The weather is changing and a slew of holidays are coming up, which means we’re entering a special time of year: Enrollment season.
But this year, as so many gear up for an annual assessment of employee benefits, things feel a bit different and expectations have shifted.
In a recent employee wellbeing report, WebMD found that 60 percent of people said their employers were not giving them “enough support towards good mental health.”
Of those respondents, 70 percent shared that they want on-demand access to coaches/services to address anxiety, depression and stress—and over half of them said they need guidance, and direct benefits, around caring for a young child and/or aging relative.
If you’re an employer who thinks that covering basic medical (preventative, routine, and surgical), and perhaps dental at a stretch, is the norm: Let this be your wake-up call.
To Hire and Retain: Employers Need to Offer Mental Health Benefits
While in the past employers might have spent a fortune building out workout facilities in glossy headquarters, today, prioritizing mental health support spaces has proven to be a crucial deciding factor in recruiting, and retaining, employees.
HR payroll provider Paychex’s mental health report is a perfect example of just that. The organization found that “companies offering benefits that support mental health are five times more likely to have experienced markedly improved retention since the COVID-19 pandemic began.”
These needs aren’t exclusive to a single generation, either.
Gen Z and millennials now make up 46 percent percent of the U.S. workforce—and research shows that they care now more than ever about mental health in the workplace.
According to a survey from Gallup, the number one thing younger cohorts look for in their employer is that “The organization cares about employees’ wellbeing.” Additionally, Harvard Pilgrim, a non-profit healthcare provider, found that new entry-level employees also want “financial wellness programs and digital tools that can help them budget for healthcare.”
And for Gen X and Baby Boomers: An employer that cares about their wellbeing is the number two top criteria.
Across generations, it’s clear: Employees want to know how a company is showing up not just for their professional development and physical health, but also for their mental health.
The question is: How will your company show up for your team’s mental wellness?
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