October 24, 2019
The Opportunity for Employee Well-Being
The line between professional and personal lives continues to blur, and a focus on employee well-being can let companies stand out.
Companies that want a fulfilled, resilient workforce are making well-being a comprehensive part of their culture. The line between professional and personal lives continues to blur, and companies can use this as an opportunity to differentiate by moving beyond the traditional benefits package.
According to a recent study conducted by the National Business Group on Health, midsize and large employers are expected to spend an average of $3.6 million on well-being programs in 2019. Well-being is expanding and evolving, driven by trends that include:
- A focus on financial wellness and the adverse impact that debt, low savings and a lack of planning can have on productivity, engagement and health
- A realization that mental health requires increased attention after the prolonged silence, and in some cases stigmatization, that have made it difficult to connect needs with treatment
Financial wellness is one of the most popular well-being initiatives. According to Wellable’s 2019 Employee Wellness Trends Report, more than 68% of employers say they will be investing more into financial wellness. Employees are looking to employers to provide financial wellness tools that will increase their overall well-being.
The Wellable report also finds that over 70% of millennials say they’ve delayed major life decisions due to their student loan debt, indicating the value of student loan assistance programs. Globally, over the past two years, 27% of workers report suffering from stress, anxiety or depression due to their finances, which diminishes employee productivity, engagement and health. With education costs skyrocketing, this issue isn’t going away. Expect participation in financial wellness programs – that address debt management, budgeting and financial planning – to grow considerably in years to come.
See also: Why Financial Wellness Is Elusive
Mental Well-Being and Mental Health
In recent years, the spotlight on mental health and mental well-being has intensified. According to a 2017 national survey by the APA, the workplace was the third-leading cause of stress (61%), after money (62%) and the future of the nation (63%). Supporting mental resilience by reducing stress needs to be a key focus for well-being in the workplace.
Mental well-being is all about prevention and skill-building. Most of us never learned how the brain works or about the importance of training our brain for ultimate vitality. Instead, we are conditioning our brains to be distracted and overstimulated. The good news is that the latest neuroscience research proves that we can train our brain to perform more optimally. While adoption within the employer population remains slow, brain training apps are increasingly commonplace.
Solutions like Total Brain apply the latest brain optimization research to help employees learn skills, but the responsibility rests on employers to offer these types of solutions for mental fitness and mental optimization training to help employees improve brain health. There are also hundreds of apps, websites and online courses designed to enhance mental well-being.
In addition to providing mental well-being training to your employees, it is critical to focus on mental health benefits and interventions. Millions of Americans need additional support and resources for the mental health disorders that continue to plague our society.
The good news is that, like other chronic diseases, mental health disorders are treatable, and employers have a unique opportunity to improve the mental health of the 157 million U.S. adults who spend more time working than doing any other activity apart from sleeping. The key is that employers must take a comprehensive approach, including:
- Access to care: No matter how much we do to create a culture of mental well-being, employees have to be able to access and afford treatment. To prevent higher co-pays and out-of-pocket costs, employers need to ensure that employees aren’t forced to access out-of-network providers for mental health care.
- Comprehensive coverage: Employers must view a high frequency of claims in behavioral health as favorable instead of trying to mitigate these visits like with ER or specialist visits. Weekly therapy can be a very effective treatment for many, and employers should not be concerned about the number of visits an employee has if the employee is seeing qualified specialists.
The Way Forward
If organizations want to thrive in the next decade, they need to invest in the well-being of their employees. There is an opportunity to innovate, set yourself apart with a commitment to the health of employees and create a culture that talented individuals want to be part of for many years to come.
See also: Employee Wellness Plans’ Code of Conduct
Take time to evaluate your ecosystem – culture, leadership, management, benefits, employee resources, third-party solutions, workplace environment and communications – then devise a plan, execute and make refinements when data exposes gaps. The result will be a safer, higher-performing workplace driven by empowered individuals who are committed to the well-being of the company that employs them.