Investing in flexible employee benefits can significantly boost staff engagement and improve communication within a business, according to research by MetLife Employee Benefits.
MetLife’s UK Employee Benefits Trend Study found in circumstances where employers contribute to staff benefits, employees are much more likely to get involved as well. This in turn, will increase the “market penetration” and employee engagement within the working environment.
Providing something more for employees
If employers provide group income protection – which at present covers only 11% of employees in the UK – Britain could see coverage triple if employers provide help with payments. This should prevent families and graduates facing the risk of hardship during times of illness.
Similar findings were translated across all product types surveyed – life insurance coverage could potentially increase from 23% to a staggering 59% if employers shared the payments.
Meanwhile dental insurance could more than double from 23% to 54% if the payments were shared between both parties.
Meeting the needs of a modern workforce
Metlife UK’s Employee Benefits Director, Tom Gaynor, commented that all employees are much more likely to purchase insurance cover with company co-payments.
“A benefits programme must meet the needs of the modern workplace on both sides of the equation,” he explained.
Gaynor continued by advising employers that they must supply benefits that complement each life stage – from young graduates to middle aged professionals – in order to boost staff engagement and loyalty.
The study also highlighted key areas for employers to focus their benefits programmes on, including providing support around their financial and retirement concerns.
Moreover, 82% of employers questioned, said they had physical and mental wellbeing high on their agenda of benefits to be introduced in the near future.
If you’re interested in recruiting graduates and providing the ideal employee benefits for them, speak to Discovery Graduates – we can help with all stages of recruitment.