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CCH® HR MANAGEMENT - 5/14/08

Annual survey reveals workers are concerned about financial security and are turning to employers for help

U.S. workers are increasingly concerned about their financial security and are turning to their employers to help them build a financial safety net for their future. This is according to the sixth annual MetLife survey of employers and employees regarding pressing issues facing the U.S. benefits industry today. Those employers that seize this timely opportunity by providing diverse benefits solutions supported by targeted education and communications will be better positioned to retain top talent in a competitive labor market, according to MetLife.

In an era of personal responsibility, growing concerns about financial security are leading U.S. employees to take an active role in planning for their financial future. As workers become more engaged, their interest in receiving advice at the workplace on issues ranging from meeting general financial needs to planning for retirement and making informed decisions about company benefits has reached the highest levels in the history of the MetLife Study of Employee Benefits Trends.

This increased appetite for advice at the workplace represents a significant shift for employees, many of whom have not sought this information from their employers in the past. Those employers that can support their workers in taking a more active role are more likely to keep their most talented workers, particularly as benefits prove to be an even more important factor in employee loyalty and retention than ever before.

While employers seem to recognize that benefits are an important factor in keeping their employees, they do not fully recognize the role benefits serve in driving loyalty, which can help drive retention.

When asked to identify the importance of work-related elements that give employees a feeling of loyalty, 81 percent of employees surveyed cite health benefits as important, second only to salary/wages, while only 60 percent of employers say the same. Similarly, among employees retirement benefits are tied with advancement opportunities as an important factor in loyalty, cited by 72 percent of those surveyed compared to just 41 percent of employers.

By focusing on benefits as an important factor in loyalty, employers can better position themselves to retain their most talented workers.

The impending retirement of the Baby Boomers is expected to create gaps in knowledge and skills. In order to attract and retain experienced workers, and as a business reality of supporting growing numbers of retirees, 73 percent of employers who currently offer retiree benefits say they plan to increase the dollar amount spent on retiree benefits over the next five years, compared to 63 percent of employers saying the same in 2006.

Retiree benefits and resources for an aging workforce can help retain the critical knowledge of experienced employees, illustrate an employer s commitment to all its workers and provide invaluable assistance to them as they assume greater fiscal responsibility for their healthcare decisions, retirement planning and overall financial protection.

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