It appears benefits are about the only thing keeping employees around these days.
MetLife’s 10th annual Study of Employee Benefits Trends has uncovered some disturbing things.
Here’s what you need to know now:
- Employee loyalty isn’t getting better, it’s getting worse. The percentage of employees who feel a very strong sense of loyalty toward their employers is only 42% — a seven-year low (and down from a high of 54% in 2007).
- More than a third want out. More than third of all employees (34%) said they hope to be working for a different employer by the end of 2012.
- More than half of younger workers want out. The majority of Gen Y employees (54%) said they hope to be in a different job by the end of 2012.
- Many younger workers are unlikely to feel as though they can achieve the “American Dream.” Nearly half of Gen Y (46%) and Gen X (44%) employees say their standard of living would need to be higher than their parents in order to feel like they’ve achieved the “American dream.” Yet, the unemployment rate for Gen Y is more than twice as high as for older workers.
But on a more positive note:
- Benefits are a crucial part of driving retention. The vast majority of employees (61%) who are very satisfied with their benefits say they feel a very strong sense of loyalty to their employer (compared with 24% who are very dissatisfied with their benefits). In addition, the majority of Gen Y (63%) and Gen X (62%) employees said benefits are an important reason they stay with their employers.
- Benefits are a powerful draw for attracting younger workers. The majority of Gen Y (56%) and Gen X (52%) employees agree that the benefits offered to them were an important reason why they came to work for their employers.
- Workers are willing to share more of the cost. The majority of Gen Y and Gen X (62% each) said they’re willing to bear more of the cost of their benefits rather than lose them. (Note: Responses from employers suggest this will have to be the case.)
Info: The study was conducted by interviewing 1,412 full-time employees age 21 and over, at companies with a minimum of two employees.
