Web Tool Compares Companies' Health, Other Benefits

Want to know how your company's medical coverage stacks up against other companies across the nation? MetLife has rolled out a new online tool that lets you compare your company's benefits with those of other employers.

MetLife's Benefits Benchmarking Tool is based on data from the company's annual survey of 1,400 employees and 1,600 employers at U.S. companies. The survey examines what benefits employers offer and what employees consider most important. The benchmarking tool compares companies' benefit offerings based on company size, industry, geographic region, and other characteristics.

The survey found that 68% of U.S. workers the Northeast consider medical coverage the most important benefit. Respondents were able to choose more than one important benefit from a list of nearly 20 perks.

Medical coverage was followed by retirement benefits like 401(k), 403 (b), and 457 programs, which 53% of employees said were among the most important benefits. After that, prescription drug coverage was deemed important by 49%, dental by 42%, and vision by 31%.

The survey, which was conducted late last year, found that as the economy plummeted, employers were less interested in benefits to attract new workers and more focused on ones that would drive productivity and retain workers, says Dr. Ronald Leopold, MetLife VP of U.S. business.

Leopold expects some trends will continue through 2009, including a greater level of "gratefulness" by employees for benefits, especially ones that provide financial security.

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