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The rise of the ‘whole’ employee

Key findings from the MetLife Australia 2022 Employee Benefits Trends Study

Understanding and addressing the holistic wellbeing of employees

of employers say they have a responsibility for the health and wellbeing of their employees.

Since 2020, the number of employees rating themselves as ‘not healthy’ from a financial health perspective has increased from 13% to 21%.

Almost 1 in 2 employees (46%) have proactively sought help from a professional or loved one, particularly females and younger Australians.

Mental Health

To support mental health, employees interested in benefits and support related to:

  • relaxation activities (67%),
  • physical fitness resources (66%),
  • mental health insurance coverage (64%), and
  • expert medical support (61%)
Mental Health

Drop in satisfaction and loyalty levels presents risk to employers

Retention

1 in 3 employers claim their retention rate has been <60% over the past 12 months.

Loyalty

4 in 10 employees (43%) considered leaving their employer in the past 12 months…and this is higher for females and employees aged 25-39 years.

Key reasons why employees considering leaving past 12 months includes:

  • stress / burnout (42%),
  • work / life balance (42%), and
  • level of pay (42%).

The rise of the whole employee and how this can attract and retain talent

Top 5 ‘must have’ employee benefits

According to employees, they are looking for benefits in these key areas:

  1. Flexible work arrangements (56%)
  2.  Professional development and training (47%)
  3. Additional personal / carer’s leave (47%)
  4. Employee Assistance Programs (EAPs) (44%)
  5. TPD insurance (38%)

 

70%

of employees say there are benefits they’re interested in that their employer doesn’t currently offer

Key areas for employers to support employees and make them feel financially secure include:
Key areas for employers to support employees and make them feel financially secure include:

  1. Higher Salary
  2. Bonuses
  3. IP Cover
  4. TPD Cover
  5. Job Security

To learn more about the 2022 Employee Benefits Trend Study, or how 360Health can support employees, please contact your MetLife Relationship Manager or email auservices@metlife.com

MetLife 360Health

MetLife 360Health aims to defend customers against serious illness, so they can live healthier for longer. MetLife recognises that we all need support, not just when faced with an accident or illness, but at all stages of our life.

360Health extends the value of life insurance by providing a holistic suite of health solutions covering tools, services and resources to facilitate improved health literacy and outcomes. It focuses on customers as both individuals and employees, taking into account mind, body, environmental and work factors. 35% of Australians say with access to 360Health, they would increase loyalty to their employer.

MetLife 360Health, your health partner.

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This report has been prepared by MetLife Insurance Limited, ABN 75 004 274 882 AFSL 238 096 (MetLife) and should not be published or reproduced without the prior permission of MetLife. Whilst care has been taken in preparing this material, MetLife does not warrant or represent that the information, opinions, or conclusions contained in this document (“information”) are accurate. The information provided is general information only current as at the time of production. It has been prepared without taking into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. It is not intended to be a substitute for professional advice and should not be relied upon as such. MetLife recommends that you obtain independent and specific advice from appropriate professionals before implementing a financial strategy, including reading any relevant Product Disclosure Statements, Financial Services Guides and/or terms and conditions.

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