Employer-offered benefits and programs have become an even more crucial way to ease employee stress and improve their well-being both now and in the future. (Photo: Shutterstock)
As employers and employees face unprecedented challenges while navigating the new realities of remote work and disruptions to normal life, workers' well-being has become strained. In fact, MetLife's 18th annual U.S. Employee Benefit Trends Study found two-thirds of U.S. employees feel more stressed than they did before COVID-19.
The ways in which employers step up to support their workforces as the COVID-19 crisis continues to evolve and impact employees' overall well-being remains critical. These actions will lay the groundwork for the employee-employer relationship for years to come. It is therefore crucial for employers to take proactive steps to aid their employees in understanding how benefits can improve their health, establish a sense of stability, and mitigate stress, even long after the pandemic has subsided.
Interestingly, the findings also show that employees are now more likely to believe their employers have a responsibility to address their health and well-being (80 percent now, vs. 73 percent before COVID-19), and point to employer-offered benefits and programs as a crucial way to ease their stress and improve their well-being both now and in the future.
Below are guidelines to help employers address the top stressors and concerns employees face during this time.
|1. Evaluate current benefits against the pillars of holistic well-being
Given that 74 percent of employees are concerned with at least one aspect of their well-being (i.e., physical, mental, financial, or social) as a result of the pandemic, it's important that employers take stock of their existing benefit offerings and ensure that employees' holistic needs are being met.
Employers should start by defining what holistic well-being means for their organization. Then, evaluate if any components are missing from their model. Many employees, for instance, say mental wellness programs (EAPs), and insurance benefits that offer a lump sum or cash payments, such as hospital indemnity or critical illness insurance, would ease their stress and improve their well-being if offered by their employer. For commonly offered benefits like life insurance, employers can help ease employees' stress by assisting them in determining the right amount for their specific wellness needs.
|2. Consider where employees are struggling most
When evaluating how the current crisis is impacting their well-being, MetLife's study found that more than half (52 percent) of employees cited financial health as their biggest concern when asked about holistic well-being in light of COVID-19, more so than their physical, mental, or social well-being. Given how destructive COVID-19 has been on the U.S. economy, employees' financial stress is fully understandable as financial aftershocks and job insecurity cause heightened concern.
It is therefore vital that employers offer not only standard benefits, but also emerging programs that address employees' financial wellness. Financial wellness programs are proven to help employees navigate these challenging times. Employees whose employers offer financial wellness programs were one-and-a-half times more likely to say they are successfully navigating the blending of work and life prior to the current crisis.
In addition, offering access to mental health support, subsidized nutrition or fitness programs, and caregiver leave can help lessen the stress caused by the pandemic and improve employees' overall well-being.
|3. Support employees in setting boundaries
The blended work-life world was already becoming more complex before the pandemic, and it has only intensified in recent months, with 22 percent of employees now working more hours than they did before COVID-19. With many employees working exclusively from home, the struggle to "switch off" is even more common.
Employees in MetLife's study cited offering flexible work hours as a key action that employers could take to help alleviate employees' stress and increase their overall well-being. In fact, 87 percent of employees are interested in working for an organization that has policies to help place boundaries on their working hours. Leading by example, employers and managers should encourage teams to step away from their work to recharge, including leveraging paid time off, even if employees are unable to travel.
In the end, the actions employers take to support their employees now will not go unnoticed. In fact, employees who feel supported are more likely to be productive, feel valued and appreciated and report above-average levels of loyalty and satisfaction. What's more, employees whose employers are actively supporting their well-being during this time are more likely to say they are satisfied with the job they have now (85 percent), versus the 66 percent of employees whose employers don't. At every turn, COVID-19 will continue to present new challenges, and the employers who help employees navigate this complex "new normal" will see a far more positive impact than those who don't.
Bradd Chignoli is senior vice president, group benefits, at MetLife.
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