Annual Insurance Company Survey Reveals That the Recession Has Affected Benefits Objectives of Employers and Employees

Posted by in Compensation & Benefits | Comments Off on Annual Insurance Company Survey Reveals That the Recession Has Affected Benefits Objectives of Employers and Employees

MetLife’s eighth-annual Study of Employee Benefits Trends suggests that the Recession had a significant effect on how employers and employees view workplace benefits. In most cases, employers were able to maintain core employee benefits, although there were some reductions; and employees strongly rely on those benefits to protect their families and stabilize their finances.

What is clear from the Study is that employers and employees are taking the long view and each of their benefits objectives have shifted. Employers are now more focused on controlling the cost of benefits, instead of employee retention. Improving employee productivity is another major goal of employers as a means to be more cost-effective and competitive. Having learned the wisdom of taking the long view, employees are now saving more and reducing personal debt. Although negative economic conditions are easing, employees are still concerned about their family finances and expect to continue to receive benefits from their employers as a safety net.

The Study also shares strategies that employers can implement to maximize both the quality of benefits for employees and the value of benefits for employers. For example, employers are more aware of their employees’ retirement benefit program and realize the value of making sure the program serves the needs of management and retiring/retired workers. The Study also revealed that employers have noticed that employees’ retirement plans have changed, which has helped to emphasize the value of retaining older and highly experienced employees. A secure and long-lasting retirement plan, with many options, is one of the benefits employees are looking to employers to provide as part of that safety net.

Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.