Job benefits are important component of employee retention. After all, worker appreciation can foster loyalty, productivity, and stronger business results.
Times are changing, though, and so are employee expectations. So, just what do employees appreciate? And, what type of job benefits really work?
The recent Metlife 14th Annual Employee Benefits Trends Survey sheds light on these questions. Below, we’ve summarized ten key job benefit trends all employers should know for 2016.
10 Job Benefit Trends
1.) 71 percent of employees consider work the foundation of their financial safety net.
2.) 62 percent of employees say employer benefits are important for financial security.
3.) 50 percent of employees strongly agree the benefits they receive at work help them worry less about unexpected health and financial issues.
4.) 70 percent of employees say customizable benefits would increase loyalty to their employer.
5.) Employees continue to ask for a range of solutions, especially more common benefits such as medical, prescription, 401K, dental, life, and vision care coverage.
6.) When it comes to communicating and educating, employees find one-on-consultation the most effective.
7.) Despite the rise in technology, 60 percent consult with their families and friends when it comes to choosing benefits.
8.) 61 percent of employees are “extremely interested” in taking benefits with them when they retire or change jobs, and yet only 44 percent of employers currently offer portable benefits.
9.) Four in ten employees say retiree benefits are a key reason to stay with their employer.
10.) 45 percent of employees say they are planning to be with their employer in 12 months, compared to 41 percent in 2014.
The job benefits landscape is shifting and employees are telling us they value benefits with financial security, portability, and customization. Are your job benefits keeping up? What questions do you have? Leave a comment below!