Employee Benefits Satisfaction Hits a Historic Low (And What to Do About It)

The modern workplace can be compared to a pressure cooker. Technology and the shift toward a global 24/7 economy have blurred the lines between personal and professional lives, leading to an always-on mentality.

Employees have to keep up with the fast-paced work environment, adapt to new developments, and perform at their peak. There’s never been a more demanding work environment than today’s.

According to MetLife, job satisfaction has hit a 20-year low across the U.S. workforce¹. Especially among younger employees, values and priorities about work culture have changed.

There is a worrying trend developing: employee wellness is declining, and benefits satisfaction has dropped to its lowest point in a decade. 

In the last few years, those numerous forces we mentioned have come together to create a perfect storm of challenges for employee well-being.

And not only that, the pandemic added another layer of complexity to this issue. It led to significant changes in the way we work, with an increased focus on remote work and a greater reliance on technology.

The resulting isolation, lack of social interaction, and constant exposure to screens have made existing wellness challenges worse and also introduced new ones.

Just as well, the economic impact of the pandemic has caused job insecurity and financial stress for many employees, which has led to even more of a decline in employee wellness.

So it's no wonder that benefits satisfaction is at a historic low. Companies are struggling to adapt their benefits programs to address the changing needs of employees, and many workers feel they’re falling short of providing the support they need.

With mental health issues, physical health concerns, and financial stress all on the rise, employees continue their search for complete benefits packages that address their needs.

So, how can organizations respond to this crisis and improve employee wellness and benefits satisfaction?

How to Improve Employee Wellness and Benefits Satisfaction

With all of these mounting challenges, companies have to adapt and prioritize employee well-being to reduce turnover and maintain a productive workforce.

We’ll explore strategies and best practices for enhancing employee wellness and benefits satisfaction, making sure your organization can support the diverse needs of its employees and create a positive work environment.

• Conduct regular employee surveys: To understand the specific needs and wants of your workforce, regularly survey your employees to get feedback on your existing benefits program. This information will help you identify gaps in what you offer and areas where improvements can be made.
• Offer personalized benefits: One size doesn't fit all when it comes to employee benefits. Adopt a flexible benefits approach that lets employees choose from a range of options tailored to their individual needs. Based on MetLife’s 2022 Employee Benefit Trends Study, paid leave is second on the priority list for employees, with 77% viewing it as a must-have².
• Emphasize mental health support: With mental health issues on the rise³, there’s no time like the present for companies to prioritize mental health support in their benefits programs. Benefits could include access to mental health professionals and providing resources for self-care.
• Promote work-life balance: Encourage employees to maintain a healthy work-life balance by setting reasonable expectations for working hours, offering flexible work arrangements, and providing resources to help employees manage their time effectively.
• Communicate your benefits package effectively: Make sure that employees know about the full range of benefits available to them and understand how to access them.
• Continuously evaluate and adapt: The needs of your workforce will continue to evolve, so you’ll need to regularly review and update your benefits program for it to stay relevant and effective. Check out industry trends, listen to employee feedback, and be open to making changes.
• Create a culture of wellness: Promoting wellness should be a priority across all levels of your organization. Encourage managers to lead by example in putting self-care and well-being first and create opportunities for employees to do wellness activities together. Some ideas include hosting wellness challenges, offering fitness classes, or providing resources for meditation and mindfulness practices.

Start With Financial Wellness

The decline in employee wellness and benefits satisfaction is a sign that change is needed in the way companies approach well-being in the workplace. It’s time to shift gears and make strides toward reversing this concerning situation.

Keep Reading: 3 Ways to Link Employee Well-being Benefits

To make well-being a priority across the board, managers and HR can focus on offering well-rounded, tailored benefits packages to promote a healthy work-life balance and foster a supportive work environment. 

But if you want to take small steps, a holistic financial wellness program is the best place to start. Employee financial wellness has a strong connection to employee mental health and overall well-being.

By addressing pressing issues like this one, employees feel as though they aren’t alone in navigating these challenges and that the company isn’t sweeping them under the rug.

1 - https://www.metlife.com/about-us/newsroom/2022/march/job-satisfaction-hits-20-year-low-across-u-s-workforce-lowest-among-zillennials/

2 - https://www.metlife.com/workforce-insights/?cid=qbp8j&utm_id=qbp8j&utm_source=vanity&utm_medium=vanity&utm_campaign=g_ebts_1q22_MetLife&utm_content=v_ebts2022_vanity&promoid=qbp8j

3 - https://www.who.int/news/item/02-03-2022-covid-19-pandemic-triggers-25-increase-in-prevalence-of-anxiety-and-depression-worldwide