health benefits employees want—and businesses that do will be positioned to hire and keep the best people.
Does your business offer the Small Business HRA? How has it helped boost your employee retention rates? Let us know in the comments below.