Benefits Think

5 ways to manage the 'whole employee' wellness trend

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As another year winds to a close, have we ever really recovered from Q4 in 2021? Probably not. However, there is a marked shift in the employee benefit space that advisers are having to keep tabs on: the rise of the "whole" employee.

At this point, we are no stranger to dealing with rising employee demands, as well as the ongoing and escalating talent war and increasingly diverse workforces. Having said that, here's a question for my fellow advisers: should employers compare themselves to others in the industry or not? 

I'll go first. I believe it's a good thing, but not necessarily imperative. Just like sports, while you always want to understand what your competitors are doing, it's important to keep your head down and focus on your own game, culture and locker room. That is what will help you win rather than trying to copy another game plan. 

Read more: Ask an Adviser: How can benefits best support a multigenerational workforce?

This is where the discussion of defining benefits comes into play. As advisers, our core competence is helping design health and wellness benefit plans. We obviously need to do a stellar job in this area to help employers understand their fiduciary responsibility. However, as an employee benefit partner to clients, the demand for us to provide more than insurance consultation has grown because this is what the market is also telling us. Employees demand more. The question is, what is more?

In MetLife's recent employee benefit trend study, a decline in the number of employees willing to stick with their employer has been spotted over the past few years. A major reason driving this decline centers around employee wellbeing. We learned in this survey that employees are looking to their employers to help support ongoing health and wellness needs from a personal perspective, as well as provide tools to combat mental health declines. Insurance plans are not always the best solutions for these difficulties.

There are five key areas that the survey suggested employers should focus on. Let's determine how advisers can help their clients tackle each of these: 

1. Purposeful work
This requires a bit of give and take. Depending on the client's industry, it is a matter of helping employers understand that their culture matters. Also, depending on an employee's position, it is hard to understand how valuable their work really is. So as advisers, I believe we can challenge our employer clients to consider all positions and help derive ways to educate members on the ecosystem and why each role at the organization is so relevant to the company's success. And, if any of these positions are deemed not important, then candidly, you've at least helped them identify a way to streamline.

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2. Flexibility and work-life balance
I do believe advisers can discuss this with employers, too. While advising employers on how to handle remote/hybrid/office environments, we also can help them understand a significant shift in the diverse workforce and how talent now can be found all over the country or even across the world.

3. Social and supportive cultures
This one is probably the most obvious yet underrated area. Employees thrive in a culture that is supportive and engaging to the point where they feel as safe as possible. 

4. Career development and training
Providing employees with a path to growth, leadership or further learning helps individuals feel more wedded to an organization. As advisers, there are fantastic tools to further education that are available as "employee benefits" that also would fall under the "lifestyle" benefit category.

5. Wellness programs and benefits
We have a good amount of impact here. Wellness is now such a vague term, but we can help our employers understand what type of wellness is important to them or their employee population. Whether it is incentives that steer employees toward low cost and high quality care, or supportive and diverse mental health resources that all employees can gain value in, we need to help employers understand that these are much longer conversations rather than throwing a product at a problem, (i.e. the Band-Aid solution).

Read more: Why the ever-expanding definition of benefits bodes well for producers

Ultimately, as advisers we have an incredible opportunity to impact the whole employee. The benefit landscape is changing and as such, so are our roles and the way we are viewed as partners to our clients rather than just a broker. This is no longer just an "insurance game" anywhere. It's the "employee game," and we have a front row seat.

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