Employers say legal plans help to attract and retain employees

CLEVELAND, Feb. 27, 2018 – A recent survey conducted on behalf of Hyatt Legal Plans found that a majority of employers say that legal plans are helping them to achieve their HR goals of attracting and retaining employees. Approximately two-thirds of employers agreed that a legal plan can help attract and retain employees and 58% believe that having a legal plan has impacted employee satisfaction with benefits.

The survey, conducted by ORC International, consisted of interviews with benefits decision makers at companies with at least 500 employees to assess their views on offering legal plans. The survey also included an employee survey to get their thoughts on legal issues they’ve faced and legal plans.

With demographic shifts in the workplace, employers are focused on finding ways that they can attract and retain employees. The MetLife 15th Annual Employee Benefits Trends Survey found that when employers were asked to rank their top benefits priorities, more employers (83 percent) chose retaining employees as an important benefits objective than increasing employee productivity or controlling health and welfare benefit costs. More so, over half of employers (51 percent) say that retaining employees through benefits will become even more important in the next 3-5 years.

Offering a legal plan as a voluntary benefit can be a valuable retention tool because it demonstrates to employees that their employer is interested in helping them with issues that are causing stress and financial hardship. The top reason cited by employers for why they offer a legal plan is to relieve their employees’ financial and legal concerns. Other reasons are to provide necessary legal services for employees (35%), improve employees’ satisfaction with their benefits (32%) and improve employee loyalty and retention (27%).

“We know from previous surveys we’ve conducted that employees are concerned about their finances and are looking to their employer to help them feel more financially secure,” says Ingrid Tolentino, CEO of Hyatt Legal Plans. “A legal plan is a valuable benefit to offer because it saves employees a significant amount of money on many common issues they face – from estate planning and buying a home to identity theft and caregiving issues. It’s a benefit that employees of all ages can use and benefit from.”

Employers from companies currently offering a legal plan said that it is important that their employees had easy access to legal services (84%), felt less stress from dealing with legal matters (82%), had access to legal services of above average quality (80%) and spent less time dealing with their personal issues at work (76%).

Employees have legal issues, feel more secure with access to a legal plan

The survey also asked employees about legal issues they are facing. A majority of employees, 54%, said that they have been involved in a legal matter in the last year and 82% had been involved in a legal issue in the last five years.

Typical legal issues for employees include:

  • Being contacted about a security breach for a credit card: 32%
  • Buying a home:  26%
  • Receiving a traffic ticket: 24%
  • Refinancing a home: 18%

Employees’ top legal concerns in the future include:

  • Being a victim of identity theft: 57%
  • Experiencing a security breach for a credit card: 52%
  • Receiving a traffic ticket: 25%

Seventy-five percent of employees who have a legal plan say they feel confident planning for today and the future, compared to only 52% of employees who don’t have a legal plan. Also, 60% of those with a legal plan said that they feel prepared to handle unforeseen legal events, compared to 39% of employees without a legal plan.

To read more about how a legal plan improves employee wellness and satisfaction with benefits, visit: https://www.legalplans.com/white-papers/

About Hyatt Legal Plans

Hyatt Legal Plans, a MetLife company, helps Americans address important life issues through legal services plans. The company provides affordable access to the most commonly needed legal services to millions of Americans nationwide. MetLaw®, Hyatt’s model group legal plan, features a nationwide network of over 14,000 licensed attorneys and award-winning client service available by phone or online. For more information, visit www.legalplans.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

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