Three Takeaways from MetLife's Annual Benefit Trends Study

This year, the MetLife’s 22nd Annual U.S. Employee Benefit Trends Study 2024?illustrates how significantly benefits contribute to employee well-being, particularly when employees know how to take advantage of benefits and have a positive experience when using them.

Here's our breakdown of the highlights and key takeaways from the research:

Key Takeaway #1: Addressing Moments That Matter

It doesn't matter who you are, life will throw you curveballs. And, employees want your support! Many organizations design the employee experience around workplace milestones (e.g., onboarding, anniversaries, promotions) and life’s biggest moments (e.g., having a child, retirement), but may overlook rare and challenging personal situations (e.g., caring for an ill family member, unplanned financial stress, losing a loved one, having a miscarriage).

• It's essential for employers to support employees through both predictable events (e.g., job changes, starting a family) and unexpected scenarios (e.g., sudden illness, financial setbacks).
• A large majority (79%) of employees prefer benefits tailored to their life stages, positions, and personal circumstances, indicating that one-size-fits-all benefits packages are ineffective.
• Employers need to address key moments in the employee lifecycle by developing targeted strategies for different events and adjusting elements of the employee experience accordingly.

Actionable Insight: Create 'Moments that Matter' resources for employees that help them navigate life’s most meaningful moments (e.g., growing a family, purchasing a home, receiving a promotion), life's difficult moments (e.g., losing a loved one, having a miscarriage), and routine events and interactions (e.g., taking a sick day, completion of training).

Key Takeaway #2: Providing Benefits 101

Talking and teaching about benefits is key. Half of employees out there would feel more valued with improved benefits communications, and 62% aren't even sure they know all the perks they've got. Employers that embrace personal and inspirational storytelling are more likely to break through in showing workers how benefits help them accomplish their goals, achieve holistic well-being, and live their best lives.

• A significant portion of employees (62%) are not completely confident they know about all their benefits, while 45% do not fully understand their benefits package, underscoring the need for increased utilization through better education and communication.
• Effective communication about benefits is crucial; 50% of employees would feel more cared for with improved benefits communication.

Actionable Insight: A few of our tried-and-true methods of educating about benefits: creating an annual communications plan, using jargon-free language in all benefits education and communications and leveraging the power of video to explain complicated benefits concepts like healthcare. Communications plans should reflect a range of preferences for channels and timing, with both “push” and “pull” options, from online portals and HR hubs to mobile apps.

Key Takeaway #3: Putting It All Together

Employees really value when all their benefits are bundled up neatly in one place.

• 73% think integrating benefits is a big deal, highlighting the need for a smooth, all-in-one care approach.
• Organizations able to convincingly demonstrate care for employees during high-impact moments are more likely to improve their employees’ holistic well-being and, ultimately, their own talent management outcomes.

Actionable Insight: Use the power of storytelling! Personal and inspirational stories by real employees can enhance the perceived value of benefits, encouraging utilization and holistic well-being for others. These can be as simple as a short testimonial in written form or as complex as a video interview.

In short, organizations who are able to convincingly demonstrate care for employees during high-impact moments are more likely to improve their employees’ holistic well-being, increase engagement and have better talent retention.