Small Business Benefits. Metropolitan Life Insurance Company, New York, NY

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10 Benefits: Balancing Cost and Value How can you strengthen your benefits program without straining your budget? Non-medical benefits are bigger drivers of employee loyalty than many employers recognize 34% of Employers say non-medical benefits are a driver of employee loyalty 59% of Employees say non-medical benefits are a driver of employee loyalty 10

11 Dental Benefits: Popular and Cost-Effective Employees rank dental benefits among their top 5 most important benefits 50% of employees in small businesses say they are willing to pay more of the cost of benefits Small businesses are twice as likely to pay the full cost of their employee dental benefits as larger companies. Dental Benefits: Who Offers and Who Pays 11

12 Life Insurance: A Valuable and Valued Benefit 64% of respondents in a MetLife survey of beneficiaries report that the premature death of a spouse resulted in the loss of their primary source of income. 66% of beneficiaries expressed deep appreciation for the fact that their spouse had been able to purchase coverage through the workplace. 52% of small business employees are very concerned about the financial impact on their families in the event of their own premature death or that of a spouse/partner. MetLife Study 3 Steps to Closing the Underinsured Gap,

13 Disability Insurance: Addressing a Critical Employee Need 7 out of 10 surveyed employees with disability income insurance said they obtained the coverage through their employer. 62% of small business employees are very concerned about being able to pay bills in the event of a sudden income loss. Disability Protection: Who Offers and Who Pays 13

14 Disability Insurance: Impact Employee Return to Work and Loyalty Having adequate disability coverage brings valued workers back into the workplace sooner, and they are more likely to return to the same employer, in the same job.* Share insights about the financial and emotional costs of disability and how having access to coverage can impact return to work and employee loyalty. Explore options to address cost concerns and offer voluntary buy-up options to help ensure access to appropriate coverage levels. * 2013 MetLife Survey of the Emotional and Financial Impacts of Disability 14

15 Voluntary Benefits: Choice, Convenience, Cost-Savings Top 5 Advantages of Voluntary Benefits for Employees Voluntary benefits options offer an easy way for organizations to enhance their benefits program without adding to their budget. And, employees are receptive. 12 th EBTS Addendum to 12th Annual MetLife Study of Employee Benefits Trends 15

16 The Benefit of Benefits How can you link benefits to employee satisfaction and productivity strategies? Job satisfaction is connected with benefits satisfaction. 81% of employees who say that they are SATISFIED with their benefits, are also satisfied with their job 23% of employees who say that they are DISSATISFIED with their benefits, are also satisfied with their job 16

17 Benefits Impact Job Satisfaction Reductions in benefits are associated with reduced job satisfaction. 17

18 The Value of Wellness 67% of small business employers believe wellness programs are effective at reducing medical costs. 49% agree that wellness programs can increase productivity. The Health Care Reform Legislation includes grants for small organizations in the form of credits for establishing wellness programs. Wellness programs are comparatively underutilized by small organizations: 22% of small companies offer wellness programs 61% of companies with more than 500 employees offer wellness programs 18

19 Employee s Financial Stress: Impact in the Workplace Access to financial education in the workplace is associated with reduced financial stress. Employees who have financial worries are more likely to have difficulty completing tasks or showing up on time Financial distress is a strong predictor of absenteeism and is also associated with Presenteeism Lack of financial security is also associated with a poorer health assessment When employees are financially insecure there is a price to be paid in reduced productivity, increased turnover, higher health costs and ultimately lower profits 48% of employees in small companies say that they would value access to financial advice at work. (pg 15) 19

20 Tools to Help You Turn Insights Into Action Visit for more! Study of Employee Benefits Trends Benefits Benchmarking Tool Resources for Small Business 20

21 Thank You!! Questions?? 21