Does Employee Well-being Benefit Your Business?

Here’s some good news to report when it comes to well-being benefits at work.

A 2024 survey shows that employers have been listening to their employees and taking action to improve the workplace. Nearly half of employees surveyed said they felt better off physically and mentally than they did two years ago. Of those employees, 70% also said that their company had boosted their commitment to promoting well-being.

The bad news is that half of the total surveyed said they have seen no increase in their companies’ efforts to support them.

This is a perilous position for companies to be in. In 2024, two-thirds of workers say they would switch jobs for better benefits. Also, 20% of workers say they need resources to help with their mental health. And more than nine in 10 want more financial support and resources.

Well-being is increasingly important to employees and a big part of the reason why half of the workers in a Bankrate study say they are likely to search for a new job.

The Benefits of Well-being Benefits

Focusing on well-being is about more than just a feel-good exercise for employers. It has tangible benefits.

Increasing Productivity

A Gallup study shows that employers lose as much as $322 billion due to lost productivity from employee burnout. When employees have the support they need, performance improves. Organizations with robust wellness programs see:

Increased employee focus and decision making
Higher energy levels
Improved work quality and fewer errors
More creative and innovative solutions

Reducing Absenteeism and Turnover

Annually, Gallup research also found that workers with poor or fair mental health had nearly 12 days of unplanned absences compared to just 2.5 days for all other workers. Giving employees wellness benefits keeps them on the job and working.

Organizations that prioritize employee wellbeing are also nearly 70% less likely to look for another job. This reduces turnover and increases retention.

Improving Talent Acquisition

Companies that understand how well-being and job satisfaction impact the hiring process are better positioned to recruit the best talent. The best candidates have options — even in a tight labor market — and are increasingly focusing on quality of life when considering job offers.

Mitigating Rising Healthcare Costs

There are bottom line costs as well.

Mercer forecasts that employers should expect health benefit costs to rise by 5.8% in 2025 if they choose to keep their current health benefits package. By investing in well-being, employers may be able to mitigate some of the costs. Industry surveys show that there is an ROI of $1.47 for every dollar spent on corporate wellness.

The Wellness Benefits Employees Want Most

So, what are the wellness benefits that employees want the most? Here are some of those that rank consistently high in employee surveys.

Proactive Health

Today’s workforce wants comprehensive health protection that goes beyond reactive care. Organizations are implementing proactive health initiatives like advanced health screenings and preventive care programs.

Regular wellness check-ups and vaccination programs have become standard offerings for many companies while innovative approaches to managing workplace stress are gaining traction. Telehealth is rated highly as many employees no longer have a relationship with a primary care physician or feel they can’t take the time to go wait at a doctor’s office.

Financial Help

A 2024 PwC survey shows that employees are feeling increased stress from rising costs. Less than half of those surveyed report they feel financially secure. Of employees, 39% report they have little if anything left over after paying their bills. And 13% say they struggle to pay all of their bills or cannot pay them most of the time.

Providing resources that help employees manage their finances more effectively can reduce this stress.

Mental Health

The Work in America Survey by the American Psychological Association said 92% of employees want to work at a place that values their emotional and psychological well-being. The same number said employees should provide support for their mental health.

Employee Assistance Programs (EAP), counseling, therapy, and stress management have become more common in recent years. Mental health days and paid leave are helping employees cope more effectively.

Flexible Work Arrangements

While there has been a significant back-to-workplace movement, many employees are fighting it — especially those who have settled into remote and hybrid relationships. Employers that provide flexible arrangements can help ease employee concerns and attract top-tier candidates.

Even those that require in-office work may offer the flexibility to shift schedules or job share outside of the traditional nine-to-five work hours. This is especially important for younger workers, who choose flexible work options as their number one item impacting job satisfaction. Number two on the list? Mental health resources.

Personalized Benefits

Another growing trend is benefits personalization. Not every employee needs the same health or wellness benefits. Many organizations are allowing employees to pick and choose programs that reflect their needs and preferences.

Instead of relying on a one-size-fits-all-packaging that is the same for every employee, you can offer a more diverse menu of choices. Nearly two-thirds of employees said they would be willing to give up personal data in exchange for more personalized compensation and benefits.

Crafting a Total Benefits Package Including Wellness Benefits

Today’s employees are looking far beyond compensation when considering leaving their jobs or looking for a new one. They are weighing the cumulative benefits of a positive work environment and growth opportunities along with the total benefits package — including wellness benefits.

Wellness benefits are no longer viewed as separate or nice-to-have initiatives but are seen as an integral part of the employee experience. Organizations that align their packages with the wellness benefits employees value most are more likely to compete effectively, attract top talent, and retain their workforce.

OneDigital | Resourcing Edge is a Professional Employer Organization (PEO) that provides employers with a long-term strategy to control costs, reduce risks, and better manage human resources, payroll, and employee benefits.

With a single point of contact, you can manage HR and employee benefits with advanced technology and customized solutions. Specialists in every department can help you build an ideal system for human capital management.

Contact OneDigital | Resourcing Edge today to discuss your HR needs and let us help you manage your employees more efficiently.

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