A recent study by MetLife Bangladesh indicates that over 56% of employees in the private sector in Bangladesh are experiencing decreased productivity due to financial stress. The Employee Benefit Trends Study, launched at a hotel in Dhaka, reveals that 41% of respondents associate financial stress with mental health issues, while 67% are confident about their financial status.
This study, the first of its kind in Bangladesh, delves into the concerns, obstacles, and expectations of employees and employers in various industries such as ready-made garments, banking, fast-moving consumer goods, telecom, and non-governmental organizations. Among the key findings are that more than 53% of employees lack a retirement plan, with almost half seeking employer assistance in converting savings into income.
Despite 72% of employees feeling that their organization genuinely cares for them, the research underscores significant gaps in employee well-being and support. MetLife emphasizes that employers can boost engagement and long-term retention by demonstrating care through improved benefits and a supportive workplace culture.
A majority of employees, 78%, believe that insurance and wellness benefits, including mental health support, enhance loyalty, yet the study reveals that such benefits are often limited in scope. This presents employers with an opportunity to differentiate themselves by providing meaningful assistance, addressing the trust deficit.
The study also highlights that 70% of employees would be more inclined to utilize available benefits if they understood how their peers made use of them, emphasizing the necessity for tailored and continuous communication. Additionally, 56% of employees pinpoint productivity and 49% cite engagement as their primary workplace challenges. In response, 51% of employers have increased investment in employee benefits in the past year to retain talent and boost morale.
While 78% of respondents agree that benefits are crucial in shaping workplace culture, many acknowledge that current offerings fall short in alleviating financial stress. The report emphasizes the importance of financial wellness, stating that it is now a necessity for improved performance.
Ala Ahmad, the CEO of MetLife Bangladesh, highlighted the study’s findings, stating, “Our research reveals a stark reality: financial stress and inadequate benefits are quietly undermining productivity and morale.” He urged employers to take the lead in offering comprehensive benefits, nurturing a caring environment, and enhancing communication to build trust and drive sustainable business performance.