Your employee benefits package needs to be robust enough to support every facet of an employee’s well-being, whether it’s their financial, physical, or mental health. When employees feel supported in these areas, they thrive and feel loyal to their companies, too.
Your employee benefits package needs to be robust enough to support every facet of an employee’s well-being, whether it’s their financial, physical or mental health.
When employees feel supported in these areas, they thrive, and feel loyal to their companies, too. That’s an important element, as increasingly, employees feel distrustful of their employers after layoffs. Benefits are just one way to regain and rebuild trust, and take care of the employees who have stuck around.
When it comes to financial wellness, Fidelity recently launched a new benefit that will take the legwork out of setting up a student loan matching program into an existing 401(k) plan. Under a new provision in SECURE 2.0, employers can make a contribution into an employee’s retirement account, while they pay down their student loan debt. Helping employees juggle both of these financial priorities can set them up for both present and future success.
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“When you are heavily burdened by a liability that you have to pay month-to-month, that may preclude you from taking those longer-term saving steps,” says Amanda Hahnel, vice president and head of student debt retirement at Fidelity Investments. “We make it easy, fast and secure to help employers determine who’s eligible for the benefit, and even help them with the match calculations at the end of the year.”
“You can’t fix GI just by throwing doctors at the problem,” says Sam Jactel, founder and CEO of Ayble, an employee benefit dedicated to gut health. “To manage a condition, you need to utilize tools that employ technology and humans together to manage a patient holistically. We’re here to really enhance and be the connective tissue in the 99% of the time that patients are out of the clinic.”
Some employee benefits don’t have to be expensive or necessarily life-changing to have an impact. Helping employees make better decisions around what they’re eating can support overall well-being and boost workplace productivity. At healthy eating platform Lifesum, employees get access to personalized nutrition guidance, and beyond that, employers can make sure those habits extend into their workplace practices, too.
“Stock the workplace kitchen or vending machines with a variety of healthy snacks, such as fruits, nuts and yogurt [and] encourage employees to choose these options over less nutritious alternatives,” says Wesleigh Roeca, workplace well-being director at healthy eating platform Lifesum. “Instead of team happy hours, team cooking classes can be a great way to educate employees about healthy recipes while offering team-building opportunities at the same time.”
Employees increasingly need help and support for their mental health. According to Lyra Health’s most recent State of Workforce Mental Health report, 87% of employees faced at least one mental health challenge in the last year. While stress and burnout were still common challenges for employees, many of their mental health needs have become more complex: 11% are dealing with severe or chronic depression or anxiety, while 5% are managing a substance use disorder. Thoughts of suicide have also increased, as 5% of employees are struggling with this, up from 3% in 2022.
“Employers need to broaden their mental health care offerings and anti-stigma campaigns,” Dr. Joe Grasso, VP of workforce transformation, said in the report. “We need educational campaigns that promote the idea that these severe crisis moments can occur. It’s time to say these words out loud in the workplace.”
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