MetLife’s Employee Benefit Trends Study explores the attitudes of Australian managersemployees towards key employee benefit trends and issues.
Workplace wellbeing looks set to remain a key ingredient of employee benefits packages in 2017 and beyond.
In its latest research, MetLife Australia found employers are recognising that the right wellbeing initiatives can boost employee satisfaction and productivity, with over 70% of employers citing a better work-life balance for employees as the key outcome of better benefits packages.
MetLife’s Employee Benefit Trends Study (EBTS) explores the attitudes of 300 Australian company managers and over 500 Australian full-time employees towards key employee benefit trends and issues.
The study shows an encouraging trend towards increasing support for the physical, social, and emotional needs of employees, with 78% of Australian employers offering benefits aiming to improve health and wellness across the company, second only to increasing productivity (80%).
The wellbeing trend also continues when looking at the most popular benefits on offer – 61% nominated flexible working arrangements, closely followed by the inclusion of wellness programs (56%) and medical benefits or health insurance (55%).
MetLife Australia CEO Deanne Stewart said it was pleasing to see so many employers embedding wellbeing into their benefits packages.
“Wellbeing is no longer an optional extra for companies wanting to attract and retain top talent in 2017. Supporting employees across all aspects of wellbeing can have a flow-on effect to every facet of the organisation and drive positive business outcomes.
“Employers need to keep in mind success is not just about flu shots and employee assistance programs. It really hinges on getting all the ingredients in the mix of benefits right. This includes considering the physical, social and emotional componentsofwellbeing, which should be reflective of the corporate culture and underscore its values. Also, as an employer, you need to encourage employees to take advantage of everything that is offered.” Ms Stewart said.
Employees are willing to invest in their own benefits
Contrary to the belief of many employers, MetLife’s EBTS found employees would be open to sharing the cost of benefits – but only for the initiatives they felt were of value. The study found 68% of employees would split the cost for medical or health insurance, closely followed by flexible working arrangements (67%) and health and wellness programs (62%).
“We want to encourage employers to ensure every element of wellbeing – physical, social, and emotional – is covered, so it becomes a natural part of the company’s DNA,” Ms Stewart added.
You must be logged in to post or view comments.