Business Wire September
17, 2019
One-third
of American workers would rather talk about their weight than their employee
benefits, and nearly half dread the benefits enrollment process as much as
asking for a raise, according to a new survey released today.
In
fact, U.S. workers say they dread the open enrollment process only marginally
less than renewing their driver’s license or passport.
According
to the survey sponsored by MetLife, one in five workers spend only a few
minutes reviewing benefits offered by their employer before making a decision.
The survey also revealed women are more likely to bring up their mental health
with friends (26 percent) than discuss their finances (18 percent) or their
employee benefits (20 percent).
In
today’s war for top talent, employers are increasingly offering benefits that
better serve their employees’ needs and help differentiate them from their
competitors; yet, a knowledge gap remains. Employees are still struggling to
understand which benefit options their employers offer, often overlooking
helpful coverage such as legal plans and employee auto and home insurance
discounts, and what traditional benefits cover, such as life insurance,
disability insurance, critical illness insurance and accident insurance.
MetLife’s survey found nearly a third of respondents chose “I don’t know” when
asked whether disability insurance could be used if you have a mental or
emotional illness and are unable to work, while 1 in 5 of survey respondents
chose only “funeral expenses” as a reason to buy life insurance.
“Employees
have the unique opportunity to leverage a growing number of benefits from their
employers—benefits that are specifically tailored to their needs and the needs
of their families,” said Meredith Ryan-Reid, senior vice president, Group
Benefits at MetLife. “But first, they need to be armed with a better
understanding of how these employer-offered benefits can play a central role in
protecting them against the unexpected and helping them achieve their short-
and long-term financial goals.”
MetLife
research revealed that learning from others’ experiences can help employees
better understand how their choices connect to their overall financial
wellbeing, which is critical to feeling confident and informed going into open
enrollment. While these conversations with friends, family and colleagues are
important to have year-round, taking action on benefits only happens once a
year for most U.S. workers.
To
better understand the impact benefit choices have had on others, employees
across the U.S. can visit www.metlife.com/openenrollment for helpful
resources, including videos, articles and the Make Your Match tool, which
offers tailored benefit suggestions. By reading about and watching others
discuss their life situations and the role benefits played, employees will gain
knowledge that will help them make informed benefits decisions this open
enrollment and that can make the difference between achieving and suspending
short- and long-term goals.
Research
Methodology
This
report presents the findings of a CARAVAN survey conducted by Engine among a
sample of 1,004 adults comprising 502 men and 502 women 18 years of age and
older. The online omnibus study is conducted twice a week among a
demographically representative U.S. sample of 1,000 adults 18 years of age and
older. This survey was live on July 18-21, 2019. Respondents for this survey
were selected from among those who have volunteered to participate in online
surveys and polls. The data have been weighted to reflect the demographic
composition of the 18+ population.
About
Engine
Engine
is a new kind of data-driven marketing solutions company. Powered by data,
driven by results and guided by people, we help our clients make connections
that count—leading to bottom line growth, an inspired workplace and business
transformation. With global headquarters in New York and 17 offices across
North America, the UK, Europe and Asia-Pacific, Engine offers clients a vast
range of marketing solutions—including insights, content, distribution, data
and technology. Find out more at enginegroup.com or follow us @Engine_US.
About
MetLife
MetLife,
Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of
the world’s leading financial services companies, providing insurance,
annuities, employee benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in 1868, MetLife
has operations in more than 40 countries and holds leading market positions in
the United States, Japan, Latin America, Asia, Europe and the Middle East. For
more information, visit www.metlife.com.
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