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How many benefits does it take for staff to be satisfied?



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Staff benefits had always been known to function as great retention tools, but did you know there is also a co-relation between the exact number of benefits offered and the likelihood of staff recommending your company as a great place to work?

According to MetLife’s 13th annual “U.S. Employee Benefit Trends Study“, the magic number of benefits to offer your employee in order for them to recommend your company more than half the time is 11.

The study stated that when employees are not offered any benefits, only 46% of employees are likely to recommend a company as a great place to work.

When the number of benefits offered was increased to five in the study, the number of employees likely to recommend the company as a great place to work increased to 53%.

Interestingly, the number of employees likely to recommend the company as a great place to work shot up to 66% when 11 benefits were offered.

“Throughout the study, the positive impact of the number of benefits an employer offered was clear, likely because the greater number of options provides employees with the opportunity to tailor benefits to their specific needs,” said Todd Katz, executive vice president, group, voluntary and worksite benefits, at MetLife.

“Offering a comprehensive suite of benefits that goes beyond standard benefits, such as medical, dental and vision, to include voluntary benefits like critical illness, accident, auto and home, and legal services can drive both loyalty and engagement without adding cost for the employer,” he added.

However, merely offering the benefits is not enough, as companies also need communicate with employees about the significance of the benefits on their overall well-being, the survey warned.

Image: Shutterstock

 



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