Well-Being Benefits Ramp Up Post-Pandemic
The pandemic drastically changed how employers and employees are viewing benefits. Wellness and health benefits have become significantly more important over the last 18 months. According to SHRM, the average spending per employee for well-being benefits increased by $238 this year.
The majority of the workforce has been faced with mental health problems, work/life balance, burnout, and financial stress this year. The pandemic brought challenges that our world has never before experienced and everyone experienced these challenges in one way or another.
Care.com recently put together a report on “The Future of Benefits” where they asked 500 C-suite decision-makers across the U.S. questions about benefits. They found that 98% of leaders are planning to offer new wellness benefits or expand on their employee benefits.
The three largest employee benefits categories that employers are choosing to focus on post-pandemic are:
- Mental health and emotional well-being: Many companies are implementing tech resources like apps for meditation or tools that encourage exercise and sleep into their benefits plans.
- Work/life balance: Giving employees the opportunity to work from home is now considered a benefit for companies. How the tables have turned! Another simple way to offer your employees a better work/life balance is through flexible hours.
- Caregiving: The reality is without childcare, people can’t work. Providing childcare is an employee benefit that will improve the overall productivity of your employees.
It has also been proven that a wellness program can increase employee retention, build a better workplace culture, and help with workflow management. To learn more about these benefits of a wellness program, click here.
We would love to help you with establishing a strong benefits package for your team. Reach out to us here or start by taking our Milliman’s Benefits Benchmarking Survey for a custom report on how your benefits compare to your competition.