Both employees and employers are using workplace benefits as leverage against one another according to a new study by MetLife.
The study, The 10th Anniversary edition of MetLife’s annual Study of Employee Benefits Trends articulates what is happening in the benefits landscape from the point of view of employers and employees across regions, industries and company sizes in the U.S.
The recent economic turmoil has resulted in younger employees placing a high value on how their employers can assist them in establishing financial security. Almost half (49%) of all employees surveyed said that due to the economy they are counting on the benefits programs provided by their employers to assist them with their financial protection needs. The percentage climbs even higher when that question is put to younger workers, 55% for Gen X and 66% for Gen Y. These younger workers had a front row seat for the destruction of retirement savings caused by the recession and are keen to see the way that employers offer benefits that mitigate the chances of that happening again.
Employers are also examining ways that they can use benefits to leverage workplace benefits to achieve their objectives. Sixty percent of employers find the current economic conditions to be ripe for creating additional opportunities to leverage workplace benefits programs in order to achieve their own objectives. Only 10% of employers, across company size say that they plan to reduce benefits.