4 Critical Areas of That Add Up to Employee Wellbeing

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Business owners can no longer simply focus on supporting the physical maintenance of their employees through healthcare benefits alone. Instead, modern businesses require an approach that takes into account the physical, mental, social and financial well-being of its employees.

physical – physical

Other than medicine and dentistry, businesses may want to consider supplementing pre-tax plans such as flexible spending accounts or health savings accounts. These options will enable employees to save pre-tax dollars for eligible medical expenses for themselves or their families. Additionally, these deductions integrate seamlessly with payroll to allow business owners to focus on operating operations in general. This is also a great time to consider additional voluntary benefits such as critical illness and accident coverage that give workers peace of mind when they need it most.

Wellbeing programs offer online classes, resources, tools, and even rewards. To help motivate workers to join, companies can appeal to their competitive side by offering incentives to participate.

Keep in mind that although employees may have the best intentions to improve their health, they may not be able to do so without the appropriate resources at their disposal. Companies should organize weekly team meetings with helpful tips, reminders, or statements that will encourage exercise. Although it may sound simple, some workers may not know how certain behaviors – such as sitting for too long or not going outside – can negatively affect their health. While this is not a substitute for insurance, these programs can help reduce persistently costly medical conditions.

Related: Reach your goal of starting your workout (and be more productive this year, by the way)

My mind

The impact of the pandemic goes beyond physical health, and it has also caused a mental health crisis. According to a report by the US Centers for Disease Control and Prevention, 38 percent of American adults reported symptoms of anxiety and/or depression from April 2020 to February 2021, which is an 11 percent increase from 2019. This decline, in turn, has created a growing need for owners Work to prioritize the mental health of their employees and do everything they can to make sure they feel happy and supported in their environment whether they are remote or in person. (It is worth noting that a recent survey by Motivosity of 2,000 American workers found that three-quarters of all respondents affirmed that loving their job was a condition for having a satisfying career.)

According to the Paychex Pulse of Human Resources 2021 Report, 52% of HR leaders agree that it is important to support mental health challenges associated with the pandemic, including increased anxiety as well as decreased enthusiasm, motivation, and focus.

In fact, 40% of HR leaders surveyed see an increased correlation between employee mental health and company profitability. It is critical for employers to constantly evaluate and enhance their benefits strategy to ensure that it meets the needs of employees based on their experiences, not only at work but at home.

A key component of a robust benefits package is the Employee Assistance Program, which connects employees with assessments, short-term counseling, referrals, and follow-up services. Depending on the situation, employees can access certain services from their safe homes.

EAPs generally cover employees and may also cover eligible family members, including a spouse, domestic partner, children, and dependents. EAPs often maintain a network of partner organizations that can help meet a range of needs, such as legal firms, child care professionals, aged care professionals, addiction resources, nutritionists, and fitness experts. Wherever possible, access to care advisors should be available 24/7, and all shared communications should be kept confidential.

social

Flexible working is one way business leaders try to attract talent and retain current employees, in fact 38% of HR professionals use this option as a way to retain employees.

Companies that provide employees with enough hours to maximize their income, while being flexible enough to accommodate leave requests or scheduling needs, generally enhance the desired experience. By making sure the benefits offered cover temporary leave of absence, medical issues and paid time off — workers are more likely to feel safer, less stressed and more productive.

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Financial

According to SHRM & Morgan Stanley’s 2021 Business Report, 31% of Americans say their finances have caused them anxiety since the start of the pandemic. Whether it’s layoffs, salary cuts, job cuts or business closures, employees have had a whole host of different reasons for financial anxiety in the past 18 months. Today’s workforce will not soon forget the stresses of the pandemic and will likely be more committed to financial well-being because of it.

These programs can be customized to address specific financial issues that employees may encounter at any time. Consider developing a brief employee survey to understand the topics a financial wellbeing program can address to enhance employee financial confidence. Once survey feedback is received, organize programming timing so that it aligns with the team’s personal financial realities. For example, a financial wellbeing program can provide introductory resources on how to create a budget or how to create a savings account.

Finally, as candidates weigh the pros and cons of various opportunities in the competitive job market, offering a retirement plan is among the best ways to attract talent. Plan expenses are tax-deductible as well, along with employer contributions such as an employee match or profit sharing.

Related: You Don’t Have to Quit Your Job to Fight Burnout

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