Whether it’s due to burnout, stress, financial problems, or a combination of the three, employees are feeling more pessimistic in their workplaces, finds new research today by MetLife.
The 22nd Annual Employee Benefits Trends study explores the behavioral patterns of close to 3,000 employees and over 2,500 employers, finding that many of the former are unhappy with their work environments.
“Today’s workforce is navigating the pressures of their day-to-day lives in parallel with ongoing macro challenges, and it’s impacting their overall wellbeing and how they show up at work,” said Todd Katz, executive vice president and head of Group Benefits at MetLife. “As employees juggle a range of personal and professional demands, our research affirms employers must provide more tangible support – when and where it matters most.”
According to the research, employees are now likelier to experience “negative feelings” at work including burnout (17% more likely) and stress (12% more likely) than pre-pandemic. Over half (51%) of employees were also more likely to feel depressed at work than before the pandemic.
While employee stress could stem from outside the workplace, MetLife’s study proves that it lives within offices and workforces too, and especially among those without employee benefits. The research shows that employees who understand and use their benefits were “significantly more likely to feel cared for (88%) by their employer, compared to those who don’t (34%).”
“In return, employees who feel cared for are 60% more likely to intend to be at their organization in 12 months and 55% more likely to feel productive at work,” MetLife’s research found.
In fact, feeling cared for by employers in and out of the workplace is a key driver to employee productivity and success, as 92% expect a consistent delivery of care from their employers in the workforce while 79% expect it in their personal lives, adds MetLife.
However, research shows that employers haven’t aided employees during stressful times. Among employees who went through a significant unplanned financial stress/expense, 86% said it had a high impact on them, but only 48% of them felt that their employer showed a level of care during the incident.
This concern comes as more employees are experiencing higher levels of financial stress. According to the data, 67% of employees are concerned about losing the value of their savings due to inflation and other market forces, and almost half attribute poor mental health to the stress of finances.
Employers have an opportunity here to provide financial wellness benefits to aid employees while being able to recruit and preserve staff, MetLife adds. Some of the top challenges faced by employers including retaining (57%) and attracting talent (56%), along with economic uncertainty (57%), employees’ overall wellbeing (55%), and employee stress (55%).
Key benefits for employers to offer include financial wellness solutions like education workshops, budgeting apps, life insurance, insurance products for financial emergencies, and retirement benefits. Other voluntary solutions include childcare benefits and paid parental leave, among others.
Changing when employees are eligible for benefit enrollment was among some of the requests from employees, who noted that they prefer enrolling immediately once beginning a new role, rather than waiting six months to a year before being eligible for benefits.
“Against the backdrop of a permacrisis, this year’s study underscores the urgent need for employers to acknowledge the modern challenges that impact their workforce and take steps to support employees in new and bigger ways, resulting in more successful workplaces,” added Katz.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
