Ronald S. Leopold MD MBA MPH.

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1 Ronald S. Leopold MD MBA MPH

2 Introduction Study of Employee Benefits Trends Methodology Qualitative research conducted with employees by generation in Atlanta, Chicago and New York Quantitative research conducted in Q Two distinct surveys fielded by GFK Custom Research North America The employer survey comprised 1,519 interviews with benefits decision-makers at companies The employee sample comprised 1,412 interviews with full-time employees age 21 and over

3 What a difference a decade makes 2002 Robust economy Boomer exodus: Retirement age 65 if not sooner Spiraling health care costs Health and wellness in leading-edge companies 2012 Postrecession headwinds Postrecession headwinds Delayed retirement: Beyond 70 if at all Spiraling health care costs.. and health care reform Health and wellness embraced in more and smaller companies

4 What a difference a decade makes 2002 Concept of financial wellness was relatively unknown Voluntary benefits are a cottage industry The business power of the internet was relatively untapped What s a millennial? 2012 Postrecession headwinds More employers see the link between financial wellness and productivity Employee-paid options are gaining traction as companies look to offset benefit budget challenges We can do things with technology we couldn t have imagined ten years ago Generation Y is redefining what benefits will mean in the coming decade

5 Then and now 2002 Employers look to benefits to drive employee retention and attraction, and worker productivity Satisfaction with benefits correlates with job satisfaction and employee loyalty Choose a job based on compensation Postrecession headwinds Employers look to benefits to drive employee retention and attraction, and worker productivity Satisfaction with benefits increasingly DRIVE job satisfaction and employee loyalty Benefits factor strongly in employee decisions to join a company or remain with their current one

6 Seeing Opportunity for Benefits to Drive Business Goals The ongoing financial crisis has brought about a complex web of global economic and business challenges in which employers continue to struggle. Yet employers are not retreating from their workplace benefits commitments.

7 Employers intend to sustain coverage levels

8 Employers intend to sustain the number of benefits

9 Do tough times create an opportunity for benefits? Many employers say yes. Current economic conditions create opportunity for benefits to improve employee attraction, retention and productivity because employees will become increasingly dependent on their company benefits. Employers Agree 60% Employers do not agree 40%

10 Do tough times create an opportunity for benefits? Many employers say yes. Employers who see the opportunity are identified as PROGRESSIVES for their optimistic ability to see opportunity for benefits to drive business goals in difficult economic conditions. PROGRESSIVES 60% Employers who did not acknowledge seeing this opportunity are identified as STANDARDS. STANDARDS 40%

11 Progressives are not limited to large companies No significant regional variations In all major industry sectors, Progressives accounted for at least half of employer respondents

12 Progressive employers see a greater role for benefits in attracting and retaining employees Employers who strongly agree that they benefits they offer Are a very important reason employees remain with them Progressives Standards 20% 52% Are a very important reason employees choose to work for them Progressives Standards 18% 43%

13 Employees are re-setting expectations for the future The October 2008 recession has caused employees of all ages to re-adjust their hopes and plans for achieving financial security. And that includes benefits. I m counting on the benefits always because it s kind of like part of your compensation... -Gen X The employer used to pick up most of the tab but now I contribute significantly to my benefits package, out of my own pocket, due to rising cost. - Gen X

14 Employees are behind in achieving financial security 54% 65% 66% Percentages have been rounded to the nearest whole number

15 Everyday Financial Concerns Weigh On Many Employees Employees indicate they are very concerned about Having enough money to pay bills during a period of sudden income loss Having enough money to make ends meet Having appropriate health insurance for themselves and their family Having job security 60% 49% 47% 46% I was in great shape, and then all that [the recession] hit, and I took a nose dive on a lot of things personally, professionally a lot of things hit. Younger Boomer Paying off a mortgage 44% Having the resources and time to care for aging parents or relatives 37% L [exp0513][All States][DC] 15

16 Delayed retirement for many employees 35% 50% 46% 52% of Boomers plan to postpone retirement as a result of the current economic conditions of employees are concerned about outliving their retirement money Of employees expect to have to continue to work through retirement years Of employees worry about having enough steady income in retirement to meet expenses I was going to be able to retire at 62, now it looks about like I m going to have to live [work] until I m 90 Seriously, 62 was originally my goal and 65 was you know, if I had to, but now, yeah, 70, 72 - Younger Boomer

17 Identifying Opportunity to Engage Employees in the Benefits Discussion A Strong Connection Continues Between Benefits Satisfaction, Employee Loyalty and Job Satisfaction

18 And the loyalty gap widens A gap in employee-employer perceptions of company loyalty towards employees not only persists but grows larger

19 Employer Loyalty at a Seven-Year Low Measures of absolute loyalty continue to decline and now reach a seven-year low L [exp0513][All States][DC] 19

20 Out the Door More than one in three employees reported that if it is their choice they hope to be working for a different employer this year There s not as much loyalty as there once was. People used to work for companies for 20, 30 years and that was their job, one job for life. Now, if you stay for two years, it s a long time. - Older Boomer L [exp0513][All States][DC] 20

21 Employee loyalty is linked to satisfaction with benefits I took my job at less wages for more benefits, I switched positions because I thought the benefits outweighed the income Because it s a security blanket, that s more important than the almighty buck. Older Boomer

22 Connection between benefits satisfaction, employee loyalty and job satisfaction Employees who are very satisfied with benefits are nearly three times as likely to say they are very satisfied with their jobs and are also less likely to plan to leave. I m counting on the benefits always because it s kind of like part of your compensation... -Gen X

