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Employers have a vested interest in the overall well-being of their employees. A happy and healthy workforce increases productivity, reduces absenteeism, improves retention and lowers overall benefit costs. There are several ways employers can invest in employee well-being. Employers can focus on one or more of the four pillars of well-being: physical, mental, financial and social, or they can take a more holistic approach.
Our partners with Assurex Global conducted a poll during a March 23 webcast to gain insight into employers’ focus on employee well-being in 2023. The survey results are shown in the charts below and are based on 288 employer responses.
Are you planning to increase your investment in employee well-being?
Which wellness pillar will you invest the most in 2023?
Snapshot of the industry
When asked if they planned to increase investment in employee wellbeing this year, we found that employers in the education sector were most likely to say yes. At the same time, they were least likely in manufacturing. Additional industry information is shown in the chart below.
- As mentioned earlier, most respondents chose mental health as the pillar they would invest most in. We found that all but one industry also chose mental health as their primary focus. The nonprofit sector chose financial well-being as its top priority.
Although it’s still early in the year, about a third of employers are committed to increasing investment in their employees’ well-being. This trend is very similar to the previous year. As we continue through the year, we expect more employers to formally define their employee wellness goals.
We encourage employers who indicated they would not increase spending or were unsure to view employee health as another business investment that requires consistent review. For those thinking about investing in financial wellness, know that emergency savings and retirement plans are tapped with greater frequency when employees are struggling with debt. For those focused on mental health/behavioral health, know that May is Mental Health Month and is a great opportunity to highlight available resources.
Regardless of which wellness pillar(s) a company decides to invest in, it is important to remember that each area should not be viewed or treated in isolation. Economic problems within a population almost always lead to increased mental health concerns. Physical problems can affect emotional and social well-being and so on. Wellness offerings and resources should be viewed holistically.
Contact a Scott Benefits consultant to learn more about our strategic and tailored approach to employee wellness, health risk performance.