Many employers recognize the importance of job satisfaction when it comes to finding and retaining talented workers. In simple terms, they want their employees to be happy. Competitive salaries, compelling work, and a positive environment are big drivers of the happiness factor but more and more, particularly in industries that are arm wrestling for the best talent, a strong employee benefit package is a game changer. Offering strong health benefits as well as retirement and voluntary benefits can be the difference between recruiting a key staffer and losing them to your competition.
According to studies by MetLife and Unum, quality benefits and coinciding benefit education make a measurable difference in employee recruitment, retention, and reported job satisfaction.
Quality benefits remain a key recruiting and retention tool. From a tactical perspective, benefits still play a big role in attracting and retaining employees, a recent MetLife study confirmed. Sixty percent of employees said quality benefits are the reason they remain with their company. Forty-nine percent said benefits are the reason they came to work for the organization in the first place.
Compelling benefits programs translate into employee satisfaction. Employees who are satisfied with their benefits are more likely to be loyal and satisfied with their jobs by a wide margin, according to the MetLife study. More than 70% of employees who were satisfied with their benefits were also satisfied with their job and their employer.
Benefits education is critical. Even when a benefits package may be somewhat lacking, if employees receive accurate and clearly-communicated benefits education, they are significantly more likely to think of their current company in a positive light.
According to a study by Unum, employees who say that their benefits were well-communicated also believe that their company cares about them personally and values their work.
Given these studies, it makes sense that firms are turning to technology to consistently get the word out to their employees about their benefits. The employee benefits technology platforms serve an importance far greater than simply giving a company a “coolness factor”. From open enrollment decisions to contacting their healthcare providers and everything in between, employees need easy-to-access information all year long.
Employers are increasingly seeking evidence-based strategies for hiring and retaining top talent. With studies suggesting that employee benefits can make the difference in a competitive recruitment market, the path to success has never been clearer. Increase the “happiness factor” by offering quality benefits, educating your team on the value and use of your program, and leveraging technology to make access easier than ever.
Want to find out how technology can support your benefits communication program? Click here to learn about Marsh & McLennan Agency's MarketLink, a benefits administration and private exchange technology solution for your employee benefit needs.
Madalyn Altschuler is Manager of MarketLink and Benefits Communications for Marsh & McLennan Agency (MMA), [email protected], 858.587.7472