Retirement plan sponsors are the first, and most important, line of defense in providing employees with well-managed retirement savings plans.
Employee Health & Wellness
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3 min read
In a recent study, almost all employees surveyed (94%) want their employers to ensure the benefits offered have a meaningful impact on their quality of life.
As a business and HR leader, you know that your employees are one of your greatest assets. They are typically the ones out in the field or in front of the customer doing the hands-on work that makes it possible for your company to run effectively. So, doesn’t it make sense to ensure that your employees are healthy, happy, and productive?
Taking a holistic approach to employee wellness is a trend that is helping businesses of all sizes reduce healthcare costs, increase worker productivity, lead to more successful recruitment and retention efforts, promote employee engagement, and encourage a healthy and positive workplace culture. In this blog post, we’ll give you tips for promoting whole-life wellness among your employees.
Physical Wellness
Companies that have initiated wellness programs are seeing positive returns. For every dollar spent on employee wellness, researchers report that medical costs fall $3.27 and absenteeism drops $2.73—a six-to-one return on investment.
Providing nutritional counseling and fostering a culture of health as part of your corporate wellness program encourages your employees to be fit and eat nutritious foods so that they will not only perform better and call in sick less, but will be healthier people overall.
Arming your employees with the right information about nutrition and wellness means that they will be more equipped to avoid diseases such as diabetes, heart disease, and other preventable illnesses.
Mental Wellness
73% of employers have mental wellness offerings of some sort, such as stress management.
Supporting your employees’ mental health needs is paramount. It is a well-established fact that satisfied and happy workers provide better customer service and are more productive each day, leading to a 12% spike in productivity for your business and higher profits.
Employee Assistance Program (EAP)
When EAP services were provided, work loss was avoided in 39% of cases and work productivity improved in 36% of cases.
Each year, more than 40 million Americans experience mental health conditions, including depression, anxiety, stress, bipolar disorder, post-traumatic stress, and substance abuse. An Employee Assistance Program (EAP) provides free and confidential assessments, counseling, referrals, and follow-up services to employees that experience personal and/or work-related problems.
An EAP is an additional tool you can have in your toolbox to keep your employees healthy in both body and mind. EAPs also help businesses address organizational components that may be contributing to a negative work environment, enabling them to resolve and prevent those types of issues from occurring.
Financial Wellness
42% of financially stressed people are 10x more likely to not finish daily tasks at work, 9x more likely to have troubled relationships with coworkers, and 2x more likely to be looking for a new job.
Financial literacy is an area where you can improve your employees’ overall well-being. The best way to accomplish this is to create an accessible library of resources on your website and/or employee portal. The library could be split into key topics, such as:
- Debt Management
- Budgeting and Saving
- Buying a Car/Home vs. Leasing/Renting
- Credit
- Taxes
- Paying for College
- Saving for Retirement
- Insurance
Within each topic, you would include relevant, easy-to-understand resources, such as tip sheets, guides, calculators, short videos, tutorials, and any other items that your employees may find valuable.
A good employee benefits broker will work with your company as a trusted partner and have the resources and expertise to ensure the job gets done right. The right employee benefits partner can also guarantee that your employees have access to the benefits that they want and need.
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