Workplace wellness initiatives–mental, physical and financial
Workplace wellness encompasses so much more than just healthy snacks and getting up and out for mid-day walks…
Workplace wellness is all about the mental, physical and financial needs of your employees.
When these three areas are addressed, employees feel more supported and thus become more engaged, productive and present at work.
How do each of these three areas impact your employees? Would prioritizing these workplace wellness initiatives attract more employees and retain your current employees?
Let’s find out.
Mental Health Support
In recent months, there has been a lot of discussion around mental health support in the workplace.
In 2020, nearly 53 million Americans experienced mental illness, yet less than half received treatment, according to the National Alliance on Mental Illness. I’d assume that this number has increased in the last year as well…
82% of workers with a diagnosed mental illness do not inform their workplace managers about their condition. The common reasons are fearing the negative impact on their career, being embarrassed, and even losing their job.
Yet, every dollar invested in treating common mental disorders gives a return that is four times due to improved productivity and overall.
Additionally, there has been evidence to suggest that there is a two-way relationship between mental health and financial health.
The negative effects of the pandemic on our mental health comes as no shock to anyone, so it is to an employer’s advantage to provide mental health support options.
Physical Health Support
Something that the typical US work week struggles with is giving employees enough time and resources to find a healthy, active outlet. Meetings take over the day. Fires have to be put out. There is always something to tackle from the moment work starts (maybe even before) to the moment it ends.
For many employees, physical health takes a backseat to their daily tasks….
Though, a lack of exercise, poor diet and other factors lead to a productivity loss of 30 days for every employee a year. This encompasses so many US employees.
Productivity, then, is not just a result of employee engagement at work but also of the state of their health.
When employers provide some kind of benefit that allows employees to prioritize their physical health more, employers also reap the rewards of a healthy workforce.
Measuring the effects of employee financial support can be tricky. Primarily because you can’t track the personal expenses of your employees nor would you want to.
However, you can track indirect effects like employee stress levels, productivity and engagement which we know are impacted by financial stress.
And 77% of Americans are financially anxious with 58% feeling that their finances control their lives.
Employers are in a unique position to help. 82% of employees trust their employer for financial advice and support; a greater proportion than those who trust an independent financial adviser.
When employees look to you for support in so many places, why wouldn’t you include some kind of financial health support as well?
In the end…
Employers who support their employees with programs that provide aid in mental, physical and financial health are what employees are looking for as they transition between careers.
There’s more than salary in today’s market when competing for the best talent…
“Employees may be trying to cover childcare, put food on the table, pay for housing and contribute to their benefits and retirement account,” says Jeris Stueland, an expert associate partner and leader for the employer healthcare service line at McKinsey. “On their salary, it just may not add up, so employers can at least help employees with these chronic stressors and give them a chance to be more resilient when other things happen.”
To learn more about TrueConnect’s Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.