A recent study from Metlife found that an increasing number of employees feel they are not receiving the benefits they need from employers. Employee satisfaction with benefit offerings has fallen to 61% in 2023 from 64% in 2022, reaching its lowest point in the past decade of the study’s history. One significant reason for this decrease in satisfaction is higher employee expectations due to financial and mental health struggles in the wake of the pandemic.
“Feeling cared for at work is a key driver of employees’ holistic health and happiness, which are strongly connected to employee productivity and job loyalty.”
-Bradd Chignoli, senior VP at Metlife
In general, employees continue to expect robust traditional offerings such as health insurance, paid leave and retirement. But they have also heightened their expectations regarding modern benefit options, such as financial wellness and caregiving assistance. While employers have started to increase their benefit offerings to coincide with employee desires, most have not been able to meet the newfound expectations quickly enough.
With employee satisfaction with benefits falling to a new low, it’s important employers reevaluate their benefits packages. When employee needs are met, employers are likely to find their workforce happier and more satisfied with their everyday tasks. Each organization’s employees may desire different benefit offerings, so it’s important to consider the needs of the workforce before considering what to offer in the future.
For more information on employee benefit satisfaction, contact Consolidated Insurance + Risk Management today.