5 Ways Employee Benefits Can Help During the Pandemic
BrightPlan Team
The pandemic fundamentally changed how knowledge workers, especially those who could work remotely, conduct their day-to-day lives. Although the economy overall is now seeing strong growth, many employees who have been impacted either physically, mentally, or financially are still recovering. What are these impacts and how can employers support their employees who are facing these challenges?
1. Physical Health
The sheer death toll of the pandemic has dwarfed other natural or human-caused disasters in recent decades. Employers might have lost employees directly, or employees may have lost some of their loved ones. Some employees might not be impacted directly but may experience indirect impacts, such as reduced physical activity or delayed routine or preventative health screenings. The CDC estimates 41% of Americans delayed healthcare appointments or visits due to the pandemic. In addition, Harvard researchers estimate that the average American gained 1.5 pounds per month during the height of the pandemic. All of these factors contributed to a less healthy workforce, potentially impacting the productivity and engagement of employees and increasing healthcare costs borne by employers.
Employers can help by partnering with their healthcare providers to encourage employees to return to care. For example, make it easy for employees to schedule doctors visits they’ve held off on. Employers can also boost their employee benefits by offering on-demand exercise classes to encourage employees to keep in shape.
2. Financial Health
The 2021 BrightPlan Wellness Barometer Survey found that 81% of knowledge workers assessed their financial situation during the pandemic, and 65% are stressed about their finances. The survey also found that financial stress cost employers nearly $5 billion per week in lost productivity*. Financial health has clear links to an employee’s physical and mental health ―money is the number one cause of stress for employees, which deeply affects all other aspects of well-being. Employees―even those fortunate enough to keep their jobs―may be impacted financially in some way by the pandemic, preventing them from being fully engaged.
How can employers support their employees with the financial impacts of the pandemic? First, listen to your employees and the issues they’re facing. Are they struggling with debt, or are they experiencing a loss of income in their household? Do employees need help with planning for long-term goals such as retirement or a child’s college education? Support them with solutions that address their needs, whether it’s financial education, coaching, or a comprehensive Total Financial Wellness solution.
3. Mental Health
The mental health of employees has suffered the past year and a half, especially for younger employees and members of underrepresented groups. According to the CDC, 40% of Americans are struggling with mental health or substance abuse due to the pandemic. Mentally stressed employees are less likely to perform their best work, lowering productivity and engagement. HR leaders rightfully put this issue at or near the top of the priority list when it comes to supporting employees.
Employers looking to meet the mental health needs of their employees should boost their employee benefits offering by ensuring your healthcare coverage includes comprehensive mental healthcare, especially access to licensed therapists. According to psychiatry research, apps and other new solutions should only be used in combination with access to trained and licensed professionals. In addition to offering mental health as part of employee benefits, employers can use creative means such as offering paid company-wide days off for mental health and training middle managers in empathy and burnout prevention.
HR leaders have the opportunity to make a difference in the lives of employees impacted by the pandemic with employee benefits that matter. Supporting employees physically, financially and mentally can go a long way in improving overall employee well-being, leading to happier, more productive and engaged employees who ultimately drive business success.
