So what can employers do to create workplace programs that increase employee loyalty and retention? Brokers can work through the following four simple steps with their clients as a starting point:

1) Widen compensation focus beyond wages.

While most employers recognize that salary is the single most important driver of employee loyalty, there is significant lack of awareness of how other benefits impact retention. Although every workforce is unique, MetLife’s research shows that only 38% of employers believe retirement benefits are important loyalty drivers, but, in fact, 64% of surveyed employees say they are. Similarly, there is a perception gap when it comes to the importance of non-medical benefits such as dental, disability and life insurance. For example, 37% of employers said non-medical benefits are important factors in employee loyalty, while 59% of employees said they were.

2) Assess the effectiveness of communications.

Only about one in four employees is satisfied with their benefits communications and more than half do not find their benefits materials to be clear and comprehensive. But appropriate and effective communications are a key part of a successful benefits strategy – for employees to value their programs, they have to understand what is offered. Better communications can make a significant impact on employee retention – among employees who said that their employer improved communications over the past year, 65% felt their employer was loyal to them, compared to 33% of employees overall.

Specifically, brokers can guide their clients to put benefits information on the Internet, tailor information to life events and communicate more frequently, all of which are favored changes by employees.

3) Take a holistic approach to employee health.

The stress of struggling with financial concerns can take a physical toll on employees, contributing to health-related costs and decreases in employee productivity. For instance, 68% of employees who say they are in very good or excellent health say they are also in control of their finances, compared to just 7% of employees in fair or poor health. Therefore, employers that address their employees’ financial health in addition to their physical health will be a step ahead of their competition.

Employees are turning to their employers for help – 52% report being interested in receiving financial advice and guidance through the workplace. So, in addition to programs that promote physical wellness, brokers can work with their clients to add financial wellness programs, such as financial guidance and advice seminars and online resources and calculators.

4) Help employees plan for retirement.

Workers are in need of specific guidance when it comes to planning for the future. Currently, over 60% of baby boomers indicate they are behind in saving for retirement, and over half of employees, including those on the cusp of retiring, are not confident that they know how much annual income their savings will generate once they retire and many are not doing the calculations to find out.

Nearly three-quarters of employees across all generations (73%) are interested in receiving help from their employers in the form of retirement and financial planning advice. Employees also want access to income protection through the workplace – 69% would like their employer to offer an annuity option as part of their 401(k) plan, but only 15% of employers said they currently offer annuities. To address these needs, brokers can help guide their clients to provide both retirement education and targeted products for their employees’ retirement planning.

By following these steps with their clients, brokers can help to encourage employers to make long-term benefits program decisions that impact their overall employee loyalty and retention goals, and guide them to business success.

For more insights on trends impacting your clients and their implications, download a free copy of MetLife’s 9th Annual Study of Employee Benefits Trends at metlife.com/broker/trends.