Investing in employee benefit plans

Matt Buttell

A recent study by MetLife, a leading provider of employee benefit plans, has found that, as a result of the economic crisis, more and more employers are taking a greater interest in what workplace benefits really matter to their workers.

According to the findings of the study, the economic crisis and ensuing employee uncertainty has meant that workers across America are valuing employer-provided benefits more than ever. Georgette Piligian, Senior Vice President of MetLife's small business division, said that more than 40 percent of employees are now acknowledging this fact and are taking a renewed interest in employee benefit plans.

The recent study, which coincides with the launch of MetLife's enhanced web-based Benefits Benchmarking Tool back in August, is designed to help HR managers maximize the value of their employee benefits programs within the competitive landscape.

In a press statement on the company's website, Anthony Nugent, Executive Vice President, MetLife Employee Benefits Sales, explained: "Employee benefit plans can be strategic differentiators for employers looking to attract and retain valued employees.

"It is important that employers gain insight into the preferences of their employee demographic so that they can design the most effective programs for addressing employee loyalty, satisfaction and retention goals."

According to the website, the MetLife Benefits Benchmarking Tool provides detail-rich data in an easy-to-use, online format. In three easy steps, users can select, view and download benefits data as it relates to specific marketplace trends based on their unique interests.

In addition, users are able to compare and contrast the data along multiple variables, creating over 600 possible charts, to inform actionable results. The complimentary tool is available at whymetlife.com/benefitsbenchmark.

Employee engagement

Piligan explains how employers' interest in employee benefit plans has largely been boosted by the impact of the economic crisis. "There's a high correlation between employee engagement, loyalty and benefits," she told the LA Times recently.

"Obviously, medical benefits are most important in terms of competing for the best employees," she added, "but non-medical benefits, such as life, disability and dental insurance were also highly valued by employees in the [recent] survey".

In fact, according to the study, two-thirds of workers identified non-medical benefits as "very important" in terms of employee benefit plans - a figure far higher than what their bosses seemed to realise. Only 37 percent of employers believed such benefits were the most important kind.

"There are many employee benefit plans that don't have to add significant overall costs to employers but are appreciated by employees," Piligian added.

Often these include wellness initiatives, such as discounted gym memberships and financial counseling for retirement planning, and should be considered as a significant component of any employee benefit plan.

"Workers appreciate employee benefit plans more than ever," added Piligan. Now's the time to invest.

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