Thats a corporate mantra, and its probably a quality that is affecting the way you sell benefits. It should be increasing your interest in voluntary, employee-paid products.
Advisors might have had an easier time designing benefits programs that could please everyone back in the 1950s, when the Man in the Gray Flannel Suit was managing Frank the Foreman, who was in charge of a group of workers who could have been neighbors, or even siblings.
What Your Peers Are Reading
But that world is gone. Today, there are more women in the workforce, more working mothers, more baby boomers, and more members of a variety of demographic groups who are used to a society that tailors products and communications to suit their particular needs.
The bottom line is that coming up with benefits programs that can meet the needs of a wide range of employees can improve employee satisfaction and increase retention rates.
One recent survey found that among employees who are highly satisfied with their benefits, 69% say their benefits are important reasons to stay with their current employers.
The general unemployment rate might be higher than it was, but the truth is that turnover is still costly. Its about as hard to find motivated employees with the right skills and the right work ethics as it ever was, and the difficulty is likely to grow to crisis levels as the economy improves.
One obstacle is that in an effort to offset the impact of dramatic increases in health care benefit costs, many employers have implemented strategies that shift more responsibility for funding and selecting benefits to their employees.
The result: only 31% of todays workers are satisfied with their benefits, according to the 2003 MetLife Benefits Trend Study. Thats a drop of 9 percentage points from the 2002 satisfaction level!
To increase employee satisfaction with benefits and align the benefit offerings with the needs of your clients employees, take the time to understand the specific demographic trends and needs of your clients workforce to identify options that will work best for them.