One in five of all of the respondents – men and women – say they spend only a few minutes reviewing benefits offered by their employer before making a decision. (Photo: Shutterstock)
Employers can offer a plethora of benefit offerings, but when workers don't understand the benefit of certain benefits, the open enrollment process can be a nightmare, according to an employee survey sponsored by MetLife Inc.
Indeed, a third of the 1,004 adults polled by marketing research firm Engine on behalf of Metlife say they would rather talk about their weight than their employee benefits. Moreover, nearly half (45 percent) of the respondents dread the benefits enrollment process as much as asking for a raise — only marginally less than they dread renewing their driver's license or passport.
Drilling down further, 58 percent of Gen X women who responded to the survey say the benefits election process is one of the things they most dread doing. Among all of the women respondents, 26 percent are more likely to bring up their mental health with friends than discuss their finances or their employee benefits.
Dreading the process results in hurrying through it as fast as possible, according to the survey. One in five of all of the respondents – men and women – say they spend only a few minutes reviewing benefits offered by their employer before making a decision.
This is likely due to the fact that many employees are still struggling to understand what each benefit actually covers, the survey found. Respondents were quizzed about the particulars of traditional benefits including health plans, life insurance and disability insurance, supplemental plans such as critical illness insurance and accident insurance, or alternative benefit offerings like legal plans and employee auto and home insurance discounts.
Their answers reflect a knowledge gap: nearly a third of the respondents chose "I don't know" when asked whether disability insurance could be used if you have a mental or emotional illness and are unable to work, while one in five chose only "funeral expenses" as a reason to buy life insurance.
"Employees have the unique opportunity to leverage a growing number of benefits from their employers — benefits that are specifically tailored to their needs and the needs of their families," says Meredith Ryan-Reid, MetLife's senior vice president, group benefits. "But first, they need to be armed with a better understanding of how these employer-offered benefits can play a central role in protecting them against the unexpected and helping them achieve their short- and long-term financial goals."
While employees can learn more about the benefit of each benefit offering by talking with friends, family and colleagues, employers can more effectively bridge the knowledge gap by giving their workers more tools, Ryan-Reid says. She points to Metlife's website, which contains resources, including videos, articles and the Make Your Match tool, which offers tailored benefit suggestions.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
