Amid Continued Economic Uncertainty, Demonstrating Employee Care Is Key for Small Business Owners, Research Shows
29 Novembre 2023 - 9:00PM
Business Wire
Insights from MetLife’s Employee Benefit Trends Study 2023 show
that employee care nearly doubles small business employee loyalty
and engagement
Against the backdrop of the current uncertain economic landscape
and the increasing cost of living for Americans due to inflation,
it’s imperative that small business employers focus on
demonstrating care across the employee experience, including
supporting the financial health of their employees, even as their
own business challenges mount. According to insights from MetLife’s
U.S. Employee Benefit Trends Study 2023, financial health of small
business employees has decreased 10% year over year – 1.5 times the
rate experienced by employees at larger organizations – all while
the costs of running a small business increase and competition
becomes fiercer.
MetLife’s research shows that small business owners can make
manageable investments into employee care that can make a big
difference – both for individual employees and for the business as
a whole.
“This new era of ongoing financial uncertainty has reshaped
employee-employer dynamics,” said Cynthia Smith, SVP, Regional
Business at MetLife. “As employees continue to feel the impact of
financial stressors, small businesses have an opportunity to
anticipate and adapt to employees’ ever-changing needs. At a time
when the fight for talent can make or break growing and established
businesses alike, small business leaders who recognize the
increasingly pivotal role that employee care plays in improving
outcomes can position their organization for long-term success and
even compete with larger businesses on satisfaction and
loyalty.”
Fostering Employee Care MetLife’s Employee Benefit Trends
Study 2023 deep-dive into small businesses found that the top three
business concerns for small business owners are attracting and
retaining talent (62% and 61%, respectively), as well as employees’
overall well-being (60%). On the business side, the MetLife and
U.S. Chamber of Commerce Small Business Index for Q3’23 found that
a majority (52%) of small businesses say inflation is their largest
challenge.
As small business employees report being 7% less satisfied with
their job than workers at larger organizations – a more than
threefold increase since 2022 – it’s clear that demonstrating care
is essential for small business owners hoping to safeguard their
talent.
MetLife has identified the top solutions to boost employee care
and holistic wellness across the employee experience,
including:
- Implement listening mechanisms to gather employee feedback
- Increase transparency around business performance and
managerial decision-making
- Offer wellness programs and voluntary benefits
- Give employees tools to assess and improve their financial
health
When small business employers demonstrate care in the workplace,
employees are more likely to not only feel holistically healthy
(3.3x), they are also more satisfied with their job (2.4x), which
can lead to improved engagement (2.0x) and loyalty to their
employers (1.9x). Even a small investment in workplace benefits and
programs can improve outcomes for employees, particularly when
employers focus on the benefits most in demand among today’s
talent.
Click here to read more small business insights from MetLife’s
Employee Benefits Trends Study 2023.
Research Methodology MetLife’s 21st Annual U.S. Employee
Benefit Trends Study was conducted in November 2022 and consists of
two distinct studies fielded by Rainmakers CSI – a global strategy,
insight, and planning consultancy. The employer survey includes
2,840 interviews with benefits decision makers and influencers at
companies with at least two employees; companies must provide
benefits to US-based employees. The employee survey consists of
2,884 interviews with full-time employees ages 21 and over, at
companies with at least two employees in the US. To provide
additional context to our quantitative findings, we conducted 24
employee telephone interviews between December 2022 and January
2023. We recruited participants to ensure a spread of demographics,
incomes, worker types, industries and business sizes. This release
contains data collected for but not reported in the primary
report.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231129660892/en/
Media:
Judi Mahaney 212-578-7977 jmahaney@metlife.com
Grafico Azioni MetLife (NYSE:MET)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni MetLife (NYSE:MET)
Storico
Da Apr 2023 a Apr 2024