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MetLife Annual Employee Benefit Trends Study 2023

Mar 27, 2023, 2 Minute Read

The latest MetLife study has revealed that in times of talent shortages and economic uncertainty, employee care has emerged as a powerful force.

As a benefits advisor, it’s important to recognize that companies are currently adapting to the new dynamics in employment relationships and assessing the impact of an extended slowdown on their workforce needs. Despite the changes in recent years, the good news is that employee benefits continue to play a vital role in the value proposition organizations offer their workers.

Businesses that prioritize employee care will be best positioned to achieve their talent management goals, even in challenging economic conditions. Investing in employee care can not only provide support to financially stressed workers, but can also boost productivity and retention, ultimately benefiting the bottom line. In short, there are clear benefits for both employees and organizations. Thus, it’s not a question of whether organizations can afford to invest in employee care, but rather whether they can afford not to.

MetLife’s 21st Annual U.S. Employee Benefit Trends Study 2023, The Advantages of Employee Care: Creating Human-Centric Employee Experiences and Work Environments, provides actionable insights to help you recommend a benefits mix for employers that can help them demonstrate care for their employees to drive higher job satisfaction, worker loyalty, engagement, and productivity.

The MetLife Study Will Help You:

• Understand the importance of holistic well-being in a turbulent time.
• Learn why employee care is so powerful and why it matters to both employers and workers.
• Dive deeper into what employees want – affordability, access, and options.
• Recommend a richer overall benefits package.

Key Findings

• 88% of employers want to show care. But only 58% of employees feel cared for.
• Only 58% of employees were satisfied with current employer-provider benefits affordability.
• Satisfaction with benefits fell to 61% in 2023, down from 64% in 2022, and the lowest in the last decade.
• Employers see the following as the top benefits to demonstrate that they care about employees: home insurance, pet insurance, access to subsidized care options, cancer insurance, and commuter benefits.
• Employer efforts to expand their benefits offerings have not kept up with rising employee expectations.
• 60% of employees want more non-medical benefits, the highest level since 2013.
• Employees’ top must-have benefits:
  – 79% medical/health insurance.
  – 73% dental insurance.
  – 70% vision care insurance or discount program.
• 70% of employees are interested in customizable benefits.

Download the MetLife Study for insights and valuable strategies to help your clients navigate the new workforce dynamics and create a more human-centric employee experience. Contact us today to develop tailored benefits solutions that address your clients’ needs.

Download The MetLife Study

Get a MetLife quote today!

Questions?
Contact The Answer Team at 800.696.4543 or info@claremontcompanies.com.