Communication breakdown. Employee loyalty is at a three-year low and most employers are unaware of this.
- 51% - employer perception, 47% - employee loyalty.
- 36% of employees hope to work elsewhere.
- 33% of employees think their company is very loyal to them. Making matters worse, employees are losing confidence in their employer's loyalty to them.
So what can employers do to reverse this trend?
- 60% of employees say benefits are an important reason to stay. Employees who are very satisfied with their benefits are more than three times as likely to be satisfied with their jobs.
- Benefits are closely tied to employee loyalty & job satisfaction.
Satisfied with benefits (76% - very satisfied with job, 71% - very loyal employer).
Not satisfied with benefits (24% - very satisfied with job, 25% - very loyal employer).
- What we have here is a failure to communicate.
As many as 52% of employees are interested in more voluntary benefits options.
Only 17% of employers say voluntary benefits are an important part of their benefits strategy.Only 14% of employers plan to increase voluntary benefits in the next two years.
What can employers do to inspire loyalty & bridge the gap?
Communications are a simple and cost-effective solution.
- 55% of employees said their benefits materials are neither clear nor comprehensive.
An employee came up yo my office and said, "I need to get glasses. Why don't we have vision coverage?". And I said, "We do". You know, this an employee that's been with us five years. - HR Professional (4,000+ employees) San Francisco, July 2010.
- Effective communications have a loyalty payoff.
Strongly agree that their benefits communications are effective (57% - my employer is loyal to me, 70% - I'm very loyal to my employer).
Strongly disagree that their benefits communications are effective (12% - my employer is loyal to me, 25% - I'm very loyal to my employer).
So what do employees want?
- 34% of employees want more frequent benefits communications.
- 39% of employees want communications customized to life events.
How will improve HR communications at your company?
Designed by GlobalThinking HR Communications
SOURCE: MetLife 9th Annual Study of Employee Benefts Trends http://www.metlife.com/assets/institutional/services/insights-and-tools/ebts/Employee-Benefits-Trends-Study.pdf