Exploring multiple datasets and insights that span the last year and a half, the report helps make sense of the pandemic’s trends and implications on the workforce. The biggest trend emerging from the pandemic is that employees increasingly want benefits that support their holistic well-being, including their mental and financial health.
The latter is employees’ number-one concern, with 86% citing finances as a top source of stress for them now and in the future. Of course, poor financial health takes a toll on one’s mental health. In turn, these concerns have affected productivity and contributed to stress and burnout: 27% of employees say they’re less productive at work because of financial worries and 26% say they’ve sought help for stress, burnout or other mental health issues in the past 12 months.
Even though 64% of employees rank financial wellness tools as a top-five benefit, only 37% of employers are planning to invest more in such benefits post-pandemic, according to the EBTS study. To meet their workers’ current needs, employers should consider offering financial wellness tools to help employees manage their short- and long-term financial plans. Some popular solutions are establishing resource groups at work, offering workshops with finance professionals or encouraging employees to utilize external resources, like financial wellness and budgeting apps.
“The other key request we are seeing emerge for traditional and non-traditional benefits, from both employees and employers alike, is to take benefits one step further and help the employee and employer connect the dots on what benefits are right for various diverse populations and how to drive equity of access to those benefits,” Missy Plohr-Memming, senior vice president of group benefits at MetLife, told HRD,
During the Great Resignation, savvy HR leaders have been routinely polling employees on what benefits and perks they’re most interested in and would have the greatest impact on their lives. While not all wishes can be granted, Stratusphere, a marketing and advertising agency in Winter Park, FL, is one of the few firms that’s been able to implement all employee benefit requests. In August, the company began providing 100% paid insurance, including health care, dental and vision, to all employees and their families. “We received steady health care comments, which indicated that is a priority,” Theresa Joseph, COO of Stratusphere, told HRD,