Helping Your Employees in Uncertain Times
Helping Your Employees in Uncertain Times
Benefits can play a pivotal role in supporting employees through times of crisis. The pandemic has transformed work and life, creating new challenges for both employers and employees. Understanding how to improve employee well-being through benefits packages and programs can make a real difference for your employees and your business.
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In November 2020, MetLife released its 18th Annual US Employee Benefits Trends Study, “Navigating Together: Supporting Employee Well-Being in Uncertain Times,” which highlights the pivotal role employers have in supporting employees through times of crisis. No matter the size of your business, providing a benefits program can help alleviate employee stress and improve their well-being – both on and off the job.
A Holistic Approach to Well-Being
Now more than ever, employees are struggling with their overall wellness, and many are turning to their employers to provide benefits that support all aspects of their well-being. The MetLife survey suggests that a holistic approach to employee wellness that addresses financial, physical, mental, and social health can have a measurable positive impact on employee productivity, engagement, and loyalty. A robust program offers not only traditional benefits life medical and dental, but also voluntary benefits like critical illness, and emerging benefits to address current needs like mental health and personal finances.
Medical benefits are naturally top-of-mind. High deductible health plans and Health Savings Accounts (HSAs) present ways to assist employees while still controlling healthcare costs. HSAs can be a valuable way for employees to cover medical and mental health-related out-of-pocket costs, including the need to purchase precautionary medical supplies.
Employees who state they are receiving report during this time are more likely to have benefits such as life, dental, and disability from their employer.2
Other benefits can also provide valuable financial support. For example, disability insurance plays a critical role in a comprehensive benefits package, providing employees with income protection during extended illnesses or injuries. In another MetLife Survey, 48% of employees agreed that the pandemic will increase their likelihood to enroll in disability benefits programs.3
If you can afford them, popular emerging program benefits that address mental health, employee assistance, and financial wellness can help employees manage new stresses. Data fielded at start of the pandemic demonstrates that when employers provide benefits and programs that have offered support, employees have felt more successful, appreciated, engaged, productive, and respected.4
Employee Well-Being Directly Correlates to Positive Business Outcomes
Creating “cultures of well-being” was in vogue even before the pandemic—to attract and retain top talent, cultivate success among employees, and manage healthcare costs. Data gathered in several recent studies demonstrates the positive correlation between employee well-being and business profitability.5
Today, addressing the impact of recent events on employee engagement and productivity will be critical for businesses of all sizes as they navigate the challenges ahead. Offering useful and timely benefits can yield a loyal and engaged workforce ready to support your business recovery and help you seize new, emerging opportunities.
We can help you evaluate how your current benefits program supports the different aspects of employee well-being. In addition to a consultation, our all-in-one simple solution includes a selection of plans, employee enrollment, and ongoing administration.
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1MetLife’s 18th Annual US Employee Benefits Trends Study, “Navigating Together: Supporting Employee Well-Being in Uncertain Times, November, 2020, https://www.metlife.com/employee-benefit-trends/ebts2020-holistic-well-being-drives-workforce-success/
3“Disability Benefits Support Employees During Challenging Times, MetLife, May 2020, https://www.metlife.com/workforce-insights/benefits-strategies/disability-support-challenging-times/
4MetLife 18th Annual US Employee Benefits Trends Study.
5“Wellbeing Positively Impacts Firm Performance,” Forbes, June 2020, https://www.forbes.com/sites/colleenreilly/2020/06/09/wellbeing-positively-impacts-firm-performance/?sh=6c8f0e687cc9