Good benefits are a benefit to employers
FOR the first time in memory, employers have put retaining employees ahead of cost-control in their corporate priorities.
A new study by MetLife reports that 55 per cent of employers recently
identified retention as their top human resources priority.
That is significant to everyone because it represents a fundamental shift in how most corporate executives view their employees. They are no longer looking at employees as a cost of doing business but as essential components in the success of
their companies.
That’s no small transition.
At the same time, MetLife found in a study of 1,202 employees that of those workers who are highly satisfied with their benefits, 80 per cent indicated strong job satisfaction.
That is up from a year ago when only 65 per cent of those workers said they were satisfied in their jobs.
In addition, 71 per cent of employees said workplace benefits were a reason for joining their current employer and 82 per cent regarded them as a factor in staying in
their jobs.
In short, employee benefits make a difference and smart employers are getting the message.
“The strong relationship between benefits satisfaction and job satisfaction indicates that there is more pressure than ever on employers to strike this balance and utilise benefits strategically to achieve both objectives,” says Ronald Leopold, a MetLife vice-president.
The survey also revealed that how benefits are valued can differ from one employee to the next.
About 32 per cent of married employees and 41 per cent of families with young children said that employee benefits were a top consideration when they joined their current employer. Only 10 per cent of singles said that. And although only 10 per cent of employees say they fully understand the benefits choices they have available, 70 per cent say they would favour their employers’ offering benefit packages that allow them to pick and choose benefits.
Only one-third of employees feel their employers have properly educated them on benefits options, which can be interpreted that employees want to understand benefits better so they can get the maximum out of them. It also represents an opportunity for employers to build goodwill with their employees by helping them use benefits.
“The value of workplace benefits has never been greater,” Leopold says. “Faced with a diverse work force and increasing competition for talent, employers should look to benefits as a long-term commitment to future viability.”
– Copley News Service
