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June 20, 2013
Is Your Benefits Package Losing Employees?
 
In 2012, MetLife released their 10th annual Study of Employee Benefit Trends, a study that should grab the attention of employers.
 
In the study's introduction, they noted that over the last decade, one of their most consistent and significant findings has been the strong relationship between employees' satisfaction with benefits and overall job satisfaction.
 
While the study's data shows that circumstances like the unstable economy have led to employees placing more value than ever on benefits packages, that doesn't mean employers are keeping up with this trend.
 
As a result, approximately one in three employees are dissatisfied to the point of hoping to have a new job with a different company in less than a year.
 
Although that statistic may sound like bad news for employers who want to minimize turnover, it's actually only a problem for companies that aren't willing to provide what employees truly want.
 
As long as an employer is willing to adapt, employees' desire for robust benefits packages creates an opportunity to retain and attract top talent.
 
4 Ways to Provide the Benefits Employees Actually Want
 
According to MetLife's study, 70 percent of companies don't plan to cut or reduce their current benefits package.
 
However, just because most employers recognize that their employees desire benefits doesn't mean they understand exactly what employees want. The study showed that companies don't realize just how much non-medical benefits like disability and life coverage can help with employee retention and recruiting.
 
If you want to ensure that your benefits package truly reflects what your best current and potential employees want, here are four ways to get on the right page:
 
Ask
A survey can help you avoid making the common mistake of assuming you already know what your employees want.
 
Personalize
Utilize enrollment records from both consultants and carriers to increase personalization and the overall engagement employees feel with their benefits package.
 
Supplement
Over half of all employees are concerned about unexpected medical costs not covered by standard insurance.
 
As a result, including supplemental coverage products for situations like hospital indemnity and critical illness can help your package provide employees with peace of mind.
 
Go Beyond the Basics
Home protection insurance, legal services, long-term care, and auto insurance are just a few examples of the types of additions that can take a benefits package from good to great.
 
And because these benefits deal directly with major issues like legal services to help with adoption or long-term care to protect financial assets, they can also increase employees' sense of loyalty.
 
Employers are still going to have to deal with some challenges and uncertainty created by issues like health care reform for the foreseeable future. But even in the face of those issues, it's still possible to retain and attract the caliber of employees you need to help your business thrive.
 
Offering the right benefits package is the key to accomplishing that goal.
 
By asking employees what they want, allowing for personalization, supplementing your standard package, and offering benefits that go beyond the basics, you can ensure that your benefits package helps your business as much as possible.

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Jesse Galt is a freelancer who writes about a wide range of business and consumer topics, from how to get your company to the top of Google search, to how one can save on crib mattresses and plush toys.
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