Caregiving can put tremendous pressure on employee health—physically, mentally and financially—and this is an area in which companies can step up to help.
With employee wellness having such an influence on the health of businesses, employers seeking ways to better their employees' health might want to pursue some of the suggestions in a new Bank of America study.
Wellness is about more than health itself, and some of the strategies offered in the study deal with those—but it's also about community, and building ties within the community of its employees is another way to support the health of workers.
In its report, Bank of America suggests that employers need to be more proactive on educating employees not just about "the realities of growing health care costs" but also about the intricacies of health savings accounts so that they are more likely to understand their usefulness and use them in greater numbers.
A better understanding of HSAs and their benefits—no time limits on using funds; balances can be carried over year to year; funds can be invested for growth potential; and when spent on qualified healthcare expenses, HSA funds are exempt from federal and most state taxes—can lead to employees actually using them in managing current and future health expenses.
Next, companies need to cultivate a "culture of caring," so that employees feel supported when they are dealing with caregiving issues and feel confident about asking for help when they need it. Caregiving can put tremendous pressure on employee health—physically, mentally and financially—and this is an area in which companies can step up to help.
This includes educating managers about the demands and stresses of caregiving, as well as measures the company provides to caregivers—including use of the provisions in the Family Medical Leave Act—and making sure that those managers are prepared to assist employees in meeting those needs. Support groups and greater educational outreach on benefits are also recommended, so that employees know what help is available to them and actually take advantage of it.
Finally, supporting and encouraging diversity and inclusion measures, including educating both managers and employees about programs and their benefits, can go a long way toward supporting employees. Managers should be serving as examples, with outreach on their own experiences and best practices, and employers should make it clear that they appreciate and support the value of diversity and inclusion.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
