5 Ways Employers Focus on Employee Well-Being

Posted on: August 27, 2024

A new work culture is emerging as American businesses focus on the overall health needs of employees. For years, many employers have provided wellness programs dedicated to encouraging employees to improve their physical health and fitness. But employers now are recognizing the need to focus on the overall well-being of their workers, including their health needs in five areas.

Financial

A Sleep Foundation survey found that 77% of people lose sleep over finances at least some of the time. On top of household bills, house payments and rent, interest rates, inflation, credit card debt, job loss, and retirement saving, many of them worry about student loan debt. In fact, 13% of women and 11% of men lose sleep over student loan payments.

This stress carries over to other areas. A recent PwC survey showed financial stress negatively impacted the mental health of 55% of respondents and the physical health of 44% of respondents.

Even apart from the physical and mental health impact on absenteeism and productivity, financial stress is a distraction. One in three full-time employees surveyed said that money worries have negatively impacted their productivity at work, with financially stressed employees nearly five times as likely to admit personal finance issues have been a distraction at work.

Employers can help by offering financial wellness benefits and making sure employees know about benefits you already offer, such as 401(k) matches and Health Savings Accounts. While 68% of employees surveyed in 2023 reported using financial wellness services offered by their employer, only 51% of employees surveyed in 2012 did so.

Employers can support their employees who struggle with student loan debt by offering a benefit like Employer-Assisted Student Loan Repayment, set up provisions of SECURE Act 2.0 to help employees with student loan debt start saving for retirement sooner, and provide other financial support solutions to educate employees and alleviate their financial stress.

Learn more: Check out our white paper on helping employees achieve financial well-being.

Social

One way that employers support employees’ social well-being is with policies that allow flexibility and work-life balance. Employees who feel they can control their schedules to better juggle work and family responsibilities are more relaxed, productive, and satisfied with their jobs.

To help out, some employers offer onsite or discounted child care to make it easier for employees to care for their children. Others schedule fun, educational team activities for employees during work hours. Surveying employees is key to helping you discover what types of team-building activities, if any, will enhance your specific organizational culture and what will simply create a sense of obligation or fall flat.

Community

Research shows that employees prefer to work for employers that are socially responsible. Of 2,000 U.S. employees surveyed, 76% indicated they wanted to work for a company that is trying to have a positive impact on the world. Nearly two-thirds said businesses today don’t accomplish enough in their efforts to take on environmental and social challenges.

Many businesses even allow employees to support community needs and programs during the workday. These experiences help associates to connect with the people in their communities, and feel the goodness that comes from helping others, when they otherwise would not have time. These types of activities can also provide an opportunity for team-building among employees and with leadership.

Career

Employees want to work for employers that appreciate them and provide learning opportunities. Many employers offer employees tuition assistance or tuition reimbursement programs to support their career advancement, and lunch-and-learn options to develop new skills or training for jobs in other departments. Rapid technological advancement in many industries requires more frequent upskilling and often retooling. Providing financial assistance with retraining is key.

By meeting with valued employees to discuss their career aspirations and helping them find a clear path for career advancement, employers reinforce overall employee well-being and boost engagement and morale among employees. This goes a long way toward helping to reduce turnover by retaining valuable employees who provide important institutional knowledge.

Physical

In the past, popular workplace programs included nutritious food and snack choices in the cafeteria and a workout area to make it more convenient for employees to exercise. With the high cost of health care insurance, promoting physical health and wellness has become a greater priority for most employers today. The increased focus on overall well-being of employees, rather than just their physical health, has changed the face of wellness programs.

Indeed suggests that effective wellness programs can help employees avoid complications that lead to chronic disease, while improving mental health, productivity, attendance, teamwork, employee engagement, and morale. Wellness programs are also touted as an important recruitment perk for many in the millennial and Gen Z generations.

As a proven administrator of education benefits, BenefitEd provides an expert team that knows how to customize benefits to help enhance the overall well-being of your employees. Reach out today to learn more about getting started with our flexible products.