Metlife has released its Australian Employee Benefits Trends Study 2022 report and the results highlight the evolving nature of the employee benefits space in Australia.
Some of the key findings include:
83% of employers surveyed say they have a responsibility for the health and wellbeing of their employees.
1 in 3 employers claim their retention rate has been <60% over the past 12 months. The key reasons why employees have considered leaving include stress/burnout (42%), work/life balance (42%), level of pay (42%).
Since 2020, the number of employees rating themselves as ‘not healthy’ from a financial health perspective has increased by 8% (from 13% to 21%).
70% of employees say there are benefits they are interested in that their employer currently does not offer.
Fostering financial security
Further to these insights, the Australian 2022 Employee Benefit Trends Studyshowsemployees believe there are benefits that will help them feel more financially secure. Especially after the strain of the ‘COVID era’, employees have ranked Income Protection, Total and Permanent Disability cover and Life Insurance as some of the most desirable benefits outside of higher salary and bonus incentives when it comes to providing financial security.
Financial Security: what employees value beyond salary and bonuses
Source: 2022 Australian Employee Benefits Trends Study (EBTS). The Rise of the ‘whole’ employee.
With You All The Way
Please reach out to your Honan Client Manager to learn more about these insights and how we can assist you in providing a holistic benefits offering within your organisation.
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