Overall staff health declined last year, with most employees saying their companies need to do more to support their mental, physical and financial wellbeing, confirmed a new study.
The 10th Annual Workplace Benefits Study, from the Guardian Life Insurance Company of America, entitled Mind, Body, and Wallet, confirmed an overall decline in workforce wellbeing since the onset of the pandemic; with Covid-19 (50%) as well as money and finances (46%) being the two leading causes of stress in workers’ lives. Mental health has experienced a significant drop-off in 2021 from the previous five years; which can be directly tied to the pandemic and worsening financial wellness.
The study noted that employees’ need for mental health support is particularly acute; as 21% of people in the US (or more than 52 million) are living with a mental health condition; an increase of 1.5 million individuals since 2019. As a percentage of total disability claims, mental health-related claims have doubled in the past decade from 7% to 14%.
DECLINING EMPLOYEE WELLBEING
The research from the Guardian’s Workforce Wellbeing Index confirmed that benefits make a true difference in employees’ lives. Nearly half of working Americans, for example, believe they would face financial hardship if they didn’t have access to the benefits they receive through work. The Guardian created its Workforce Wellbeing Index, back in 2016 to monitor how Americans feel about their overall health and wellbeing.
The study also revealed a sharp disconnect between employer and employee perceptions; with most companies believing they are doing a good job in supporting wellbeing, and most employees disagreeing. “The disconnect between employee and employer perceptions is particularly striking,” stated Chris Smith, Head of Guardian’s Group Benefits business. “Employers have a real opportunity to close the perception gap by revisiting how they support employee wellbeing and helping their workers more fully utilise the benefits they already provide.”
VITAL STAFF BENEFITS
The report also revealed that less than a third (28%) of employees strongly agree that their employer does a good job of educating them about the benefits that are available to them and how to use them. For their part, only 32% of employers say that tailoring benefits communication and enrolment for their various employee segments is extremely or very important.
“Providing benefits and helping employees use them not only promotes wellbeing but also enables companies to address priorities such as employee retention and productivity,” noted Smith. “Our study, for example, found that companies that have invested in mental health benefits saw increases in both retention and productivity recovered for employees who utilised those benefits.”
Click here for more information about the report.
Young employees worldwide are worried that revealing mental health issues to their employers could have a negative impact on their career progression, according to a recent study. Click here to read more.
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