With the future of corporate wellness in 2023 looking more uncertain than ever, it’s important for businesses to prepare for the emerging trends in employee benefits. From offering flexible workspaces to introducing employee wellness programs, companies need to stay ahead of the curve to ensure that their employees feel supported and cared for.
Overview of Emerging Corporate Wellness Benefits Trends for 2023
Corporate wellness benefits have evolved significantly from the traditional offerings of health and dental coverage, to include more holistic offerings such as mental health support, fitness programs, and discounts on healthy lifestyle products.
In 2023, apart from the workplace wellness trends 2023, we expect to see an even greater focus on employee wellbeing, such as the introduction of financial wellness initiatives, subsidized healthy meals or snacks, and telemedicine services. Also, most corporate organizations are likely to prioritize employee wellness programs such as onsite gym memberships, healthy lifestyle discounts, mindfulness apps, flexible work hours, and employee counseling services in their employee benefits packages.
In this blog post, we explore the top trends in employee benefits that businesses should be aware of in order to stay competitive.
1. Employee Mental Wellness Programs
Many studies have reported an average of a three-fold increase in employee mental health issues and depression symptoms since the pandemic started. A JAMA study revealed that depression symptoms increased from 8.5% before the pandemic started to 28% after March 2020. According to the American Psychiatric Association (APA), one in every 4 employees was diagnosed with depression, and almost 40% of them took at least 10 days off annually from their work due to their mental health concerns.
Many employees who struggled with mental health concerns said their employers do not offer any employee mental wellness programs, or they did not understand or have proper access to mental wellness resources. Employers must offer the right mental health benefits along with access to the needed resources with a proper understanding of how to utilize them well. Employers can also provide employee wellness programs that offer mental wellness challenges ideas and resources to cope with mental stress. Most importantly, employers must work to reduce or eradicate the stigma surrounding mental health issues to overcome anxiety and stress related to social disapproval.
2. Financial Wellness Programs
There are decades of evidence proving the impact of financial stress on employee productivity and overall wellbeing, and the pandemic just drove the point home, a hard way. Employers have now realized how important it is to have access to the right financial benefits and resources for the employees to be prepared at all times, especially during uncertainties.
At Wellness360, we understand that every employee has a different financial situation, and so, will need financial benefits and resources that may vary from others. And so, we offer financial wellness programs with educational resources, calculators, and other tools that can help the workforce to assess their financial status, level of stress, and areas where they need to focus on for a better financial future. Employers can also provide expert consultations to help employees set the best financial goals, make suitable decisions, budget their monthly expenses, and plan for emergencies. Employers can also contribute and educate employees about Health Savings Accounts (HSAs) and make it a part of the employee benefits and perks package.
3. Telehealth Options
Telehealth options were like a boon during the pandemic and they promised a revolutionary healthcare delivery system. Although the utilization of telemedicine and digital health solutions was at a high during the pandemic, it dropped slightly since things returned to normalcy. Although telemedicine utilization might decrease further in 2023, it might still be a predominant system to access and deliver behavioral and mental health treatment in the future too. With hybrid working and telehealth becoming the new norm, workplace policies and related regulations are expected to evolve accordingly.
4. Health Insurance Benefits
Studies show that almost 56% of employees use credit cards to pay for their healthcare expenses, and more than 50% of them are still repaying their healthcare-related debts. Also, with healthcare costs skyrocketing by 4.1% in 2021, employees are finding it difficult to meet the rising costs, leading to mental stress and financial crisis. Employers must support their workforce by offering health insurance plans, and consulting their benefits managers to plan the right deductibles and coverage. They can also offer other programs like Health Savings Accounts (HSA), Flexible Spending Accounts (FSA), and 401(K) plans to address the high healthcare costs and support employee financial wellbeing in the long run.
5. Professional Development Benefits
Most employees, especially millennials and Gen Z are looking for opportunities to develop their professional skills. A Society for Human Resource Management (SHRM) study showed that employers have been keeping up with the expected employee benefits by offering cross-training to develop professional skills, leadership coaching, career coaching, and overall mentoring for vocational skills development. With employee benefits that hone their skills and move forward in their careers, employers can also boost business growth as it is a win-win for employees and businesses.
The emerging trends in employee benefits offer a unique opportunity for companies to demonstrate their commitment to their employees’ well-being and continue to attract the best talent. By offering flexible working cultures, employee wellness programs, and other benefits customized to meet the needs of your workforce, businesses can ensure that they are well-prepared for the future of corporate wellness in 2023.