Employees Who Want Happiness and Stability Can't Overlook Benefits: New Study
12 Settembre 2023 - 2:00PM
Business Wire
The latest insights from MetLife’s Employee
Benefit Trends Study find those who take advantage of open
enrollment are happier on the job
As the workforce enters open enrollment season and conversations
around the employee experience continue to make headlines, new
research finds employees who understand their benefits are happier
and have a greater sense of overall stability at work. According to
the latest data from MetLife’s Employee Benefit Trends Study, 76%
of workers who understand their benefits are happy and 82% believe
their benefits give them a greater sense of overall
stability—versus only 47% and 52%, respectively, who don’t.
This comes as employees say “being happy” is the most important
aspect of their work experience (73%), followed by doing meaningful
work and being successful. As the workforce transitions into the
era of “The Big Stay”—with 77% of employees now saying they intend
to be with their employer in a year—the research indicates
employees may increasingly become more intentional about their
benefits selection at open enrollment as a means of improving their
overall job satisfaction.
“Employee benefits play a massive role in employees’ lives both
at and outside of work—and a big part of this is not just the
benefits themselves, but also the awareness of how they are used,”
said Jamie Madden, senior vice president of Workforce Engagement
and Benefits Connectivity at MetLife. “Understanding benefits leads
to more informed open enrollment decisions, better utilization, and
a happier, more stable, and generally more satisfied
workforce.”
Overcoming Enrollment
Barriers Despite the positive impact benefits have on
employees, the research identified several barriers that frequently
hinder comprehension:
- Education: 62% of employees say understanding how to use
their benefits would give them a greater sense of overall stability
while 50% say having a better understanding of their
benefits—what’s offered and what’s covered—would make them more
loyal.
- Procrastination: Nearly one-third of employees (31%)
procrastinated when selecting their benefits last year and 37% wish
they’d had more time to make the right choices. This comes as one
in six employees regret their benefits elections from last
year.
- Consultation: Nearly half of employees (44%) didn’t
consult others before enrolling in benefits last year. This group
was also less likely to fully understand their benefits and more
likely to worry about unexpected health and financial issues.
However, the research found that when employees take the time to
understand and engage in conversations about benefits, they
increase their comprehension, make more informed decisions, reduce
anxiety, and improve their happiness in stride.
Enabling an Engaged and Loyal
Workforce Employers can help their workforce make more
confident open enrollment decisions by using multiple channels and
incorporating personalization into benefit communications
strategies. For employers, this yields not only a happier,
healthier, and more engaged workforce, but also a more loyal one:
50% of employees say having a better understanding of their
benefits would make them more loyal to their employer.
“With two-thirds of today’s workforce saying open enrollment is
more important this year given the current economic situation, it’s
critical that employers take steps to empower their employees to
make more confident open enrollment decisions and ultimately, have
a happier experience at work,” said Madden.
To learn more about open enrollment and access MetLife
resources, visit https://www.metlife.com/open-enrollment/
Research Methodology Wave 2 of MetLife’s 21st Annual U.S.
Employee Benefit Trends Study was conducted in July 2023 and was
fielded by Rainmakers CSI – a global strategy, insight and planning
consultancy. The survey included 2,650 interviews with full-time
employees, aged 21 and over. All employees were based in the U.S.
and were nationally representative of the U.S. Data in this release
was collected as part of Wave 2 and was not reported in MetLife’s
21st Annual U.S. Employee Benefit Trends Study.
About MetLife MetLife, Inc. (NYSE: MET), through its
subsidiaries and affiliates (“MetLife”), is one of the world’s
leading financial services companies, providing insurance,
annuities, employee benefits and asset management to help
individual and institutional customers build a more confident
future. Founded in 1868, MetLife has operations in more than 40
markets globally and holds leading positions in the United States,
Japan, Latin America, Asia, Europe, and the Middle East. For more
information, visit www.metlife.com.
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Media: Liz Harish 929-343-7473 elizabeth.harish@metlife.com
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