Courtesy MetLife
Today in the U.S., unemployment is at near-record lows, so top talent is in high demand. Our benefits provider, MetLife, has provided some insight into making your business more successful at attracting and retaining the talent you need, based on recent research.
Automation is the next workplace frontier, and MetLife’s 16th Annual U.S. Employee Benefit Trends Study shows that employers and employees alike aren’t afraid of automation technologies (e.g., Artificial Intelligence, analytics, collaboration tools, robotics). In fact, they are embracing them with open arms. What they are afraid of is losing a sense of human connection in the workplace. About half of both groups worry the workplace is becoming less human—likely because of unmet needs for personalization and recognition.
Employers who are able to balance their needs and their employees’ desire for innovation through automation, while creating great work experiences, will be tomorrow’s talent leaders. And there are clear ways for companies to do this.
A customized employee experience, starting with benefits and flexibility in work schedules, goes a long way toward building loyalty and trust. That’s even more important in today’s workplace, as more and more employees are interested in, and planning on joining, the gig-economy to gain more flexibility, as opposed to seeking full-time, salaried jobs.
The ability to customize benefits to meet employee needs remains a high loyalty driver. And it doesn’t have to break the bank: up from 52% last year, 60% of employees—and 69% of millennials—say they’re willing to pay more to have benefits choices that meet their needs.
A significant gap we’re seeing is that less than half (43%) of employees believe their employer understands their personal financial pressures, compared to 54% last year—showing a missed opportunity for building connection and trust. Employers able to recognize these financial concerns amongst their employees and offer them the tools to manage them more effectively, such as through Financial Wellness programs, will be better positioned to foster connection and trust with their employees and, ideally, loyalty and productivity.
Among employees who feel most ‘connected’ or ‘empowered’ at work, more than 90 percent expect to still be working for their organization in 12 months, compared with 81 percent of all workers. They are also at least 17 percentage points more likely to say they trust their company’s leadership and 11 percentage points more likely to report that employee benefits help them worry less about unexpected health and financial issues.
The great news is that there is meaningful ROI to be achieved from creating meaningful work experiences. When employees have a say in how, when, and where they work, they will reward employers with hard work, performance, and loyalty.
At the end of the day, it is worth any company’s time and resources to truly understand employees’ desires and needs. By proactively engaging your workforce and delivering meaningful employee experiences that are deeply human, everyone wins.
The latest addition to our benefits program for members of the Illinois Chamber features Dental and Vision from MetLife, which offer multiple pricing and coverage options for members to customize for their small businesses of 2-99 employees. Contact Laurie Silvey, Assoc. VP of Business Services, (217) 522-5512 ext 223 or lsilvey@ilchamber.org for more information on this exciting member benefit.
The opinions expressed in this article are solely those of the author and do not necessarily represent the official policy or position or the Illinois Chamber of Commerce.