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Snapshot

May 2022 Edition

More employees view well-being benefits such as mental health, financial services as essential

As the pandemic continues, workers are prioritizing their physical and mental well-being. Workers have cited stress and burnout as their biggest mental health challenges,1 with financial assistance as a close second.

An opportunity

A recent survey revealed only 25 percent of workers were satisfied with their employer-provided mental health support while working from home during the pandemic.2

Employees are also reporting they are constantly worried about not having enough money for emergency expenses and retirement.3 When it comes to financial well-being benefits, 93 percent of employees, according to one survey, want financial planning and advisory benefits, but only one-third of companies provide them.4

So, it’s no surprise that employees have been clamoring for more well-being benefits — ostensibly, mental health and financial benefits. In a survey conducted by Paychex and Future Workplace, 62 percent of employees identified employee well-being as a key factor when applying for a job.5

The rise of workplace well-being programs

To stem the tide of employee resignations — and help attract talent — many companies have been offering well-being programs. When employees are healthy both physically and mentally, it improves productivity, decreases sick days and leaves of absence, lowers an organization’s health insurance expenses, reduces turnover, and lowers the chances of worker compensation claims.

Most employers have been listening to the needs of their workers and responding with better benefits offerings. According to a Bank of America report, 46 percent of employers said that they are now offering financial wellness benefits, which is up from 40 percent in 2020.6 And 35 percent of employers have improved mental health support since the pandemic.2

What companies can do to help employees

The key for companies is to intentionally build a culture of care and improve employee benefits communications. At the same time, leverage technology and digital solutions to create better access and personalization options for every worker.

Securian Financial offers a wide spectrum of well-being benefits through our Financial Wellness 360® program. A few of these offerings include:

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1. Wooldridge, Scott. “Mind the gap: Employers overestimate their understanding of employee wellness," BenefitsPRO, February 2, 2022.

2. Goforth, Alan. "Workers expect employers to do more to address their well-being during pandemic," BenefitsPRO, February 3, 2021.

3. Wilbert, Mike. “Workers have spoken: financial well-being benefits matter," InsuranceNewsNet magazine, February 1, 2022.

4. Schneider, Chad. "Why financial wellness is the biggest trending employee benefit for 2022," BenefitsPRO, January 13, 2022.

5. Meister, Jeanne. "The future of work: offering employee well-being benefits can stem the great resignation," Forbes, December 16, 2021. 

6. Bank of America. “2021 Workplace Benefits Report,” PDF, September 1, 2021.

Enrich by iGrad and Lifestyle Benefits are provided by third-party service providers. All such services and products are the sole responsibility of the service provider. The services are not affiliated with Securian or its group contracts and may be discontinued at any time. Certain terms, conditions and restrictions may apply when utilizing the services.

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