benefits trends Archives

Financial Wellbeing & Its Role in a Complete Employee Wellbeing Program

by DHS Group | Jun 6, 2019 | Blog

Financial wellbeing and its role in a complete employee wellbeing program. In this guest post, DHS Group‘s VP of Employer Solutions, Rich Siegenthaler, recommends four ways your employee wellness program can keep up with changes in the benefits industry. The opinions expressed in this blog belong to the author and DHS Group.

It’s getting more and more common to see employers focusing on strategies to assist their employee population in managing their complete wellbeing rather than one single area. They’re accomplishing this by adding programs that benefit the financial wellbeing and mental health of employees. This is a step in the right direction that’s quickly leading to healthier employees in every sense of the word.

Maybe you’re already putting some of these strategies to work or maybe you’re hoping to in the near future. Wherever you are in the journey, DHS Group’s VP of Employer Solutions and experienced employee wellbeing professional, Rich Siegenthaler, has a few recommendations to get you started and make sure you’re on the right path to complete employee wellbeing.

Expand Beyond Traditional Wellness Programs

Traditional wellness programs put surface programs at the forefront – think: step challenges – while these are important, the industry is changing and what employees are looking for is changing.

Integrate Mental Health Programs

For years, mental health has been something that both employees and employers have strayed away from discussing with each other. However, as mental health conditions are spreading rapidly – with issues like anxiety, depression and worry being dealt with by people everywhere – employers can’t afford to not offer these types of programs as part of their wellbeing plans.

Provide Financial Wellness Programming

The number one stressors in American households today are financial. While employees do need to understand how to invest their resources in traditional ways (like 401Ks), the new trend is to provide tools for employees to manage their day-to-day and month-to-month budgets.

Many times, employees say they understand they need to put more into their 401K, but know that if they do, they will not be able to pay their bills. Financial wellness programming helps people look at their earnings, bills and expenses, and learn how to manage them more effectively. It is a day-to-day management strategy that helps employees lead a more comfortable and accountable lifestyle when it comes to their financial health.

Improve Communication

However you decide to start expanding your wellbeing program to a more complete package – communication is key. There will be growing pains, but in order to help lessen those, remember that your employees are people too. Open up the lines of communication to hear from your employees about what they’re looking for overall and what they are looking for in their wellbeing programs.

Before you do anything, the ultimate first step is to look at your workforce, your employee demographics and how your very own organization operates. Then, with these details in mind, alongside Rich’s recommendations above, you’ll be well on your way to a complete wellbeing program that benefits the employee AND the employer.

Learn more about bringing complete wellbeing to your employees with DHS Group’s HealthSpective Engage program here.

More on Employee Wellbeing and Wellness Programs:

From Employee Wellness to Wellbeing: Transforming Your Workforce

4 Big Employee Benefits Trends for Family Planning

How to Support Mental Health at Work

Employee Benefits Success is All About Communication

What’s Wrong With Wellness Program Incentives?

What Benefits Do Employees Want in 2019?

4 Big Employee Benefits Trends for Family Planning

by LizStevens | Apr 30, 2019 | Blog

4 big employee benefits trends for family planning. What you need to know about family-friendly employee benefits like fertility services, paid maternity leave and childcare assistance.

More employers are offering family-friendly benefits like paid maternity leave and fertility services to attract employees in today’s competitive labor market, according to a report from the International Foundation of Employee Benefit Plans.

“Employers are recognizing that all employees have lives and commitments outside of the workplace and are expanding their benefits to be more inclusive. These types of benefits help employees address work-life conflicts, while keeping them productive and engaged at work,” explained Julie Stitch, CEBS, associate vice president of content at the International Foundation of Employee Benefit Plans. “I expect we’ll see family-friendly benefits continue to grow as part of the larger trend of expanding work-life balance policies.’”

Family Planning Employee Benefits for Fertility

Fertility benefits aren’t just for big corporations anymore. Ten percent of employers with 50 or fewer employees offer some sort of fertility benefit (up from 4 percent in 2016). More than 30 percent of employers with 500 or more employees offer fertility benefits (up from 24 percent in 2016). Employers most commonly offer:

In-vitro fertilization (IVF) treatments (23 percent)
Fertility medications (18 percent)
Genetic testing to determine infertility issues (15 percent)
Non-IVF fertility treatments (13 percent)
Visits with fertility counselors (9 percent)
Egg harvesting or freezing services (7 percent)

Paid Leave Benefits Are Expanding

Paid leave offerings are expanding as employers strive to meet the demands of employees’ personal lives. Maternity leave is offered by more than 40 percent of employers of all sizes, from employers who manage fewer than 50 employees to companies with more than 10,000 employees. More than 30 percent of employers now offer paternity leave (up from 24 percent in 2016) and more than 20 percent offer paid adoption leave.

It’s important to note employers are providing additional types of leave for different situations, for example:

Paid family/caregiving leave (17 percent)
Paid leave to attend a child’s activities (8 percent)
Unpaid family leave (34 percent offer this beyond FMLA requirements)
Unpaid adoption leave (26 percent)
Unpaid leave to attend a child’s activities (25 percent)

Flexible Scheduling Benefits for Parents

Flexible scheduling is a must, especially for parents. More than half of employers offer flexible work hours or compressed work weeks. Nearly ten percent of employers offer ‘job sharing’, where two or more employees share one full-time job. Employers also offer childcare benefits that resolve some of the need for flexibility and help parents cover the steep cost of childcare:

Resource and referral services for childcare (27 percent)
Emergency/sick childcare (7 percent)
On-site or near-site childcare (5 percent)
Childcare subsidies (3 percent)

Employee Benefits for Financial/Family Planning

Financial planning is a necessity for family planning. More than 70 percent of employers offer dependent care flexible spending accounts. Fifteen percent of employers now offer 529 savings plans that help save for children’s higher education. Over 10 percent offer scholarships or paid tuition for employees’ children.