Ongoing uncertainty heightens value of caring for employees, MetLife research

Released today, MetLife Australia’s Employee Benefits Trends Study (EBTS) finds more Australian workers are stressed (35%, up 3%), less are happy (67%, down 4%) and fewer feel valued at work (53%, down 9%) than they did pre-pandemic (2019). Employees are also 11% more likely to be distracted at work, exacerbated by an increasingly complex macro environment and a sense of insecurity driven by cost-of-living pressures.

This year’s study, the 8th time it has been run in Australia, found delivering care during key work and life moments and prioritising the role of benefits has a major impact on individuals and businesses alike. Simply, 78% of Australian workers expect their employer to take care of their health and wellbeing, in and outside work. Employee benefits play a significant role in how workers feel: 45% of employees say they are offered a range of benefits that meet their needs, and this increases if they feel cared for (57%) by their employer and drops if they don’t (16%). In return, employees who feel cared for are 3 times more likely to stay with their current organisation, 2 times more engaged and 1.5 times more likely to feel productive at work, compared to those who don’t feel cared for.  

“Working Australians are navigating the pressures of their day-to-day lives, at work and outside of work, along with ongoing macro challenges, and it’s impacting their overall wellbeing. This in turn affects how they show up at work, with presentism and absenteeism continuing to impact the workplace,” said MetLife Australia Head of People & Culture Alex Sosnov. “As employees juggle a range of personal and professional demands, our research confirms the importance of employers providing more tangible support – when and where it matters most. Support can range from appropriate workplace policies, specific leave policies, flexible working and workplace health and wellbeing programs, such as MetLife’s 360Health designed to drive engagement and improve employee health to reduce time out of the workforce.”  

As Work-Life Divides Wane, Gaps in Care Delivery Emerge

The majority of workers have come to expect care from their employer – not just at work (84%), but also in their personal lives (70%). Employers that demonstrate care by providing support during key life moments report greater job satisfaction (91%), being happy while working (85%) and feeling mentally healthy (71%).

MetLife’s research unearthed care delivery gaps where workers report not feeling adequately supported by their employer, particularly during critical life moments with significant personal impact. This includes:

• Significant unplanned financial stress: Everyday cost of living is the main cause for of low financial health (75%). 42% say they have experienced financial stress in the last 12 months and 44% are living pay to pay.
• Experiencing a mental health condition: 65% of workers have sought some form of professional help for stress, burnout or mental health related issues in the last 5 years, with 60% seeking help in the last 12 months. 47% of people that have experienced burnout believe their employer demonstrates care.

Cost of living pressures

With workers saying their employer has a responsibility to support them, and cost-of-living pressures high on people’s list of concerns, employers have an opportunity to demonstrate care. Employers can help alleviate the financial stress on Australian workers by offering benefits that drive financial security. Workers are asking for insurance related benefits, including Income Protection (76%), Total and Permanent Disability cover (69%), and Life (Death) cover (66%), which all featured in the top 5 in-demand benefits. Furthermore, 71% of workers said that having life insurance benefits gives them piece of mind to handle the unexpected. Understanding these priorities, enables employers to offer benefits that demonstrate care and address financial concerns.

The rise in mental health conditions and contributing factors such as financial stress, mean that employers should also consider benefits which support the whole employee. Workplace health and wellbeing program’s such as MetLife’s 360Health are an example of how employers can easily roll out programs offering mental health support bundled with their insurance benefit to provide a more holistic approach. This approach drives employee care, with MetLife research finding that workers who feel supported as a whole person are more likely to stay with the employer.

Right to disconnect

With the recent implementation of the right to disconnect outside of usual working hours, MetLife also found that 43% of workers say they struggle to navigate the demands of today’s “always-on” work-life world, while 43% of employers say they encourage their people to switch off outside core hours. Flexibility with hours and location of work, different leave types and good communication from leaders are all critical to empowering people to switch off when they need to. In fact, employees that find a balance between work and personal life are 71% more likely to have job satisfaction. This in turn leads to better mental health for workers and ultimately greater productivity.

“This year’s research underscores the need for employers to acknowledge the challenges impacting their workforce, inside and outside work, and take action to support employees in new and better ways, resulting in more successful workplaces,” said Ms Sosnov.

Research Methodology 

MetLife’s Australian Employee Benefit Trends Study comprised 2 distinct surveys conducted between May and June 2024 among employers and employees in Australia. The employee survey included a representative sample of 1056 respondents, aged 18+ and employed in Australia, with a mix of full-time and part-time employees working at Australian based companies with at least 2 employees, while the employer survey included 330 key decision makers and influencers of employee benefits offered at Australian based companies with at least two employees. Research conducted in collaboration with independent research partner, Zylo Group.

MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to superannuation trustees, employers and financial advisers in Australia. MetLife has expertise in designing holistic insurance solutions to meet the needs of its customer groups, which includes the award winning 360Health program. MetLife has been providing life insurance products in Australia since 2005. For more information, visit metlife.com.au. 

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit metlife.com.