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Even before the coronavirus descended on the world, workers were battling plenty of stressors. Many were trying to find a balance between work and home life when the office seemed to be "always on." Additionally, they were struggling to achieve (or keep) a degree of financial wellness.
But then COVID-19 arrived, and suddenly—according to MetLife's 18th annual U.S. Employee Benefits Trends Study—financial health has become the top focus of 52 percent of workers, rising above the other issues they were already struggling with.
The survey, conducted in two "waves"—one pre-coronavirus, the other in April—found that before the pandemic hit, 40 percent of employees said they were struggling with an "always-on" workplace. But now 70 percent of employees say that the coronavirus has upended their daily routine.
Fifty percent say they're tired; 50 percent say they're stressed; 43 percent say they're burned out; 34 percent say they're discouraged; and 28 percent say they're stressed—not exactly the picture of a healthy workplace, and it shows in the absentee rate, with a third of employees saying they've taken a day off in the past 12 months because of stress.
But now, in the midst of the pandemic, two thirds say they're feeling more stressed than they were before the coronavirus hit, with 38 percent reporting that their jobs or employment status has been hit and 36 percent of full-timers saying there will eventually be a hit.
And if employees were struggling before, surprisingly enough, employers were too, with 60 percent saying they had a tough time coping with the blended work/life world—and that's up 3 percent from 2019.
But employers need to destress their employees or they'll have even bigger problems. According to the report, the ball is in the boss's court, with the need for employer-offered benefits and programs to help ease employee stress and improve their well-being both now and in the future.
Among the strategies employers need to provide are the ability to switch off, says the report, more flexibility to get through the new work environment, and helping employees set boundaries for work—with managers leading the way.
In addition, new options must be available for employee mental health and financial wellness. In fact, before the virus hit, 58 percent of employees who struggle said their employer doesn't provide helpful mental health options, and 55 percent of employees who struggle said they anticipated having to put off retirement because of their finances.
Considering that 73 percent of employers said cutting employee stress was a major objective for 2020, even before the coronavirus, and 55 percent said employee burnout was a major concern or challenge—again, before the pandemic—they'll have their work cut out for them.
The report says that such strategies as more paid time off, a work-from-home policy, emergency hardship assistance, mental wellness programs, paid caregiver leave and subsidized internet/cell service are all options employees said would help them during the pandemic.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
