Employers are becoming increasingly aware of the importance of a rich benefits package in attracting and retaining top talent. But how many benefits is enough? And is merely offering the benefits, without explicitly communicating their value, enough to achieve the desired results?
According to MetLife’s most recent U.S. Employee Benefit Trends Study, there does seem to be a magic number of benefits that delivers the most appeal. It’s eleven. And, as we often stress, many companies aren’t realizing the full effects of these benefits due to their failure to communicate them to their employees.
The study found that only 46{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of employees of companies offering no benefits would recommend their company as a great place to work. That number climbed to 53{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} when one to five benefits was offered. The biggest jump (to 66{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9}) came when 11 benefits were offered. However, despite these positive stats, only 45{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of employees agreed they had been well educated on their benefit options and what they covered.
In light of the changing face of health care, it’s becoming increasingly important for employees to understand their benefits and be prepared to make the right decisions for themselves and their families. What’s more, respondents also reported that job security (51{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9}) and financial stress (49{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9}) are major issues they’re facing. There’s never been a better time for employers to capitalize on the opportunity to, not only offer great benefits to their employees, but assuage their workers’ worries by clearly communicating their value.
For more of the study’s findings, you can read the full article on BenefitsPro.