72% of employers have major concerns about employee health
But action needs to be taken as employees ask for help.
Why You Should Care
Employers are worried about their wellbeing offerings.
And they should be as employees are demanding more from companies.
Discover how organizations can appease staff and create a better benefits package.
The COVID-19 pandemic has changed work. Not only was remote work commonplace for office workers, but employee wellbeing climbed the priority of organizations across the world.
It is unsurprising that wellbeing became a priority as the world was locked down and record numbers of staff reported feeling burnout.
To find out how employers are now supporting workers, the nonprofit firm Transamerica Institute spoke to 1,874 US business executives who make decisions on employee benefits.
The study found that 81% of employers feel responsible for employee health, and 72% have one or more major concerns about employees’ mental health.
Despite active concerns about wellbeing from decision-makers, these thoughts need action in the form of workplace policies.
Addressing mental wellbeing
Catherine Collinson, CEO and president of the Transamerica Institute, commented on how employers are helping workers: “In the wake of the pandemic, employers have been navigating complex issues in a rapidly changing environment, especially in managing the needs of their workforce.
“However, they can be doing even more to support their employees.”
64% of US employers believe that health insurance and benefits help them retain employees; this is an area where the Transamerica Institute implores employees to invest in.
Collinson noted: “A robust compensation and benefits package is a win-win situation in the workplace.
“It can help employers attract and retain talent while providing employees income, work-life balance, and the ability to save for retirement while protecting their health, wellbeing, and financial situation.”
In terms of specific benefits that employees are interested in: health insurance, retirement funds, and life insurance were the three most important to them.
Unfortunately, employers do not share the same enthusiasm for these benefits. In fact, while 93% of employees value health insurance, only 56% of employers are offering this.
The needs of employees are clearly not being met, and businesses need to offer job security and benefits that matter amid rising costs of living.
Otherwise, organizations may be faced with the continuing high attrition rates seen in the ‘Great Resignation‘.
Collinson gave her takeaway from the data: “Employers play a vital societal role by providing employment, employee benefits, and the ability for workers to save and invest for a secure retirement.
“Especially now, amid the ongoing effects of the pandemic, employers need support from policymakers to make it as easy as possible to modernize their business practices, expand their benefits offerings, and address the evolving needs of their employees.”
Want to hear more from UNLEASH? Sign up now for free access to all our online content, exclusive reports, as well as discounts for our events.
