Written by New Benefits.
It’s time to invest in employees’ well-being.
If you haven’t started doing so already, your bottom line is taking a hit. Nearly 40% of employees say their mental health has been negatively impacted by the pandemic and 60% of employees believe poor mental health has hurt their productivity at work. Employee stress alone costs U.S. businesses up to $300 billion every year, including nearly $190 billion in healthcare costs.
Now that remote work has opened up a literal world of job opportunities, companies face huge competition in hiring and retaining top talent. Employees are prioritizing their well-being and looking for companies who do the same.
The benefits of providing employees with mental health and financial wellness services far outweigh the price tag, especially when stacked up against potential lost productivity, high healthcare costs, and employee turnover. Health meets wealth when employers invest in the well-being of their workforce.
The World Health Organization (WHO) found an ROI of $4 in improved health and productivity for every $1 invested in mental health treatment. Another study from Deloitte found an average ROI of 218% after three or more years of providing mental health support. Employers can easily implement virtual mental health counseling to see these returns. Not only is it a convenient and affordable benefit, it’s also effective. Virtual mental health benefit utilization has increased more than 65% over the last year, and 95% of employees say it has helped manage their mental health issues.
Financial wellness covers a variety of services, including earned wage access, access to financial advisors, and student loan repayment. Regardless of the solution, financial wellness programs have been found to directly improve employee well-being, resulting in lower healthcare costs and higher productivity. Most studies claim an ROI of $3 for every $1 invested in financial wellness, but one report found the ROI could increase to 15:1 or more when businesses rely on lower cost digital tools. For example, earned wage access can cost nothing to implement and involve zero administrative hassle, yet three-quarters of employees say it would help alleviate their financial burdens.
Employees are the greatest asset at any business. When companies invest in the health and well-being of their employees, they are certain to see a return in lower healthcare costs, increased productivity, improved morale, and higher retention rates. New Benefits makes it easy to implement affordable well-being solutions with digital tools like telemedicine mental health counseling, financial advisors, earned wage access, and EAPs.