23 Employees still underestimate the power of many benefits I would say decent insurance, life insurance, health insurance. Those things are the core of myfinancial happiness. - Gen X

24 This year, employees are counting on benefits Economic realities are driving employees to more fully appreciate the coverages that employers provide as an indispensable ingredient for achieving short and long term financial security Employees who say that because of the economy, they are counting on their employer to help them achieve financial protection through a range of benefits.. 49% 49%

25 Expanding Opportunity for Income Protection and Financial Security Concern about Government Shortfalls Creates Greater Dependence on Employee Benefits

26 Generational views on Social Security I think it s going to be there. I think the question is how long is it going to be there and how much will it be. -Older Boomer I certainly know now I ll be able to depend on it [Social Security] a lot LESS than I thought I would. Younger Boomer I just don t think it s [Social Security] going to be an option for us I m accepting It would be an added bonus if it was there. Gen X I m really not anticipating anything from the government when I retire. Gen Y L [exp0513][All States][DC] 26

27 Employees accept responsibility but expect help 63% 55% of employees strongly agree that a reduction in Social Security and/or Medicare benefits will require them to become more responsible than ever for creating a financially secure retirement of employees also believe their employer should at least maintain their current retirement benefits if government programs are reduced I need to do more as an individual we have the traditional ways that we used to look at our financial wellbeing package as an individual, I need to take better stock in what I m doing Gen Y

28 Employers recognize this dependence Employers who agree that potential reductions to Social Security and Medicare will make employees increasingly dependent on the retirement benefits their company offers. 75% Why I feel somewhat insecure the uncertainty of the economy down the road and whether or not what I will be getting from social security or retirement would be enough to cover the rise of expenses and the cost of living and that kind of thing. Older Boomer

29 Wellness Programs Have Grown Significantly

30 Health and Wellness: Financial Wellness Workplace wellness is about driving better health. Health insurance is not necessarily health assurance. There is a business value to a healthier working population: 1) Lower medical costs; 2) Improved productivity The great recession has wrought an epidemic of financial illness. Financial insecurity takes its toll on worker productivity, as well as worker morbidity. L [exp0513][All States][DC] 30

31 What do employers gain from a financially secure workforce? A financially secure workforce is more likely to be productive and more likely to demonstrate loyalty Financial insecurity is a productivity cost for companies. Financial concerns are a factor behind absences and distraction during work hours - especially for younger workers I ve taken unexpected time off or taken more time than I think I should at work to deal with personal financial issues.

32 An emerging view of an employer-employee partnership for achieving financial security 46% of employers feel that the burden of financial security depends on employees individual savings efforts 13% believe that employees financial security is dependent upon employer-provided benefits 30% 32% perceive a partnership of individual savings AND employerprovided benefits

33 Workplace financial education programs can make an impact Those who attend financial education programs report greater financial confidence and control 72% of employees express interest in a range of financial education opportunities in the workplace

34 Gen Y and Gen X have a stronger appetite for financial education in the workplace

35 Realizing the Generational Opportunity in the Post-Recession Workforce Younger generations are now looking to the benefits they get at work much differently than previous generations traditionally did at the same age.

36 Generations: What a difference a decade makes 2002 Older Boomers were eyeing early retirement Younger Boomers were entering their prime earning years Gen X was just starting to get serious at work Gen Y was in high school 2012 Postrecession headwinds Older Boomers are delaying retirement I was closer to retirement at age 40, than I am at age 50 Gen X is in the thick of balancing work and life Gen Y faces greater financial challenges than previous generations

37 Who are you today? Working Americans were at different stages in their lives and careers when the Great Recession impacted them. Gen Y Gen X Younger Boomers Older Boomers (b ) (b ) (b ) (b ) yo 31-47yo yo yo Nearly everyone has been affected by the recession but it is harder for younger workers.

38 The Recession Defines a New Generational Outlook Economic conditions are driving fundamental differences in younger workers attitudes toward: employee benefits financial decision-making career planning job satisfaction loyalty to employers I had the opportunity to buy a house That was an American dream Our kids won t have that going forward The American dream is not there anymore for the future generation. - Older Boomer L [exp0513][All States][DC] 38

39 Younger workers are turning to employers for help in an adverse economy

40 Younger workers actually value benefits more than older workers do The amount of salary that you get versus the amount of benefits that dynamic has changed a lot. You might take a job with less salary and have a better benefit package. You might consider that as a better move in this market. -Gen X

41 Benefits are a powerful draw for younger employees I wouldn t accept a job if I wasn t offered benefits and if they didn t help pay a good portion of the benefits -Gen Y

42 Younger workers have more concerns

43 Younger generations want greater choice in benefits Employees especially younger generations are interested in having their employer provide a wider array of voluntary benefits

44 Gen Y has a strong interest in voluntary benefits Disability insurance

45 Employers recognize a growing role for voluntary benefits Employers agree that in the next five years employee-paid benefits will become a more important strategy than they are today. 62%

46 Voluntary Benefits Are Growing in Strategic Importance Across All Sizes of Companies

47 Reasons Why Employers Offer Voluntary Benefits

48 Looking forward a revitalized role for benefits Progressive employers point the way forward because they Recognize a revitalized role for benefits in the post-recession economy based on the greater dependence of their workers especially younger workers Demonstrate appropriate strategies to drive loyalty and realize greater return on investment Understand that younger workers are ready to take control of their financial futures and value benefits at an earlier age than preceding generations Partner with their employees to help them achieve financial security and in turn drive retention and productivity

49 Metropolitan Life Insurance Company 200 Park Avenue, New York, NY L (0503) ][All States]

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