How Brokers Can Help Their Clients Implement Employee Wellness Benefits
James Edwards
Employees are facing unprecedented physical, mental and financial stress. With the lingering effects of the COVID-19 pandemic and ongoing economic uncertainty, employee well-being is declining. The challenges employees are facing are bleeding into the workplace, and as a result, employers are seeing a decline in employee engagement and productivity.
Mental, physical, and financial well-being are all tightly connected and a decline in one area affects the others. Employers are taking notice and are more motivated than ever to provide innovative wellness benefits in response. BrightPlan’s Wellness Barometer Survey found that 62% of HR professionals report their organizations are offering more flexible work options such as work from home or hybrid work and 52% are offering holistic wellness benefits in response to the needs of today’s workforce.
Assessing wellness programs
This year, the top benefits employees want most are financial wellness, followed by mental health benefits and flexible time off. With these offerings, employers can better attract and retain top performers. Brokers play a pivotal role in guiding employers to select the right wellness benefits for their company. A benefits package that meets the needs of their clients’ employee base is key to increasing employee satisfaction and productivity.
Here are some ways brokers can help clients implement innovative wellness benefits:
Financial wellness benefits
With rising inflation and volatile market conditions, nearly 3 out 4 employees are experiencing financial stress. Employees are increasingly trusting and turning to their employers for support. Brokers can help clients select the right financial wellness solution for their employees’ needs. A holistic financial wellness program should address the needs of employees at every stage of life and include financial education, tools for planning, the ability for employees to invest, track and manage their finances, and provide access to financial planners.
Mental health benefits
77% of employees reported that financial stress is impacting their mental well-being leading to increased distractions and reduced employee engagement. While the work-from-home era has introduced new stressors to employees’ lives, it has also made accessing mental health care easier than ever thanks to the proliferation of mindfulness apps and online therapy. Brokers can recommend clients cover the subscription costs for these apps, or provide a monthly stipend for therapy sessions. Additionally, tools and resources like stress management training, mental health days, and employee assistance programs (EAPs) can go a long way in improving employees’ overall well-being.
Flexible work policies
The hybrid and remote work model is here to stay and, with the appropriate processes and systems in place, can help increase employee productivity. When employees are in the comfort of their own home they are faced with fewer distractions. Additionally, employers have the ability to attract and employ top talent from a larger geographical area because the barrier of commuting to one place is removed. Brokers can encourage clients to offer flexible work options and provide resources on how to navigate the challenges of a multi-state and/or global workforce.
Implementation strategy
When implementing a comprehensive wellness benefit, employers should have a multi-channel communication plan in place to let employees know about a new benefit offering. Brokers can help introduce new benefits to employees via Q&A sessions, webinars, and tailored educational content and resources. This approach enables employees to better understand their benefits options, encourages them to enroll in the coverage that they need, and guides them to utilize the benefits the company has invested in.
Set employers and employees up for success
As more and more employers invest in employee wellness programs, brokers have the opportunity to provide meaningful support to boost employee well-being, and positively impact their clients’ bottomline. Brokers can help evaluate their clients’ top needs, identify gaps, and augment benefit offerings to meet business objectives.
Learn more about BrightPlan’s Total Financial Wellness solution and partnership opportunities.
