Half of Gen Y and Gen X workers employed by companies with fewer than 500 employees are putting more of an emphasis on benefits to achieve financial security, according to a study from insurer MetLife.
Two-thirds of Gen Y and Gen X small business employees said they would be willing to pay more for their benefits rather than risk losing them. And more than half said they would be interested in having a wider range of so-called voluntary benefits offered them even if that meant paying the full tab for benefits such as life, dental, vision, disability, critical illness and homeowner/auto insurance.
More than four in five small business employers said an important objective of benefits is retaining workers, and younger employees who were very satisfied with their benefits package were much more likely to feel a very strong sense of loyalty to their employers: 72 percent versus 46 percent for workers overall.
“Our study underscores that generational differences about benefits needs and preferences are not just reflections of age. Younger workers, particularly those in many smaller organizations that were hit very hard by the recession and who are unsure about the future of Social Security, have a different benefits perspective than older generations,” said Anthony Nugent of MetLife.