The findings can be found in MetLife’s most recent Benefits Benchmarking Tool, which also reveals that 61% of employees in Public Administration and 54% of employees in Education have a formal retirement plan (compared to 47% of employees overall), and employees in both industry segments say that their retirement benefits are very important influencers of employee loyalty (85% of Public Administration employees and 72% of Education employees).
According to a MetLife press release, the tool indicates that for companies with 5,000-9,999 employees looking to increase employee productivity, work/life balance and wellness programs could be the missing links. While only 25% of employers in this segment say that providing benefits to help employees with work/life balance is a very important benefits strategy, 52% of employees at these companies say these benefits would be very effective at improving their productivity at work.
Similarly, only 33% of employers in this company size segment say that providing wellness programs is a very important benefit strategy, yet 45% of employees at these companies say that their productivity would be favorably impacted by these programs.
About half (49%) of employees at companies in the West say they are very satisfied with the benefits they receive through their employer, compared with 42% in the Northeast and Midwest, and only 39% in the South. The Benefits Benchmarking Tool indicates that the West’s leading position may be a result of effective benefits communications. In the West, 38% of employees say their employers’ benefits communications effectively educate them about their benefits, compared with only 29% of employees in the South.
The Benefits Benchmarking Tool is available at http://metlife.com/benefitsbenchmark.