Benefit packages are often at the top of the list of items for employers to use when enticing young professionals to apply, but the ever-changing workforce can make it difficult to keep up with evolving needs. What can leaders do to make sure the next wave of benefits is in the right direction?
Mental health is one such area. Of the more than 2,000 U.S. workers that responded to a survey conducted by the Harris Poll on behalf of the American Psychological Association (APA), close to 30% reported difficulty staying engaged or energized towards their jobs. The report was titled "
Interestingly, employee relationships with managers and the availability of mental health resources in the workplace played a key role in how many respondents reported having these issues.
Roughly 20% of those with higher levels of psychological safety reported a lack of motivation, against the 39% with lower levels of mental health security reporting the same lack of drive. When relationships with managers were factored in, the numbers shift to 28% for those satisfied with their managers and 46% among those who are not.
"Overall, if you want to know how employees are doing, just ask your coworkers," Steven Pratt, the senior medical director for the employer segment within Magellan Health, a managed healthcare company, said in an interview with Employee Benefit News'
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Below is a compilation of insights into how companies can continue to improve their suite of benefit programs.
How employers can take their caregiving benefits to the next level
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As an employer, are you equipped to support — and therefore retain — your
Nearly three-quarters of working Americans are already caregivers, a number that will increase as the population of people aged 65 and older goes up over the next several years. The National Cancer Institute defines the term caregiver as anyone who helps take care of someone else: children, the elderly, and those with a disability or chronic illness. Responsibilities range from researching facilities to helping with daily needs such as meal prep and errands to navigating the healthcare system. The hours add up, some of which caregivers have no choice but to
More than ever, organizations have access to a variety of experts and technology that can help round out
The case for becoming a recovery-friendly workplace
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In 2018, Mark Bonta was among a group of business leaders introduced to a new, government-funded approach to
At the time, Bonta was a plant director in New Hampshire, where governor Chris Sununu launched his Recovery Friendly Workplace Initiative. During an orientation about the
"Hearing about these practices and the perspective of it, and the fact that the governor was pushing this, really opened my eyes that I might have a different option than just firing someone if they report to work under the influence, or I discover that they have a substance use disorder," says Bonta, who has since retired from plant management and now serves as executive director of Recovery Jobs Foundation, an organization that helps teach employers how to support and educate talent who are in active recovery from an SUD.
FinFit rounds out its financial offerings with Sunny Day Fund partnership
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Having
FinFit's financial wellness platform, which is currently available as a benefit to more than 7 million employees, gives access to products like credit lines and loans,
Teaming up with emergency savings platform Sunny Day Fund allows them to provide a more holistic financial safety net to workers whose traditional options for banking are either insufficient or too expensive, says Michael Woodhead, chief commercial officer at FinFit. All FinFit members will be able to seamlessly direct money from their paychecks to both credit and loan payments as well as into a Sunny Day Fund savings account. These accounts earn 4.06% APY interest from Portage Bank — 10 times the national average.
The role employers play in gray divorce
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One of the most financially devastating things that can happen to a person in their golden years is divorcing a spouse.
What's frequently called "gray divorce" is happening more than ever before. In 1990, less than 9% of all divorces in the U.S. involved couples at least 50 years old. That figure jumped to 36% in 2019, according to a paper published in the the Journals of Gerontology in 2022.
Although employers are in no position to help salvage a person's marriage, they can help provide financial education so employees are prepared for anything that may come their way.
Employee benefits that go the extra mile
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Employers should embrace going the extra mile to provide workers with important benefits that are in addition to the traditional ones usually offered.
Giving this extra support can create a welcoming workplace culture and assist employees through a difficult situation.
Aeroflow Health is doing this in an extreme time of need for hundreds of its employees. The medical equipment provider is based in Asheville, North Carolina, and many of its workers are now indefinitely displaced after Hurricane Helene ravaged the area in late September.
How to navigate rising health costs and enhance employee value
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It's more pressing than ever for benefit brokers to balance
Healthcare costs are rising at an unprecedented rate, driven by various factors that include medical inflation, regulatory changes and an aging population. These increases put immense pressure on employers that must manage these costs while maintaining competitive benefit offerings to
The importance of holistic hormonal health for women at every life stage
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In today's competitive business landscape, organizations continuously strive to
Workplace support benefits everyone, enhancing both performance and well-being. Hormonal health plays a key role in overall wellness, affecting mood, energy, and cognitive function. By fostering hormonal balance through nutrition, flexible policies, and wellness resources, employers can help all employees thrive and perform at their best.
Digital gift cards help level up rewards and recognition programs
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Gift cards are the most attractive form of rewards across demographic groups, with
To differentiate themselves in a highly competitive market, rewards and recognition providers that serve employers must offer
The ability to broaden a rewards and recognition program so that it appeals to a larger audience is one of the most significant advantages of digital gift cards. They are a versatile option that can be tailored to a wide range of preferences, be it tech-savvy Gen Z workers or foodies who value fine-dining experiences. This results in a more appealing program for customers across a wide range of markets.
How employers can rethink workplace benefits to better support Americans' well-being
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American workers' well-being remains alarmingly low.
According to Guardian's most recent
For employers, the data suggests that as employees
SECURE 2.0 student loan matching will serve as talent magnet
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"You can be young without money but you can't be old without it . . . because to be old without it is just too awful…" — Tennessee Williams in "Cat on a Hot Tin Roof"
Walgreens recently announced the launch of a student loan 401(k) match program that will allow its employees to qualify for company
"With this new benefit, our team members are no longer faced with the difficult choice between managing their student loan debt and investing in a secure financial future – now they can confidently do both," noted Elizabeth Burger, EVP and chief human resources officer of Walgreens Boots Alliance.
