Enhancing employee wellbeing can boost business

This is a guest blog by Stuart Peall​​​​​​ at Mercer Marsh Benefits

There has been a dramatic shift in the way we work and feel following the COVID-19 crisis.  

Employees have enjoyed a healthy and flexible work-life balance, which they want to retain, while employers understand that workforce wellbeing is vital to their business. 

But why should employee well-being matter so much to employers?  

Recent research from the UK Health on Demand 2022 report by Mercer Marsh Benefits (MMB) found that less than half of respondents feel they receive good support from employers – worryingly this falls short of employee expectations during the pandemic. 

Many organisations also fall well below supporting a diverse workforce, with nearly two-thirds of ethnic minorities experiencing a higher degree of stress in everyday life, and nearly a third of women citing they are not confident they can afford healthcare. 

Making a difference 

However, the report also revealed that employers can make a difference when it comes to health and wellbeing.  

For example, nearly two-thirds of respondents who received good/very good support say they felt more cared for and energized during the pandemic, with over 40% saying they were less likely to leave their jobs. 

While more than a third of respondents said they are more likely to stay with a company that has strong mental healthcare provisions in place. 

What can employers do during uncertain times? 

Build an inclusive culture 

Companies can start by providing access to effective and affordable support services to prevent and manage mental health issues. 

It’s worth considering embedding digital healthcare at the core of reward and benefit plans, especially as the demographic shifts with more Millennial and Gen Z workers. 

Think about ‘flipping the pyramid’ by providing benefits access eligibility to low-wage workers, especially during times of high inflation where they need more help than ever. 

Make sure benefit offerings also reflect the changing needs across all demographics – age, gender, race and sexuality to embrace diversity. 

As every employee is different, providing choice and flexibility is vital to truly meet the needs of an increasingly diverse workforce. 

At Mercer Marsh Benefits (MMB), we have a broad team of experienced specialists who can help clients of any size design solutions that meet their business needs and address the health and wellness needs of their employees. To learn more about how we can help your business, get in touch.