No doubt, many are struggling during the COVID-19 pandemic, but employers that show heightened support for their employees are viewed more favorably and have a workforce that reports greater holistic well-being, a new study suggests.
According to MetLife’s 18th annual U.S. Employee Benefit Trends Study, respondents who felt their employers are “doing enough” or going “above and beyond expectations” to support them during the pandemic feel more holistically well, along with more productive, engaged and appreciated, as compared to those who say their employers have not done anything (58% versus 31%).
“The Coronavirus is clearly contributing to employees’ overall stress, especially as it relates to their financial well-being,” says Todd Katz, MetLife’s Executive Vice President for Group Benefits. Noting that this is particularly true among those with incomes below $50,000 and those in health care, Katz explains that employers across industries have an opportunity to be a source of support for employees by offering tools and resources to address their immediate concerns.
In analyzing pre-COVID-19 data from late 2019 compared to data from April 2020, MetLife found that employees are now more likely to believe their employers have a responsibility to address their health and well-being (73% pre-COVID-19 versus 80% during COVID-19), especially when it comes to their financial well-being (40% pre-COVID-19 versus 47% during COVID-19).
That said, 41% of employees feel their employer is not currently offering benefits or programs that help support their well-being during this challenging time, while 77% say there are benefits or programs that, if offered by their employer, would ease their stress. Financial wellness benefits, in particular, were viewed as adding a layer of protection to help ease the financial impact of the pandemic.
“As employers think not only about addressing the pandemic, but recovering from it in the months to come, a comprehensive approach to benefits and communications can be very important to both the company and to its employees,” the study explains, adding that it “also builds employees’ trust in their employers’ leadership and makes them feel more committed to their organizations’ goals.”
There is a sizeable gap, however, in holistic well-being between employees who understand their benefits and those who do not, suggesting that employees’ understanding of benefits is key to helping them become holistically well, the study notes.
To that end, MetLife notes that supporting employee well-being will be crucial for recovery and preparing for the “new normal.” As such, employers will need to take a more comprehensive approach to managing the well-being of their employees by providing a range of support across physical, mental, financial and social factors. To help prepare, the study recommends that employers should:
- communicate current benefits that can be relevant for employees, especially during times of uncertainty;
- start planning for open enrollment and consider how to improve communications to drive benefit awareness and understanding; and
- ground benefits communications in how they are relevant to employees’ lives, short term and long term, using specific examples, such as ones that illustrate benefits’ usefulness in the current pandemic.
“Now more than ever, it’s critical to understand employees’ needs,” says Katz. “In this time of crisis and beyond, providing a mix of benefits and programs can help mitigate stress, improve employees’ holistic well-being and support them when they need it most—which in turn can help bolster engagement and loyalty from the workforce.”
This year’s study consisted of three distinct studies. The first two were conducted in August and September 2019 and the third in early April 2020. The 2019 employer survey consists of 2,501 interviews with benefits decision makers and influencers at companies with at least two employees; the employee portion includes 2,650 interviews with full-time employees, aged 21 and over, at companies with at least two employees. The updated 2020 employee survey consists of 2,367 interviews using the same criteria. All studies were fielded by Rainmakers CSI.
