Employers spend significant time and money designing benefits plans that they believe meet their employees' needs and serve to attract and retain key talent. Yet, realizing satisfactory levels of employee participation in these benefits can be a challenge.
According to MetLife's 11th Annual Employee Benefits Trends Study, only 42% of employers are very satisfied with the level of employee participation when it comes to voluntary benefits. Which is not surprising, considering that MetLife research also indicates that about a third of employees may tune out during this important annual event.
"Many employees are on 'autopilot' when it comes to enrolling in the employee benefits provided to them through work and either simply roll-over the previous year's selections or they miss signing up altogether," said Michael Fradkin, senior vice president, Voluntary & Worksite Benefits, MetLife. "This often leads to missing out on important new coverage options and potentially leaving money on the table."
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