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The Squeezed Middle: Millennial Managers Worse-off While Supporting a Burnt-out Workforce

New MetLife study finds heightened imperative for employers to better support their people managers and improve their well-being

NEW YORK–(BUSINESS WIRE)–#employeebenefits–As U.S. employers reimagine the workplace due to the significant impacts caused by the Covid-19 pandemic, managers – and particularly Millennial managers – have taken on the challenge of supporting employees’ well-being even when it diminishes their own.

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A new MetLife study finds Millennial managers, ages 26-40, are significantly more likely to say they are burned out (42 percent) than managers of any other generation (34 percent Gen Z, 27 percent Gen X, and 21 percent Boomers) and individual contributors (30 percent).

One driver could be the degree to which Millennial managers are stepping up to support their employees’ well-being. According to MetLife’s study, 52 percent of employees with supportive Millennial managers say they are healthy across all four pillars of physical, financial, social, and mental health, versus just 18 percent of those who say their managers aren’t supportive.

“The pandemic has changed the way we work – from the way we do our jobs to how we interact with one another – and managers have been tasked with navigating this for their employees,” said Missy Plohr-Memming, senior vice president, Group Benefits, MetLife. “As the largest generation in the workforce today, Millennials – and particularly those in management roles – have a significant impact on their organization’s ability to succeed in the new normal.”

Millennial managers foster strong employee performance but sacrifice their own well-being

Manager support is surely important to an organization: the study finds a significant difference between those with and without supportive managers. For example, employees with supportive managers of any generation are notably more likely to feel productive (+46 percent), successful (+82 percent), engaged (+81 percent), and motivated (+110 percent) than those who lack managerial support. This is especially pivotal for employees with Millennial managers who report higher increases compared to those with managers from other generations in feeling productive (+58 percent), successful (+129 percent), engaged (+120 percent) and motivated (+140 percent) when they have a supportive versus a non-supportive manager.

While organizations reap the benefits of strong manager support in general and Millennial manager support in particular through greater employee productivity and engagement, the Millennial managers themselves are feeling a squeeze. In fact, Millennial managers now feel more overwhelmed, burnt out, and stressed while working compared to December 2020.

Training and benefits are critical to Millennial managers’ well-being now and into the future

As younger generations continue to move into management roles within the workforce, employers should consider offering training and tools for these leaders, including Millennial managers who are already taking on the greater responsibility of ensuring the well-being of their teams – while also managing their own – now and into the future.

In fact, Millennial managers and executives are more likely than other generations to want training and support in a number of key areas affecting the workforce today, including people management (82 percent); managing personal stress (78 percent); conducting conversations around sensitive topics such as diversity and inclusion (D&I) and social justice (74 percent); and management of hybrid remote/onsite teams (74 percent).

Furthermore, MetLife’s study shows that Millennial managers who say their employer offers a range of benefits that meet their personal and household needs are significantly more likely to report being holistically healthy (54 percent vs. 30 percent) and resilient (70 percent vs. 46 percent).

As for the specific benefits they are interested in, Millennial managers are significantly more likely now to describe financial planning tools (+40 percent), pet insurance (+58 percent), and legal services (+50 percent) as “must haves” compared to pre-pandemic.

“The effects of the pandemic have caused many employers to adjust their workplace policies and benefit programs in real-time, and this will only continue. As we reimagine the workforce of the future, employers must consider the varying needs of their managers, and what tools they may need for long-term success,” said Plohr-Memming. “Millennials, who will make up the majority of our future management, are eager for these skills and benefits for themselves and their teams.”

Research Methodology

MetLife’s 19th Annual U.S. Employee Benefit Trends Manager Study was conducted in June 2021 and July 2021. The study was fielded by Rainmakers CSI – an international strategy, insight and planning consultancy. The survey consists of 2,652 interviews with full-time employees, ages 21 and over, at companies with at least two employees.

About Rainmakers CSI

Rainmakers CSI is a UK-based global strategy, insight and planning consultancy with a focus on delivering game-changing commercial impact. Since our inception in 2007, we’ve worked collaboratively with leading companies to help define opportunities for brands, categories and businesses. Our expertise spans not only Financial Services, but also Food and Drink, Beauty, Healthcare, Telecoms, Technology, Entertainment, and Travel. Our programs and client relationships span all continents, with 50 percent of our work originating in the US. For more information, visit www.rainmakerscsi.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets 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.

