Despite the fear of job uncertainty and unemployment, employee turnover numbers are very much on the rise. According to a CNBC report, almost 4.3 million Americans had quit their jobs in August 2021. High employee turnover rates can impact company resources, workplace culture, and overall productivity.
One of the best ways to reduce employee turnover and retain a loyal workforce is by offering the right workplace benefits package. As employee wellbeing is a top priority globally, the workplace benefits package must focus on employee wellbeing solutions. In short, employers must keep up with the latest employee wellbeing and corporate wellness trends to recruit and retain a skilled workforce.
Employee wellbeing trends have changed over the years. While it was confined to medical reimbursements and insurance packages for a long time, it has evolved in the past few years. Since the pandemic enforced many working policies, employers have redefined their workplace benefits packages in line with the corporate wellness trends 2021. With 2022 here, employee wellbeing trends will evolve according to the current health and wellness requirements.
Here are a few parameters for employers to consider for corporate wellness trends 2022.
1. Favorable Financial Support
Studies show how pandemic-induced financial stress has affected employee wellbeing and productivity. Almost half of the employees in a poll agreed that financial stress was the key reason that affected their performance or absenteeism at work. Statistics show offering the right financial wellness programs can help in reducing money-related stress. Typically, employers have been offering Health Savings Account (HSA) and 401(k) plans to address employee financial wellness. However, the current trends show better and creative ways for employers to have a competitive edge, like –
- Student Debts and Educational Loans
A CNBC report showed that the average college tuition increased by more than 25% from 2008 to 2018. While this has added to employee stress, it also gives an opportunity to employers to address and support their workforce. Many employers are offering student debt relief funds and educational loans to help their workforce overcome financial stress.
- Lifestyle Spending Accounts (LSAs)
Studies show that improving lifestyle habits can address many health and wellbeing issues and save around $92,000 in Medical Costs per Person. And so, employers are now focusing on Lifestyle Spending Accounts (LSAs) as incentives to support employee wellbeing. Offering LSAs can be a great recruiting and retention tool as most common group health plans do not cover health and wellness expenses. Also, these funds can be customized to meet the physical, emotional, financial, and other holistic wellbeing needs of employees.
- Short-term Loans
Short-term loans are probably one of the best ways to support your workforce overcome unexpected expenses. Be it emergency medical expenses, home repair, or wedding costs, employers can help settle any unforeseen expenses. Employers can deduct the loan repayments by payroll deductions by coming to a mutual decision with the employees about the monthly repayment installments and duration.
2. Extensive Mental Health Support
Mental health and wellbeing have been the top priority for all employers and employees, especially since the COVID-19 pandemic. Many studies have revealed the impact of the pandemic on employee mental wellbeing and productivity. According to an HBR study, 76% of the respondents reported at least one mental health issue or symptom in 2020, a 17% rise from 59% in 2019.
Employers have started offering various mental health resources to support employee health needs. Employee wellbeing programs and EAPs can also help address mental health concerns through coaching, wellness challenges, and other similar tools and resources.
3. Vaccine Incentives
A recent Gallup study reported employee views about the mandatory COVID-19 vaccine excerpt. While more than one-third of the respondents favored the employer vaccine mandates, around 29% opposed it. Despite the strong opposition, employers are keen about the COVID-19 vaccine mandate, and the percentage of companies offering or planning to offer the vaccine has almost doubled since 2021.
Even employers who are not mandating the vaccine are working on incentivizing it by offering gift cards to employees who take the vaccine. A North Carolina study showed that offering a $25 gift card as an incentive to get vaccinated or drive someone to get vaccinated had almost 41% of the respondents taking the vaccine for the gift card.
The ongoing debate and federal appeals regarding the vaccine mandate have made it confusing for a few employers. And so, employers can look into the US Federal regulations before mandating the COVID-19 vaccine at the workplace.
4. Flexible Wellbeing Offerings
Getting adequate physical activity every day is essential for a healthy and fit body and mind, including reducing risks of chronic health diseases like cardiovascular conditions, Type-2 diabetes, a few cancers, depression, and more. However, with many employees working remotely now, it has become difficult to get their daily dose of physical activity. Despite the remote work or no access to onsite gyms, employers can creatively encourage physical activity and overall wellbeing without making it feel burdensome.
Some common ways to make wellbeing easier for employees are by providing flexible working schedules, virtual healthcare consultations, online fitness sessions, healthy snack hampers, and fun wellness challenges. In addition to these, many organizations also help their workforce get corporate health insurance plans with lower premiums and cash incentives for health and wellness expenses.
While these are the common employee wellness trends expected to grow in 2022, they may be different for your workplace. So, the best way to make sure you offer the right workplace benefits package is by seeking employee feedback through surveys, polls, or discussions. Identifying the best interests and offering trending wellness resources, including the employee wellbeing programs, is the key to boosting employee health, engagement, and productivity.