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2015 employee benefits trends to watch for

Posted on January 12th, 2015 Read time: 2 minutes

Employee benefits administration has become an important aspect for many organizations. Not only do companies have to choose the most affordable options, but they must also make sure that these benefits adequately address the needs of staff members. No two individuals will make the same choices when it comes to making benefit choices. However, companies must make sure that they provide a wide range of options that provide workers flexibility.

According to MetLife's most recent U.S. Employee Benefit Trends study, today's workforce relies more heavily on offerings made by their employers than ever before. Although the economy seems to have rebounded from the damaging effects of the Great Recession, many people are still feeling the financial implications of it.

Approximately 48 percent of respondents to the MetLife study stated that their primary concern is being able to adequately pay for any out-of-pocket expenses related to medical care. This was more important than job security or a salary allowing people to pay their bills and live comfortably.

As such, in spite of the benefits of the Affordable Care Act, many people still depend on their jobs to provide them with adequate health care benefits.

Understanding the importance of work related benefits to employees
When it comes to employee benefits administration, companies need to first grasp what matters most to workers. Zane Benefits, citing findings from MetLife's small business survey on health benefits, wrote that 61 percents of respondents expressed that employee happiness and satisfaction in their roles was directly tied to the benefits their companies offered.

However, in addition to health care, another consideration that companies should explore is the development of wellness programs. Workers who lead active lifestyles away from work as a way to relieve stress and pressure tend be more productive and generally happier, Zane Benefits wrote.

More importantly, these initiatives can also help save companies money on their employee benefit costs. The website wrote that for every $1 invested on wellness programs over a five year period, it is possible to net a maximum return of up to $6. Any organizations looking to save money on providing their workforce with the benefits they need would be interested in implementing such initiatives.

These are just some of the employee benefits administration trends to be mindful of, not only in 2015, but in the years to come as well.

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