MetLife Employee Benefit Trends
Supporting Employees by Embracing a Model of Holistic Well-Being
Chapter 3
Key Takeaways:
- Employers’ support of employees’ holistic well-being — through programs that address physical, financial, mental and social health — can make a measurable difference.
- Improving well-being across physical, financial, mental and social health leads to higher workforce engagement, productivity and loyalty.
- Financial wellness is particularly important for holistic well-being. Employees with poor financial health also rate their mental, social and physical health significantly lower than the average.
- Lack of awareness and understanding of employee wellness programs may limit usage.
Traditional approaches to employee well-being have limited impact because they fail to account for broader aspects of well-being, including mental, social, financial and physical health.
Because these elements are interconnected and impact one another, a model of holistic well-being can help employers shape programs and benefit plans that address all aspects of employees’ well-being.
The components of holistic well-being:
1. Mental health – Condition of psychological and emotional well-being
2. Financial health – State of personal and family financial security
3. Social health – Ability to form satisfying interpersonal relationships with others
4. Physical health – Level of illness, injury and general lifestyle
In a normal environment, employees may struggle in one or two areas of well-being, but the COVID-19 pandemic has impacted employees across all elements. Taking a holistic approach will be critical for companies both to help their employees manage the crisis and support their business’ recovery.
Employers who are providing benefits during the crisis are impacting employee well-being
Data from the start of COVID-19 shows that employees report greater holistic well-being when their employers offer benefits to help them manage the crisis.
What’s more, productivity, engagement and loyalty improve when employees are healthy overall.
Financial health plays a critical role in overall well-being
In the context of COVID-19, employees state financial health is a top concern. Financial health may be linked to poor physical, mental and social health.
In the context of COVID-19
Percentage of employees are concerned about their financial health in the wake of the pandemic
52%
Wellness programs can have an impact in areas of concern like financial health, but increased awareness of these programs is needed.
- A deep dive on how financial health affects holistic well-being
- Strategies to drive employee awareness
Learn how to empower your employees to leverage their benefits.
Employee Benefit Trends