Contacts

Media:

Natalie Geisler
646-954-0812

natalie.geisler@metlife.com

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MetLife Recognized for Creating an Inclusive Workplace

NEW YORK–(BUSINESS WIRE)–#DEI–MetLife, Inc. (NYSE: MET) today announced that it has been recognized for its inclusive practices in the areas of talent advancement among historically underrepresented groups, leadership accountability, and demographic diversity for women and racial/ethnic minorities.

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Fewer than 25% of companies that applied to the increasingly competitive annual Seramount Inclusion Index were named to the list.

“We’re creating a culture of belonging where employees of all backgrounds can thrive,” said MetLife Global Chief Diversity and Inclusion Officer Dr. Cindy Pace. “While we’re pleased that our efforts to build a purpose-driven and inclusive workplace are being recognized, we won’t stop here. We’re committed to continuous improvement on diversity, equity and inclusion.”

Seramount, formerly Working Mother Media, is a strategic services firm dedicated to advancing diversity, equity and inclusion (DEI) in the workplace. To evaluate MetLife for inclusion on the Index, they took into account a range of the company’s DEI-focused policies, programs and practices, including:

  • “Inclusion Begins with Me,” MetLife’s commitment to action that expands employees’ understanding of themselves, their work and the world through meaningful conversations and learning resources that demonstrate how each employee has a role to play in fostering an inclusive culture.
  • A Global Diversity, Equity, and Inclusion Council, comprised of senior leaders and chaired by MetLife President and CEO Michel Khalaf, which focuses on driving the company’s DEI strategy across its businesses, functions and regions.
  • EXCELERATE, a talent sponsorship program driven by the CEO and senior leaders to help accelerate the leadership development and progression of high-performing women and ethnically and racially diverse talent at the assistant vice president to officer level.

In addition, MetLife was the first U.S.-based life insurer to sign the U.N. Women’s Empowerment Principles, a partnership that has informed cross-market, time-bound action plans aimed at closing identified gaps across the areas of leadership, workplace, marketplace, and community.

For more information on MetLife’s commitment to DEI, visit MetLife.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Contacts

Rachel Pokay

331-452-4122

rpokay@metlife.com

MetLife Named a Best Company for Multicultural Women

NEW YORK–(BUSINESS WIRE)–#DEI–MetLife, Inc. (NYSE: MET) today announced that it has been named to Seramount’s “2021+ Best Companies for Multicultural Women” list, in recognition of its success in promoting workplace inclusion for multicultural women. Seramount, formerly Working Mother Media, is a strategic professional services firm dedicated to advancing diversity, equity, and inclusion (DEI) in the workplace.

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“MetLife is proud to have a workplace culture that amplifies and advances the career goals of multicultural women,” said MetLife Global Chief Diversity and Inclusion Officer Dr. Cindy Pace. “By championing racial, ethnic, and gender diversity across our career development programs, mentorship networks, and global talent pipeline, we can more effectively serve our customers and communities.”

To determine the “2021+ Best Companies for Multicultural Women” list, Seramount evaluated companies in the areas of representation, hiring, attrition and promotion rates, recruitment, retention and advancement programs, and company culture.

MetLife is committed to building a more inclusive and equitable workforce and society. The company demonstrates this commitment through policies, programs, and practices designed to close gender gaps and promote the advancement of underrepresented groups.

MetLife’s recognition by Seramount builds on a number of recent DEI milestones:

  • MetLife launched the EXCELERATE talent sponsorship program, which is aimed at accelerating the career progression of ethnically and racially diverse employees at the assistant vice president to officer level. The program, which started as a pilot for Black/African American and Hispanic/Latino talent and will soon expand to include all underrepresented groups, focuses on targeted development and increased employee visibility, access, and engagement with Executive Group leaders.
  • MetLife formed Black and Latino executive leadership forums, which provide organizational networks for existing executives, giving them developmental opportunities and connecting them to aspiring talent.
  • Multicultural women have a strong presence across MetLife’s wide range of development and networking programs, including 30+ Women’s Business Networks (WBNs) that serve approximately 3,000 employees at all levels of the organization across the globe. WBNs manage over 100 Lean In Circles in nine countries, with 36% of participants being ethnically and racially diverse women.
  • MetLife supports external programs that advance the development of ethnically and racially diverse leaders in the corporate pipeline. These programs include: The Consortium, INROADS, SEO, the ELC Mid-Level Managers’ Symposium, the Black Enterprise Women of Power Summit, and the McKinsey Black Executive Leadership Program.

For more information on MetLife’s commitment to diversity, equity, and inclusion, visit MetLife.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com

Contacts

Rachel Pokay

331-452-4122

rpokay@metlife.com