Despite that, 50 percent of respondents who are unhappy with their benefits want to find a new employer while 72 percent of respondents who are satisfied with their benefits strongly feel loyal to their employer.

"The MetLife study is a reality check for smaller employers who may still be viewing their workforce through rose-colored glasses," says Jeffrey Tulloch, vice president, U.S. Business of MetLife. "Economic recovery will not only present opportunities for employers but also for top performers. One area small businesses may overlook is whether their benefits programs are designed as strategically as they could be. It is not necessarily about spending more, but optimizing offerings to attain three-top objectives: employee retention, increased productivity and cost control."

Small-business employers are also considering voluntary benefits as cost-effective option for an increased benefits offering, the study states. Even if they have to foot the bill, about half of respondents believe having benefits such as life, dental and disability insurance available through their employer is important.

Although 77 percent of small-business employers are not offering financial or retirement planning seminars within the next 18 months, the study notes, 75 percent of employees who say their productivity has been affected by personal fiscal issues are interested in learning to address issues that cause financial stress.

This is especially important for baby boomers who are planning for a secure retirement. Only 16 percent of baby boomer respondents say they are on track to attaining or have already attained the necessary retirement funds. Six-two percent of these respondents are worried about outliving their savings, the study finds, and 59 percent fear they will have to work either full- or part-time in retirement. Of the baby boomer respondents, only 29 percent are confident in managing their 401(k) or 403(b) plan, though these retirement plans are more common among small businesses.

"It can be a win-win situation when employers utilize and promote programs that can help employees become more financially secure," says Dr. Ronald S. Leopold, vice president and national medical director, U.S. Business, MetLife. "Employees can mitigate some of their financial stresses and obtain greater peace of mind, and employers can reap the benefits of a more productive and loyal workforce. There is a business value to both a physically and financially healthy employee."