The forgotten workers

A shrinking, diluted labor pool worries employers more than the bottom line. Employees, on the other hand, care more about their benefits than ever before. And those younger workers? They're just not feelin' the love.

MetLife's fifth annual Study of Employee Benefits Trends -- hot off the wires -- takes an exhaustive look at each of these questions and dozens of others from both sides of the time clock.

Understaffed employers worry

For the first time since MetLife began polling industry players annually, employee retention ranks as the top benefits objective among employers. Controlling costs dropped to No. 2 on the priority list.

Overall, a little more than half of employers -- 55 percent -- pegged employee retention as the most important benefits objective. Certain industries such as retail -- 62 percent -- and services -- 59 percent -- were even more likely to place importance on workplace benefits as a retention strategy.

To help put it in perspective, in 2003, less than half of employers rated employee retention as a primary goal. According to the study's authors, "In an environment where 40 percent of employees say they have changed employers at least once in the last five years, there is growing recognition of the need to create benefits plans that address the struggle to recruit and retain employees."

Aging employees want help

It appears that workers, for their part, are finally taking their benefits packages into consideration when it comes to evaluating their jobs. The study reveals a strong correlation between benefits and job satisfaction.

According to the study's findings, among employees who declare themselves "highly satisfied" with their benefits, 80 percent indicated strong job satisfaction, as well. That number's up from 65 percent last year. In fact, 71 percent of employees admitted that workplace benefits were a factor in signing on with their current employer. Another 82 percent say it is a factor for staying put.

Not surprisingly, employees at different places in life looked at workplace benefits quite differently when considering a job change. Nearly one-third -- 32 percent -- of married employees and 41 percent of young families -- defined as parents with children under 6 -- admitted "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.

All about boomers...or is it?

While baby boomers are often discussed collectively, young boomers -- 50 and younger -- face many of the same issues as Gen Xers. Consequently, the MetLife study shows some striking similarities between a pair of generations that are known more for their vast differences.

Financial planning and security emerges as the common ground for both generations, naturally.

For example, according to the study, 64 percent of younger boomers and 60 percent of Gen Xers are "very concerned about having enough money to make ends meet " compared to 58 percent of the older group of boomers.

And 70 percent of Gen Xers and young boomers also worry about having enough cash to pay the bills after a sudden income loss. Only 60 percent of older boomers worry about an income drought.

It also appears that, barring a dramatic industry shift, Gen Xers and younger boomers will be the last to disregard expert financial advice. Roughly half of Gen Xers -- 51 percent -- and younger boomers -- 48 percent -- claim they "do not consult with anyone regarding their personal finances." Roughly 30 percent of younger workers -- the 21- to 30-year-olds -- don't seek financial help. On the other hand, the workplace remains a strong source of financial-related products for both generations, with 56 percent of Gen Xers and 45 percent of young boomers participating.

Both Xers and young boomers appear to embrace family time, as well. More than half of Gen Xers and young boomers rated having more time to spend with their families as "very important," while 43 percent of older boomers and 38 percent of Gen Yers agreed.

Approaching a potential -- or current -- client armed with insightful survey data such as this does more than boost your presentation to the human resources team. It can help you find the proper mix of products and provide the statistical evidence that will allow you to help the HR director better serve employees, by helping to build a better benefit package, and effectively communicate that package to each employee during an open enrollment.