NEW YORK, Jul 19, 2010—MetLife, a leading provider of employee benefits, today announced the     availability of a new resource designed to equip small business     employers and brokers with practical benefits strategies to help     motivate and retain their workforce while closely managing costs. Building     A Better Benefits Program Without Breaking The Budget: Five Practical     Steps Every Small Business Should Consider highlights the connection     found between employees’ benefits satisfaction and job satisfaction and     addresses the implications given that only about one-third of small     business workers (those working for employers with fewer than 500     employees) say they are very satisfied with their benefits offerings and     only about half say they are very satisfied with their current job. The     small business supplement to MetLife’s 8th Annual Employee     Benefits Trends Study is available at metlife.com/sbtrends2010.

“As the U.S. economy emerges from recession, there are big expectations     for small businesses to provide the engine that will drive the American     economy. Retaining top talent and increasing employee job satisfaction     are two strategies that may help small business employers face this     challenge successfully. The MetLife study points to ways that benefits     programs can be strategically leveraged to support many important     business objectives in a cost-effective manner,” said Scott Beck, vice     president, Broker and Consultant Strategies Group, MetLife.

Increasing the Small Business Value of Non-Medical Benefits

According to MetLife’s 8th Annual Study of Employee Benefits     Trends, 43% of all employees agree that benefits are a very important     reason why they remain with their employers. This number drops to 31%      for employees at smaller companies.

“While healthcare legislation has grabbed the attention of small     business owners and brokers, it is important to recognize that health     coverage may become less of a differentiator when it comes to hiring,      retaining and motivating workers. Non-medical benefits—like dental,      disability, life insurance—and voluntary offerings will likely play an     increasingly significant role in driving employee loyalty, retention and     engagement,” added Beck.

Building a Better Benefits Program Without Breaking the Budget: Five     Practical Steps Every Small Business Should Consider outlines steps     that small business owners can take to strengthen their non-medical     benefits program and optimize benefits value:

1. Manage costs for dental, disability and life insurance while     increasing employee loyalty. Many small business owners     underestimate the value that their employees place on non-medical     benefits like dental, disability and life insurance. While 59% of small     business employees say these benefits contribute to their feelings of     employer loyalty, only 34% of employers recognize this. The resource     outlines ways that employers can control their budgets while still     offering benefits that drive loyalty. The cost of dental benefits, for     example, can be more effectively managed by ensuring that plan design     reflects current, research-based treatment protocols, a reduction of     options that are underutilized and undervalued by employees and a focus     on preventative services.

2. Deliver budget-conscious wellness programs to aid     productivity and help control medical costs. While 61% of larger     employers offer wellness programs, just 22% of small companies offer the     programs. However, 67% of small businesses believe wellness programs are     effective at reducing medical costs. Low-cost options can be implemented     by small businesses to help create a culture of health and control     long-term costs. Options can include leveraging local health     organizations and associations that can help to educate employees on     healthy behaviors, or providing convenient access and time off to     participate in wellness programs like weight loss, exercise and smoking     cessation.

3. Help employees become financially secure and support     productivity goals at the same time. About one in five small     business employees admits that in the last 12 months, he/she has taken     unexpected time off to deal with a financial problem or taken more time     than should be spent at work to deal with personal financial issues. In     fact, 64% of small businesses strongly believe that employees’      productivity is impacted when they are worried about personal financial     matters. Small businesses can consider tapping into local financial     institutions and services to provide retirement and/or financial     planning options during work hours, or provide access to web-based     financial resources for their employees.

4. Simplify benefits communications for greater benefits     effectiveness. Only one in five small business employees believes     that his/her employers’ benefits communications effectively educate the     employee about their benefits programs. The resource gives best     practices for benefits communication including using multiple channels,      removing jargon, and making messages relevant to key life events or life     stages. Employers can also beta test communications to listen and learn     from their employees prior to launching a full communication campaign.

5. Leverage small business workplace advantages for increased     worker loyalty. The MetLife Study found a loyalty gap in that nearly     two-thirds of small businesses say they feel very loyal toward their     employees but only about one-third of employees feel their employers     have that strong sense of loyalty. Small business employers can take     advantage of their company culture to foster an environment where     work-life balance, which garners employee loyalty, is the norm.

Methodology

The 8th Annual MetLife Study of Employee Benefits Trends was conducted     during the fourth quarter of 2009 and consisted of two distinct studies     fielded by GfK Custom Research North America. The employer survey     comprised 1,503 interviews with benefits decision-makers at companies     with staff sizes of at least two employees. The employee sample     comprised 1,305 interviews with full-time employees age 21 and over, at     companies with a minimum of two employees. Of the interviews, more than     900 took place with decision-makers at companies with fewer than 500     employees, and more than 500 interviews took place with employees who     work for these smaller businesses.

About MetLife

MetLife is a subsidiary of MetLife, Inc., a leading provider     of insurance and financial services with operations throughout the     United States and the Latin America, Europe and Asia Pacific regions.      Through its domestic and international subsidiaries and affiliates,      MetLife, Inc. reaches more than 70 million customers around the world     and MetLife is the largest life insurer in the United States (based on     life insurance in-force). The MetLife companies offer life insurance,      annuities, auto and home insurance, retail banking and other financial     services to individuals, as well as group insurance, reinsurance and     retirement & savings products and services to corporations and other     institutions.

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