FORT LAUDERALE, FL--(Marketwired - May 30, 2013) - Many younger employees in smaller-sized companies are financially stressed and would like their employer to provide additional assistance as part of the company's benefits program, according to MetLife's 10 th Annual Study of Employee Benefits Trends, which found that 50 percent of Gen Y and Gen X workers employed in smaller businesses (two to 499 workers) felt that current economic conditions were making them rely more on employee benefits to achieve financial security. Employees who are concerned with their finances are also less productive at work, with one fourth of younger workers employed by small businesses reporting that they take extra time off or deal with financial issues during work hours.
The study findings suggest there is an opportunity for small business employers to leverage benefits more strategically, often at little or no cost. A robust 84 percent say a very important objective of offering benefits is to retain employees, a view that could pave the way for an enhanced program containing voluntary benefits that helps rebuild loyalty to the company and also aids with retention. Gen X and Gen Y employees in smaller companies who are very satisfied with their benefits are much more likely to feel a very strong sense of loyalty to their employers -- 72 percent compared to 46 percent of younger workers overall.
"Younger workers, who may be unsure about the future of Social Security, have a different view on benefits than older generations," said Gil Cohen, Market Leader, Cypress Financial Group. "Gen X and Gen Y employees -- 56 percent of the total workforce in the study -- represent the future of many small businesses, and they need help with financial protection today, as well as for securing their futures. Moreover, they are willing in many cases to pay the cost for additional voluntary benefits, because they find them of value."
In fact, the MetLife Study found that 54 percent of Gen Y and Gen X workers at smaller businesses would be interested in having a wider array of benefits options, such as life, dental, vision, disability, critical illness and homeowner/auto insurance, even if it means paying all of the cost for any voluntary benefit selected. To obtain a copy of the study, visit www.metlife.com/sbtrends .
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com .
Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities products offered by MetLife Securities, Inc. (MSI) (member FINRA/SIPC), 1095 Avenue of the Americas, New York, NY 10036. MLIC and MSI are MetLife companies. L0513325198[exp0815][FL].
Contact: Juli Prescott 954-332-5100
