ten years of data-driven hindsight graces metlife with a meaty sense of what’s changed in the employer-provided benefits world:
- a younger workforce without a financial care in the world, now meticulously focused on retirement.
- an older workforce (boomers) gearing up for their mass exodus, now hanging on for needed income.
- a joyous spirit of job-hopping, yielding to a desperate clinging to jobs and even more desperately to benefits.
- larger companies adopting wellness programs for health-care cost reduction and voluntary benefits for employee engagement, paving the way for the majority of companies.
when metlife’s study begins to look forward, they find that the majority of employers (70%) remain invested in offering benefits, with many (30%) moving more of the cost to their employees in order to do so. (this echoes findings from other studies.) employees, on the other hand, remain less invested in their employers but feel handcuffed to them. one in three employees wants to leave his or her employer, with that number skyrocketing among generation Y workers. what keeps workers down on the farm is their dependence on benefits, including financial benefits that offer a semblance of present and future security. i say “semblance” because metlife found that more employees anticipate a greater downsizing of offered benefits than employers report they’re planning.
download the full report here.