More than a third of employees say the benefits they are offered at work in addition to salary and holiday entitlements increased their loyalty to their employer, research* for MetLife Employee Benefits shows.
The study found 35% of employees are more likely to stay in their job because of their employee benefits package and that 33% of staff say the benefits they are offered by their employer make them feel valued. MetLife Employee Benefits believes the findings highlight how important communicating benefits is in driving loyalty and helping with retention.
Younger staff are the most likely to stay in their jobs because of employee benefits, the research found, with 58% of 18 to 24-year-old employees saying additional benefits boost their loyalty. The benefits package on offer makes 56% of 18 to 24-year-olds feel valued.
MetLife Employee Benefits carried out the research as part of its drive to promote awareness among advisers and employee benefits decision makers of the untapped value and potential in the Group Risk market as well as the benefits of Group Risk solutions for employees and their families.
The study highlighted the potential of employee benefits to improve loyalty and engagement but underlined challenges for employers in communicating their employee benefits packages – just 23% of employees surveyed were satisfied with communication from their employers about their employee benefits compared with 45% who are dissatisfied. Even satisfaction with communication about pension and retirement issues is relatively low despite the recent focus on workplace pension auto-enrolment with 28% saying they are satisfied compared with 39% who are dissatisfied.
Tom Gaynor, Employee Benefits Director, MetLife UK, said: “There is clear evidence that employee benefits when they are communicated well can help with employees’ emotional or psychological contract with their employer”.
“Employee loyalty matters as it helps create a stable base for employers. This is of significant value for employers, many of whom are navigating through a lot of change right now”.
“Improved communication is vital, however, to ensure staff are aware of and understand what’s being provided. This is where advisers and Employee Benefit Consultants (EBCs) have an important role to play, demonstrating their experience and expertise in designing benefits packages.”
MetLife Employee Benefits ProActive Protection policy is designed to help employers improve communication on employee benefits with staff as well as managing absences more effectively.
Employers themselves get the support of Client Relationship Managers and larger schemes benefit from a dedicated Client Relationship Manager as well as a Claims Specialist. They will proactively engage with employers to understand absences early on and to suggest any early intervention that may accelerate a sustainable return to work.
Its Wellbeing Hub provides access to an online health and wellbeing portal as well as traditional Employee Assistance Programme (EAP) services. Employees have their own access, confidential to them, and can generate a Health Age as a starting point to begin to make lifestyle changes that they can monitor.
* MetLife Employee Benefits research conducted online by independent market research company Consumer Intelligence among a nationally representative sample of 997 employees aged 18+ between July 15th and 19th 2014
** MetLife’s Brighton office is situated at Invicta House, Trafalgar Place, BN1 4FR