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Strategic Benefits Decisions
(August 25, 2010) Trend Insights from MetLife's Enhanced Benefits Benchmarking Tool Drive Strategic Benefits Decisions
MetLife, a leading provider of employee benefits, announced the availability of its enhanced Web-based Benefits Benchmarking Tool, designed to help employers and brokers deliver strategic benefits decisions and recommendations. Using the Tool can provide new perspectives on benefits practices among competitors and can help align an employer's benefits offerings, strategies and communications with employee expectations to maximize the value of a group benefits program. Through customized data searches, the tool allows users to compare and contrast benefits offerings, perceptions and priorities along more than 90 dimensions such as company size, industry, region, and employee generation and household income, among others. The complimentary tool is available at metlife.com/benefitsbenchmark.
"Benefits decisions are about more than simply cost. A number of factors come into play that, when carefully architected, can transform a benefits program into a long-term strategy for meeting a company's core business objectives. Understanding benefits trends across various demographics positions employers and brokers to recognize the benefits expectations of a specific employee population, and measure an employer's program against those of competitors. They are better positioned to deliver competitive employee benefits that are highly valued, which can help drive benefits satisfaction, job satisfaction and employee loyalty," said Anthony J. Nugent, executive vice president, Employee Benefits Sales, MetLife.
The MetLife Benefits Benchmarking Tool provides research-based data in an easy-to-use, online format. In three easy steps, users can select, view, and download benefits data as it relates to specific marketplace trends based on their unique interests. Over 20 new topics are included in the enhanced Tool, including several related to employees' financial concerns and anticipated changes employers may make to their benefits offerings in the coming months. Users can compare and contrast the data along multiple variables to create actionable results. As examples, the MetLife Benefits Benchmarking Tool reveals the following:
"Employers and brokers alike know that the war for talent is fought across many dimensions, including company size, industry, geography and benefits practices. A fully integrated view of the data provided by the Benefits Benchmarking Tool facilitates the development of a targeted approach to benefits that can maximize their value to employees, enhance the client relationship and increase an employer's competitive edge," added Nugent.
About the Data
The MetLife Benefits Benchmarking Tool uses data from the 8th annual MetLife Study of Employee Benefits Trends, which was conducted during the fourth quarter of 2009 and consisted of two distinct studies fielded by GfK Custom Research North America. The employer survey comprised 1,503 interviews with benefits decision-makers at companies with staff sizes of at least two employees. The employee sample comprised 1,305 interviews with full-time employees age 21 and over, at companies with a minimum of two employees.
MetLife is a subsidiary of MetLife, Inc., a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions.
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