Employees of small businesses who are very satisfied with their company benefits are more likely to report greater job satisfaction and a stronger sense of loyalty to their employers, according to recent findings from a MetLife study.
Aside from salary, health coverage ranked as the number one benefit driving loyalty among those employees interviewed for the study. Other key benefits behind employee loyalty included retirement, opportunities for advancement, company culture, and non-medical insurance benefits (such as dental, disability, and life insurance).
Younger Workers Place High Value on Benefits
The study, which included several hundred interviews of small business employees (those working for companies with fewer than 500 employees), also highlighted a number of key differences between younger and older workers when it comes to employer-provided voluntary benefits:
46% of younger workers identified employee benefits as an "important reason" behind their selection of employers, as opposed to 29% of older workers.
One-half of younger workers reported relying more on employer-provided benefits to achieve financial security due to current economic conditions, while 37% of older workers reported the same.
Both younger and older workers said they would rather pay more of the cost for employee benefits than lose those benefits. Additional findings from the study are available from MetLife.
For more resources that can help your company with benefit planning, check out our featured Benefits Trends and Benchmarking Tools. And stay on top of federal notice requirements related to your benefit plan with our 2012 Employee Benefit Plan Compliance Calendar, available free for download!
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