Employee Benefits Market Check Survey: Investment in Employee Well-Being

Employers have a vested interest in the overall well-being of their employees. A happy and healthy workforce increases productivity, reduces absenteeism, improves retention, and lowers total benefit costs. There are several ways employers can invest in employee well-being. Employers can focus on one or more of the four pillars of well-being: physical, mental, financial, and social, or they can take a more comprehensive approach.

We conducted a poll during a webcast on March 23 to gain insight into employers’ focus on employee well-being in 2023. The results are in the charts below.

Are you planning to increase your investment in employee well-being?

Which pillar of well-being will you invest the most in 2023?

Key Findings
While still early in the year, approximately one-third of employers are committed to increasing investment in their employees’ well-being. This trend is very similar to the prior year. As we continue through the year, we expect more employers to formally define their employee well-being goals, including which area(s) they need or want to focus.

We encourage employers who indicated they would not increase their spending or were unsure to view employee health as another business investment requiring consistent review. For those considering investing in financial well-being, know that emergency savings and retirement plans are being tapped into with greater frequency as employees struggle with debts. For those tackling mental/behavioral health, know that May is Mental Health Awareness Month and presents a great opportunity to highlight resources available.

Regardless of which well-being pillar(s) a company decides to invest in, it is important to remember that each area should not be viewed or treated in isolation. Financial issues within a population almost always lead to heightened concerns about mental health. Physical issues can impact emotional and social well-being and so on. Well-being offerings and resources should be thought of holistically.

Should you have any questions or are interested in any industry-specific data, please contact your local Assurex Global adviser.