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A recent survey found that the vast majority of corporations offer emotional and well-being resources as part of their corporate platforms and that funding for these programs have increased in the past year — a positive sign amid the novel coronavirus pandemic that the study authors say exposes employees to a higher risk of stress and anxiety.
"Now more than ever, employers are highly focused on employee mental health and well- being as they adjust to the pandemic, economic disruption, and heightened focus on the impact of racial and societal issues," Ellen Kelsay, president and CEO of the non-profit Business Group on Health, said in a press release.
Conducted by Fidelity Investments and Business Group on Health, the 11th annual survey on corporate Health & Well-Being polled 152 jumbo, large and midsize organizations between October 2019 and January 2020.
The authors note that the findings covered a period months before the global pandemic and the ensuing financial crisis, and many employers are re-tailoring their strategies to a remote workforce.
"Employers are facing a completely different set of well-being challenges this year as they and their employees try to adapt to changes to their physical work environment or their job status," said Shams Talib, head of Fidelity Workplace Consulting, in a release.
Among the polled organizations, 69% of employers offer teletherapy, 50% offer stress management and resiliency programs. A third of employers also offer programs to improve sleep, up 25% in 2019.
Around 78% of employers also offer work/life balance programming. Popular benefits include caregiver support (46%), programs and tools for new parents (36%) and childcare support (35%).
The survey also found that funding for these programs are increasing. The average budget for well-being programs increased to $4.9 million in 2020, up 36% over last year, with 31% of respondents committing two or more full-time staff members to manage these programs. Among large employers with more than 20,000 employees, the average budget earmarked for well-being programs is $10.4 million.
Financial incentives continue to play an important role in encouraging participation, the study authors said. The percentage of employers offering a financial incentive dipped slightly to 78%, from 82% in 2019, but 13% of employers surveyed indicated that they plan to increase the maximum incentive amount in 2020.
The average maximum amount that can be earned per employee stayed fairly steady, dropping from $762 in 2019 to $757 in 2020.
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Dylan Jackson
Dylan Jackson writes about the business of law and race. He can be reached at [email protected] or 305-347-6677. On Twitter @DylanBJackson
