Products June 2, 2009

MetLife Site Offers Resources for Enrollment Season

MetLife launched a Web site with tools and informational resources aimed at helping employers and benefits brokers most effectively communicate with employees during benefits enrollment season.
Reported by

A MetLife news release said the site offers proprietary research, best practices, online support tools, and practical tips for employers and brokers.

“In today’s tough economic times, employers are concerned about benefit expenses and, at first blush, may consider core and supplemental benefits a potential savings opportunity,” said Bill Mullaney, president of MetLife’s Institutional Business, in the announcement. “We realize that cost control is necessary, but our research shows that these kinds of cuts could adversely affect employee morale and loyalty—key elements to a profitable business. We’ve found with our customers that the best opportunity for savings is through effective spending and targeted benefits communication in order to maximize their benefits investment.”

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

According to the release, the site includes:

  • a guide for employers on optimizing benefits spending and how to take a long-term view with employee benefit decisions in the current economic climate;
  • a list of tips for employers and brokers to maximize their enrollment strategy;
  • free, customizable surveys that employers can distribute to their workforce, either before or after the enrollment period, to gauge the effectiveness of their benefits communications and their employees’ understanding of benefits offerings;
  • an online tool that enables employers and brokers to quickly compare and contrast relevant benefits offerings and objectives through customized queries in 35 areas, including trends by industry and geography;
  • a free, online tool that helps workers identify which benefits may be suitable for them and offers suggested actionable life-stage recommendations—particularly when it comes to coverage levels and benefits selection;
  • a compilation of research that provides a window into how employees think and behave during their company’s open enrollment, and how workforce needs are changing

MetLife also released a book to provide strategies to help brokers and employers control costs and maximize their benefits (see “MetLife Book Offers Strategies for Maximizing Benefits Investment“).

More information is available here.

 

 

Products June 2, 2009

MetLife Book Offers Strategies for Maximizing Benefits Investment

A book from MetLife aims to provide strategies to help brokers and employers control costs and maximize their benefits dollars as they strive to meet the needs of an increasingly diverse workforce.
Reported by

According to The Benefits Edge: Honing the Competitive Value of Employee Benefits, authored by Ronald Leopold, vice president of MetLife Institutional Business, to help drive business results and optimize benefits programs, employers should view their benefits strategies from a fundamentally new perspective. Based on extensive research, The Benefits Edge “introduces an innovative benefits framework that provides a systematic view to making more strategic benefits decisions,” according to a press release.

The book is designed to help benefits decisionmakers maximize the value of their employee benefits spend by looking at benefits as a strategic investment in the key business goals of employee productivity, retention, and attraction. After reading the book, brokers and employers should be better positioned to assess the competitiveness of their benefits programs; reorient the benefits discussion with senior management; and craft actionable solutions for a challenging economy that are sustainable over the long-term, according to MetLife.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Expanding Benefits Purpose

In the book, the reader is encouraged to assess whether their benefits resources are appropriately allocated across a framework of four fundamental benefits categories.

Each category transforms a traditional approach into a broader value proposition:

  • Medical coverage is broadened to health and well-being.
  • Retirement accounts are expanded to overall financial security.
  • Time-off policies and voluntary benefits are part of larger life balance needs and fulfillment.
  • Benefits administration is transformed to the employee experience encompassing coordination, communication and delivery of benefits and education.

MetLife said the new framework should help employers develop more effective benefits programs by:

  • encouraging healthy lifestyle choices so that employees can be more productive when at work, while health costs are driven down;
  • creating a partnership that allows employees to access the information they need to feel more in control of their personal finances and to make progress in saving for retirement;
  • addressing the diverse challenges employees face when dealing with the demands of both work and family; and
  • recognizing the potential to improve employees’ everyday quality of life in ways that will attract workers and build their engagement, loyalty, and productivity.

Through Leopold’s research, he found that all employers, regardless of their size, industry, and other demographic factors, fall into one of four profiles when it comes to their benefits offerings in comparison to their competition: Traditional, Standard, Flexible, and Progressive. The book contains a worksheet to help employers determine their profiles, which MetLife said can help in determining which benefits investments will be most effective given the employer’s culture and budget.

A free copy of the book can be requested at www.whymetlife.com/thebenefitsedge.

«