Employee Well-being: Physical, Mental and Financial Wellness
BrightPlan Team
Since the start of the pandemic more than a year ago, HR leaders are increasingly prioritizing employee well-being. At first, it was focused on employee health and safety during a global pandemic. As the restrictions continued and employees shouldered the additional burden of childcare, caring for sick family members and isolation, HR leaders broadened their focus to include the overall well-being of employees.
Research from IDC shows that investing in employee well-being is a strategic imperative for leading organizations. Employee well-being can have a direct impact on employee experience, leading to more loyal and engaged employees who help drive greater organizational resilience and business results.
What are the elements of employee well-being and what programs can HR teams offer to support their employees? This blog post will address the three core components of a holistic employee wellness program: physical, mental and financial wellness.
1. Physical Wellness
Employer-sponsored physical wellness programs have been around for a while now. According to the CDC, employer-provided physical wellness programs can help maintain a healthier workforce, which reduces healthcare costs and potentially increases productivity and morale while reducing absenteeism.
Many employers offer physical wellness programs through various avenues including onsite gyms, discounted or reimbursed gym memberships, assistance in managing health events, and navigating the healthcare system through the Employee Assistance Program (EAP) offered through a health insurance provider.
2. Mental Wellness
According to the American Psychological Association, Americans are currently facing a national mental health crisis with serious consequences for years to come. 67% of adults say they’ve experienced increased stress due to the pandemic, and nearly 1 in 5 say that their mental health worsened during the pandemic. This trend is especially true for working parents, who often must juggle childcare and work, impacting productivity and engagement.
Unlike physical wellness programs, mental wellness programs are relatively new for employers. Many are looking to offer them for the first time. Employers often partner with mental health providers for therapy or other services. Some employers also implement small changes internally, such as mandating employees take days off work or having one day per week where employees are not expected to turn on their cameras for video calls.
3. Financial Wellness
Employers looking to support their employees’ well-being should address the root cause of the stress employees face, which negatively impacts their mental and physical well-being. According to a recent PwC study, finances are the number one cause of stress for employees―more than relationships, jobs, and health combined. Although businesses are gradually reopening thanks to vaccination efforts, nearly two-thirds of employees say that their financial stress has increased since the start of the pandemic, and 42% of employees find it difficult to meet their monthly household expenses.
Financial wellness programs are relatively new for employers, who have historically focused on offering retirement-related benefits such as a 401(k). Employees are demanding more. 75% of employees surveyed by John Hancock believe that employer-sponsored financial wellness programs would help relieve financial stress.
Leading employers are offering financial wellness programs that cover all aspects of an employees’ financial life. Such programs should cover financial education, financial planning, investing, and day-to-day money management to help lead employees to financial success in all stages of life.
Supporting your employees and investing in their well-being can go a long way in increasing engagement and retention, which ultimately drives business results. Employers looking to boost their wellness offerings can start by looking for gaps in their current offerings so they can better support their employees’ physical, mental and financial well-being.
