New MetLife study underlines need for tailored
benefits to address employee well-being challenges
One year after the COVID-19 pandemic forced many U.S. employees
across the country to transition to remote work, the youngest and
oldest generations are divided on its impact. MetLife’s 19th annual
U.S. Employee Benefit Trends Study finds more than half of workers
in their 20s (51 percent), including Gen Z and young millennials,
say their work-life balance is better now than before the pandemic,
while only one-quarter of baby boomers say the same.
While employees across generations feel their holistic
well-being – which includes physical, mental, social and financial
health – has declined, boomers are experiencing the negative
impacts of remote work more strongly. According to MetLife’s
research, boomers say boundary-setting issues (33 percent) and
fewer casual conversations, like watercooler chats (42 percent),
are why they are less happy with their work situation now.
Conversely, younger workers say the ability to spend time with
their family (40 percent) and work in a better location (30
percent) are why their work-life balance has improved.
“All employees are feeling the effects of the pandemic – but
it’s clear that the impact varies greatly across the different
generations,” said Todd Katz, executive vice president, Group
Benefits, MetLife. “Employers need to thoughtfully consider these
nuances as they start to reimagine the workplace experience in the
months to come, and beyond.”
Fostering a culture of well-being across generations
Understanding the different needs and values of employees across
generations will be crucial for employers as they address the
declining well-being of the workforce. For example, the study finds
younger workers prefer flexibility in where they work over a higher
salary, while boomers are more likely to say they miss in-person
interactions with colleagues.
The study also finds a strong connection between time off and
improved employee well-being. To address their well-being concerns,
36 percent of twenty-something workers said they took more paid
time off this year, mostly for sick days for physical and mental
health, while only 8 percent of boomers said the same, citing
travel restrictions and too much work as top reasons for not doing
so.
“Employers and managers have a critical role to play in
supporting employee well-being,” said Katz. “Providing flexibility,
addressing workload concerns, and promoting taking time off can
make a difference for employees’ overall health.”
Benefits should address varied needs, improve employee
resilience
Offering benefits that work together to complement and adapt to
employees’ life stages and personal needs, as well as address their
physical, mental, social, and financial health, is critical. In
fact, employees who say their employer offers a benefits package
that meets their needs are 42 percent more likely to feel resilient
(e.g. able to adapt and rebound amid adversity). This is
particularly important for employers as the most resilient
employees are more productive (96 percent), engaged (91 percent)
and holistically well (68 percent) – among other benefits – as
compared to the national average. And yet, two in five employees
say their employer isn’t offering benefits or programs that support
their well-being during the pandemic.
Boomers are increasingly prioritizing benefits that support
their physical health this year, including 71 percent who say
vision care is a must-have benefit, up from 53 percent last year.
Meanwhile, younger employees are more interested this year in
benefits that positively impact their mental and financial health.
Must-have benefits for twenty-something employees are legal
services and student debt assistance (both up 19 percentage points
since last year), as well as life insurance (up 11 percentage
points since last year).
“The pandemic has shed a clear light on what employees need from
their employers – not only right now, but in the future,” said
Katz. “As the workplace continues to evolve and become more
personalized, employers need to heed the wants and needs of their
employees, and then reflect these key learnings in benefits and
work experiences they provide.”
Research Methodology
MetLife’s 19th annual U.S. Employee Benefit Trends Study (EBTS)
was conducted in December 2020 and January 2021 and consists of two
distinct studies fielded by Rainmakers CSI – an international
strategy, insight and planning consultancy. The employer survey
includes 2,500 interviews with benefits decision makers and
influencers at companies with at least two employees. The core
employee survey consists of 2,651 interviews with full-time
employees, ages 21 and over, at companies with at least two
employees.
About Rainmakers CSI
Rainmakers CSI is a UK-based global strategy, insight and
planning consultancy with a focus on delivering game-changing
commercial impact. Since our inception in 2007, we’ve worked
collaboratively with leading companies to help define opportunities
for brands, categories and businesses. Our expertise spans not only
Financial Services, but also Food and Drink, Beauty, Healthcare,
Telecoms, Technology, Entertainment, and Travel. Our programs and
client relationships span all continents, with 50 percent of our
work originating in the US. For more information, visit
www.rainmakerscsi.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates ("MetLife"), is one of the world's leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 markets and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210331005076/en/
Media Contact: Natalie
Geisler 646-954-0812 natalie.geisler@metlife.com
MetLife (NYSE:MET)
Historical Stock Chart
From Apr 2024 to May 2024
MetLife (NYSE:MET)
Historical Stock Chart
From May 2023 to May 2024