Employee Benefits play a key role in recruiting and retaining employees, as well as increasing employees’ satisfaction at work. With a more diverse workforce, the “one size fits all” may not cover all employees needs and a variety of benefits is recommended. According to MetLife’s 19th Annual U.S. Employee Benefit Trends Study 2021, the top five benefits include Medical, Retirement, Paid/Unpaid Leave, Dental and Vision. However, fifty-five percent of small business employees are interested in having their employer offer a wider array of non-medical benefits.
Small businesses can enhance their benefit offerings by adding voluntary benefit without increasing their benefit budget. Non-traditional benefits include critical illness and hospital indemnity insurance, financial planning tools, health savings accounts, legal plans, and even pet insurance. By offering a variety of benefits, employees at different stages in life will have their needs met. Employers should consider taking a survey to see what benefits are most valued as the more benefits offered will require more administrative time.
For more information regarding the MetLife survey or questions regarding benefits, contact firstname.lastname@example.org