How many years have we crammed into one? It seems like we’ve lived through a decade’s worth of change in just twelve months. Take remote work (and virtual schooling) as just one example. In 2019, many companies offered remote work as a perk. Hard to believe that in such a short time, remote work has become mandatory in many situations. In 2019, we had dynamic conversations about work/life balance, paternity leave, limiting email and work requests after hours, and so on. Now, so many of our coworkers are dealing with the unimaginable — every day is “bring your kids to work†day. It’s no wonder that 86% of organizations are concerned about mental health in the workplace, according to a recent Paycor surveyOpens a new window . What’s more surprising is that nearly half (45%) are “not sure†about how benefits can address this concern. The good news is that the world of benefits has changed over the years and in some ways was well prepared for the pandemic. Innovation in benefits come from bigger, disruptive companies, ones like Google that can afford to experiment, test, and learn. Over time, the best, most effective benefits get adopted more broadly. Here are three examples to consider, especially if mental health and wellbeing are top concerns at your company.
Mental Health Support
According to the World Health OrganizationOpens a new window nearly one billion people are living with a mental health disorder, and according to HappifyOpens a new window depressive symptoms among U.S. workers have increased 18% over the last four years. HR leaders have an opportunity to support struggling employees and managers with improved training, resource groups, and empathy. While 86% of business leaders are concerned about mental health and well-being in the workplace, very few know what benefits are available to address the problem. According to the Benefits in a Pandemic reportOpens a new window , as a result of the pandemic, 53% of employers have added mental health programs for their workforce.
Of the 2,600 people Paycor surveyed for the 2021 State of American Business ReportOpens a new window , only 17% were able to confirm the mental health benefits they will be offering to employees —  indicating an education gap when it comes to mental health and well-being benefits.
Employee Assistance Programs (EAPs)
EAPs are essentially a benefit, offering various kinds of free, confidential counseling, in person or over the phone, for common problems, such as depression and anxiety. PwCOpens a new window reports that 98% of employers offer EAPs, but a SHRM study found that less than 10% of employees actually use them. Most likely, that’s just a communication and education problem (see “you need a broker†below!). Traditional EAPs focused primarily on mental health, but you can think about EAPs much more expansively. For example, a financial wellness program might coach employees on how to be better savers or how to more effectively plan for retirement. Many plans include online (or in-person) counseling on dozens of different topics, from managing debt to beginner investment strategies. EAPs let you target the specific concerns and stressors of your workforce. Now, if you do offer EAPs, keep in mind if employees get direct counseling (rather than just supplying referrals), these are treated as a medical benefit and are covered by ERISA and COBRA.
Workplace Flexibility
Remote work was already on the rise leading up to 2020, but the global pandemic accelerated this trend, forcing organizations to transition to remote life practically overnight. Paycor’s latest survey found that 44% of companies described the transition from in-office to remote work as a primary focus and 30% of SMBs business leaders reported their remote teams to be more productive than they were in the office.
Even before COVID hit, employees were craving more flexibility. The pandemic has upended our routines and introduced a level of uncertainty to just about everything in life, especially for parents. Thirty percent of employees left their job because the company failed to offer flexible work arrangements. Flexibility used to be a nice-to-have, but for many workers, it’s now become a necessity. Employees require more flexibility to juggle distance learning, etc. and employers are listening. While flexibility will look different across each work environment and industry, reexamining your work schedules and communicating clear expectations with your people is essential to ensure success.
You Need a Broker!
Talking to the right employee benefits broker can make all the difference in understanding the benefits landscape. When selecting a broker, you want someone who knows your business, knows the needs of your (most likely multi-generational) workforce, and knows all of the options available. If mental health and employee well-being is your top concern going into 2021, talk to a professional about the ROI on different benefits plans.
And You Need Benefits Technology
Let me leave you with a final thought. While benefits are changing, one thing remains the same. Your benefits program will only be as successful as your employees’ experience of selecting, tracking, and managing their plans. In 2019, Paycor found that 42% of employers still process open enrollment manually. That’s a major strain on your HR team (who will also be missing out on the data they need to craft a benefits strategy in the first place). But even worse, it’s a terrible experience for employees. Benefits technology is about so much more than merely saving time.
It’s also about giving employees the power to compare plans (ideally, with a decision support tool) and manage their own information and profiles. Employees — and really, all of us — want to select and manage benefits on our phones and have the same comfortable, empowering user experience we’ve come to expect from all our apps. Don’t spend your time developing targeted plans for your workforce and then lose all that potential goodwill by blowing the benefits experience.