You are not logged in
Free Special Reports

Get Your FREE HR Management Special Report. Download Any One Of These FREE Special Reports, Instantly!

Featured Special Report

Claim Your Free Copy of Top 10 Best Practices in HR Management

HR professionals have the opportunity to play a more strategic role in the business by keeping up to date with the latest HR innovations--technological, legal, and otherwise. This special report will discuss how HR managers can anticipate and address some of the most challenging HR issues this year.

Topics in this special report include:

  • Healthcare in 2012
  • FMLA Paid Leave Initiatives
  • Ethics
  • Social Media
  • Environmental Responsibility
  • Workplace Wellness
  • Classifying Employees
  • Retirement of Baby Boomers
  • Identity Theft
  • Communications

Make sure you have the information you need to know about these current HR challenges and how to most effectively manage them in your workplace.

Download Now!

Bookmark and Share
February 28, 2007
Employee Retention Emerges as Top Consideration in Benefits Strategies

More employers are citing employee retention as the primary objective in putting together a benefits plan, according to a study by MetLife.

For a Limited Time receive a FREE HR Report "Top 10 Best Practices in HR Management." This comprehensive special report will give you the information you need to know about these current HR challenges and how to most effectively manage them in your workplace.   Download Now

Last year, 55 percent of employers identified employee retention as a top objective in putting together a benefits plan, up from less than 50 percent in 2003.

In the five years the company has been conducting the study, 2006 marked the first time employers cited employee retention over controlling health and benefits costs as the top priority in putting together a benefits plan.

The study also found a correlation between benefits satisfaction and job satisfaction. Among employees who are "highly satisfied" with their benefits, 80 percent indicated strong job satisfaction, up from 65 percent in last year's study.

Seventy-two percent of employees who responded to the survey said workplace benefits were a reason for joining their current employer, and 83 percent said it is a factor for remaining there.

The survey found that married employees and those with children were more likely to cite benefits as a top consideration in joining their current employer. Nearly one-third (32 percent) of married employees and 41 percent of young families (parents with children under six-years-old) stated that workplace benefits were a top consideration for joining their current employers, while only 10 percent of singles agreed it was a top consideration for them.

"While employee retention is a major benefits objective for employers, controlling costs is a close second," says Ronald Leopold, MetLife vice president. "The strong relationship between benefits satisfaction and job satisfaction indicates that there is more pressure than ever on employers to strike this balance and utilize benefits strategically to achieve both objectives."

The employee survey polled 1,202 full-time employees. The employer survey consisted of 1,514 interviews with benefits decision-makers at companies.


Twitter  Facebook  Linked In
Follow Us
WEBARRAY6
Copyright � 2012 Business & Legal Reports, Inc. All rights reserved. 800-727-5257
This document was published on http://HR.BLR.com
Document URL: http://hr.blr.com/HR-news/Benefits-Leave/Employee-Benefits/Employee-Retention-Emerges-as-Top-Consideration-in/