Having good employee benefits is one of the most important aspects of a company that job seekers look for. And for good reason. Benefits boost one's overall well-being by influencing physical health, mental stability, financial security, and work-life balance.
A well-structured benefits package, such as one that offers health insurance, dental and eye care coverage, paid time off, and retirement plans, can also attract and retain top talent.
Below, we discuss the advantages of investing in a comprehensive employee benefits package and the role this plays in fostering overall employee wellness.
The Role of Employee Benefits in Overall Wellness
Studies have shown that there's a lot of value in promoting worker well-being. Employers who provide robust benefits are able to better achieve this by helping employees stay physically and mentally healthy while aiding financial stability. Here’s a rundown of how benefits contribute to employee wellness:
1. Health Insurance & Preventative Care
Having good health insurance is one of the most impactful benefits on employees' overall wellness. Employees with health coverage are more likely to seek preventative care and are less likely to develop a chronic illness.
When considering health insurance benefits, the plan should be comprehensive and include medical coverage with preventative care for routine check-ups, vaccinations, and screenings.
Dental, vision, and mental health support are all welcome additions. In addition, you may consider providing a plan that offers telemedicine so employees have remote access to medical providers.
2. Mental Health Support & Resources
Just as important as being physically healthy is to workers, your employees' mental health must be well maintained. Employees can often face a range of mental health challenges directly related to their work. Workplace stress, anxiety, and burnout are three very important aspects of one's overall wellness that need to be addressed.
Employers can support mental wellness by providing free counseling and mental health resources via Employee Assistance Programs (EAPs). Coverage can extend to providing therapy and psychiatric services.
Another way to boost employee mental health is by offering flexible work schedules, work-from-home options, and providing wellness days.
3. Paid Time Off & Work-Life Balance
Without work-life balance, many in the workforce are more likely to experience burnout. The best way to combat this is by offering generous paid time off (PTO). As mentioned previously, offering flexible schedules and remote work options are also beneficial in preventing burnout.
Offering sick leave and paid leave for vacations, maternity and paternity, bereavement, and personal emergencies can also promote better work-life balance.
4. Financial Wellness Programs
Financial security is at the top of a lot of employees' concerns and having a financial wellness program in place can help put minds at ease.
The most impactful aspect of employee financial wellness is a retirement plan. However, offering student loan assistance, tuition reimbursement, financial education workshops, and emergency savings programs—such as an employer-sponsored payroll deduction savings plan—are all great ways to further boost wellness.
5. Wellness Programs & Incentives
Because physical and mental wellness is of the utmost importance, you may want to consider offering further incentives for employees. For example, gym memberships (or reimbursement), healthy office snacks–mixed nuts and seeds, fruit, and hummus with veggies–and wellness challenges have been found to be very effective.
Offering chair massage services for office workers, in-house mediation programs for stress management, and standing desks to promote better posture are also wellness incentives that are well-received by employees.
Employee Mental Health Wellness FAQs
Take a moment to review our frequently asked questions about employee benefits as they relate to wellness. If you have questions that are not addressed below, please reach out to our team directly.
How Can I Expand Mental Health Coverage for My Employees?
To make your mental health benefits plan more robust, you should consider coverage for specific therapies, psychiatric care, and reduced copays for mental health services. You can also ensure that prescription medication coverage includes medications for treating common mental health conditions.
How Can I Encourage My Employees' Work-Life Balance?
We've touched on the importance of promoting work-life balance and noted that those who don't achieve this can often feel overworked and less appreciated. In an effort to prevent this from happening, consider implementing flexible work arrangements–remote work, work-from-home days, making one's own hours, mental health days, and boundaries for after-hours communications.
Which Stress Management Resources Should I Provide to My Employees?
Some of the best tools employers can provide to their workforce in regard to stress management include access to mindfulness and meditation apps, in-office relaxation sessions, and financial literacy education.
How do I Create a Supportive Workplace Culture?
When considering the culture you want to promote at your place of work, you should focus on company values, work environment, communication, and employee engagement. Take this a step further by considering activities and programs that support employee mental health. Do this by training managers on mental health awareness, offering peer support groups, mentorship programs, and recognizing work achievements to boost morale.
Get Help with Your Employee Group Benefits Package
Benefit & Financial Strategies understands the importance of group benefits and how they impact employees and employers alike. Our team offers individualized support for businesses of all sizes to guide you through selecting group employment benefits and retirement service plans that are most beneficial for all parties.
Reach out today to schedule a consultation with a group benefits advisor.