News

MetLife has recently announced their eighth annual study of small business trends for 2010.

In a related announcement on Business Wire entitled "Building A Better Benefits Program Without Breaking The Budget: Five Practical Steps Every Small Business Should Consider" they emphasize statistics that relate to worker happiness, and loyalty in the sphere of small business. They cite prime examples of how workplaces may be improved to help with loyalty from both perspectives; the employer and employee. They highlight and speak of cost-effective strategies that deal with employee benefit programs, to improve workplace satisfaction.

Core Principles

• How to: Manage benefit costs effectively
• Success factors: Benefits in the workplace that can motivate employees
  
• Working on: Retaining workforce, minimizing slack, and maximizing effort

Overall, there is a direct connection with employees' benefits to workplace satisfaction and happiness with a chosen career at a small business.

The Statistics

Employee Happiness

• 43% of all employees agree that benefits are key to their happiness in the workplace.
  
• 31% of small business employees agree that benefits are key to their happiness in the workplace.

Employee Loyalty

• 59% of small business employees state that benefits aid in their loyalty for a company.
• Only 34% of employers recognize the above statement.
• The Loyalty Gap: 66% of small businesses feel very loyal towards their employees.
• Only 33% of employees feel the same about their employers.

Wellness Programs

• 61% of larger employers offer wellness programs.
• Only 22% of small businesses offer wellness programs.
• However, 67% of small businesses believe that wellness programs are effective; especially at reducing medical costs.

Financial Problems

• 64% of small businesses are very aware that employee productivity is strongly tied to an employee's financial matters.
  
• 20% of small business employees have taken unexpected time off to deal with financial problems, in the last 12 months.

Benefits

• Only 20% of small business employees believe that their employer correctly communicates and educates what they receive as benefits.

MetLife's Study

Support non-medical benefits: Optimize the total value of them. Ensure that benefit plans reflect current and researched-based treatment protocols. Focus on preventative care benefits, and slim-down benefit options that are underutilized and undervalued by employees.

Create a culture indicative of health and fitness: Control long-term medical costs by emphasizing employee wellness. Use the power of local health organizations and associations that educate and inform employees on healthy lifestyle, and behavior. Provide convenient access and time off to employees who wish to participate in wellness programs for weight loss, exercise and quitting smoking.

Use local financial institutions and services: To provision retirement and financial planning options and offer additional web-based financial resources that emphasizes a financial future at said company. Encourage financial planning as the backbone of future financial security and happiness.

Cut out the red tape, and jargon from benefits programs: Emphasize directness with a "what you get" approach to the benefit package that employees may receive. Communicate benefits effectively, without relying on outdated and contrived pieces of literature, and avoid the dreaded infomercial VHS or DVD of employee benefits.

Foster a working environment: That emphasizes a work-life balance for employees; a place to live, work, breathe, and relax-a true "organic" work environment. Remove doubt, and communicate needs versus rewards effectively, without hiding behind the veil of executive decision.

The Data

MetLife collected the data during the fourth quarter of 2009. It consisted of two studies from GfK Custom Research North America. Employer survey data was comprised of 1,503 interviews with the decision makers behind employee benefits, at companies with at least two employees.

The employee sample comprised 1,305 interviews with full-time employees who were 21 and over, at companies with at least two employees.

MetLife, Inc. is a leading provider of insurance and financial services, throughout the United States, Latin America, Europe and the Asia Pacific regions.