42% of employees are satisfied with benefits, up 5% since the recession
The 8th annual Study of Employee Benefits Trends, conducted by MetLife in late 2009, indicates that employee benefits have weathered the economic storm with only modest reductions in most cases. Although many employees experienced adjustments in compensation during the past year, most maintained or even increased their levels of benefits coverage. Employees appear to value benefits more than ever and do not perceive them as a discretionary expense, particularly at times of higher risk and uncertainty.
In the past 12 months:
Employees’ Levels of Coverage Kept the same Increased Reduced/Dropped
Life insurance 78% 16% 6%
Disability insurance 81% 12% 7%
Dental 84% 9% 7%
Long-term care 73% 17% 10%
The rating of employee benefits for driving job loyalty was much higher for employees than employers in nearly every benefit category, suggesting that benefits have a much greater influence on employee loyalty than most employers recognize.
This year’s study also found a correlation between benefits programs and employee productivity. Both employers and employees noted that programs fostering health and wellness, financial guidance and work-life balance can help to improve productivity on the job. Benefits programs may play an increasingly important role in helping to retain employees and maintain productivity levels as the job market begins to recover.
Source: MetLife 8th Annual Study of Employee Benefits Trends