Many employers are walking a tightrope of trying to demonstrate genuine care for employees, while also facing financial pressure to control costs. (Image: Shutterstock)With COVID cases rising across the U.S. and no end in sight for the work-from-home arrangement, many employers are focused on employee well-being – and taking action to demonstrate concern for their teams.
Our recent survey identified employee well-being as the top concern among 600 employers across the country. That concern is only likely to increase over the next few months as pandemic drags on and the lives of many employees remain disrupted.
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However, like everything else during the pandemic, achieving that goal has been complicated. Many employers are walking a tightrope of trying to demonstrate genuine care for employees, while also facing financial pressure to control costs.
Our survey found that 83% – an extraordinarily high figure – are focused on managing or reducing health care expenses. It was the top concern relating specifically to the health and welfare programs offered to employees.
The big picture
The solutions being rolled out by employers differ somewhat based on whether they are fully insured or self-funded. However, a common thread between both groups is the understanding that employee well-being means more than just physical health.
The definition of employee well-being now includes mental health and financial well-being. These three pillars of well-being – physical health, mental health and financial health – account for the programs employers are making available.
It’s important to recognize that a concentration on one area of the well-being equation at neglect of another could have a neutralizing effect. Depression and substance abuse have been on the rise since the onset of the pandemic. Likewise, pay freezes or pay cuts, furloughs and layoffs have frayed the finances of many families. Devoting too little resources to these other areas of employee well-being could have unintended consequences. A holistic approach is key.
Action items
So what are firms doing?
Many are executing a strategy to both enhance their employee benefits offerings while seeking to keep a lid on costs. A top action item for fully insured employers is strengthening their benefits programs. Employers recognize the need to respond to the changing needs of their colleagues during the pandemic, while remaining competitive in the marketplace.
To ensure that employees retain access to medical care, organizations are rolling out more telemedicine and more virtual care solutions. To keep employees motivated, some are initiating digital engagement platforms. To simplify the administrative burden of managing a remote workforce, others are transitioning employee enrollment to a virtual process. Self-funded organizations in particular are seeking to control high-cost claims, which are always difficult to manage and are best addressed by creating a highly customized solution.
Also common to both groups is a desire to make sure they are getting the most for their dollar.
Both groups of employers are doing market analyses to determine whether they have the right benefits in place at the right price. Employers actually have more leverage than usual now because insurers are facing their own pressures. They can’t afford to lose clients.
Also working in the favor of employers is that insurers have benefitted from a significant reduction in elective procedures and the associated cost. Although these procedures have largely resumed, they are not at the same level.
Now is an opportune time for organizations to ask for adjustments or request more offerings for a similar price if the analysis justifies it. Employers who make a strong case have a better chance at relief right now.
The pandemic has created new urgency for employers to create a culture of well-being. In doing so, organizations can keep employees centered on the mission, while maintaining productivity and team morale.
Todd Bennett is head of Marsh & McLennan Agency’s Health & Benefits Division in the western United States.
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November 27, 2020 at 10:01PM
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Survey: Employee well-being is a top concern during the pandemic - BenefitsPro
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