While employers are prioritizing mental and physical wellbeing programs, employees report that what they really want is financial wellbeing support, according to a new survey.
The survey was released last week by WTW, a global advisory, broking and solutions company. It included responses from 535 employees at medium and large private sector employers.
The organization found that 73% of employers prioritize mental wellbeing and 50% prioritize physical wellbeing. However, 66% of employees say that financial wellbeing is their biggest concern. For employers, only 23% of respondents listed this as a priority. This comes as just 41% of employees feel financially secure, according to the survey.
“There is this discrepancy now between what employers think and what employees feel like they need or are requesting. … I think that based on where we are — like the economy, financial needs, retirement and how some of those things are driving anxiety — we just need to think more intentionally about the big pockets of our workforce and where they are and what they need,” said Erin Terkoski Young, director of health, equity and wellbeing at WTW, during a Tuesday interview at the Behavioral Health Tech conference in Phoenix.
Some examples of financial support that employees may be looking for are funding for college, retirement support and financial planning tools. Younger generations often need help affording their first home.
Terkoski Young noted that this doesn’t necessarily mean that employees don’t need mental wellbeing support.
“I do think it speaks to some of the ability to access some of those [mental health] services,” she said. “I would love to think that some of the access — with a lot of the virtual care that is being provided — has provided more availability for people to meet their needs, especially some of the low acuity needs.”
It’s also worth noting that financial problems can seriously affect mental health, she added.
In general, employers also think their wellbeing programs are more beneficial than employees do. About 53% of employers said their wellbeing programs are very important in helping employees improve and sustain their wellbeing, compared to 35% of employees.
Based on the findings, WTW does have several recommendations for employers. Some examples of tactics that employers can implement include providing coaching to help form financial resilience skills, educating employees on potential financial challenges they may experience and providing personalized financial decision support, according to the report.
“I think it comes back down to setting strategy,” said Carrie Kahn, senior director at WTW, in an interview. “What are you trying to solve for in the next couple of years? Many employers have taken actions, lots of action, and we’re seeing that. But let’s measure, let’s measure more of those programs.”
Employers should also survey their employees on what they want and need.
“It’s a good opportunity to go back and do a holistic benefit assessment with the employees,” Terkoski Young stated. “Are we meeting your needs? What else do we need to do? … If we only have so much resourcing and bandwidth to do two things this year, what are they going to be? They might not be mental health-focused, and that’s okay.”
Photo: santima.studio, Getty Images
