It’s not exactly news to report an increase in health and wellness by corporate America, but the pandemic provided a shot in the arm that significantly boosted company efforts to ensure a vibrant workforce.
Seventy-eight percent of human resources (HR) and benefits professionals report that helping employees maintain their health and well-being was a significantly higher priority in 2020, an Artemis Health survey shows.
The number of HR and benefits professionals who identified improving employee health and well-being as a top goal doubled from 2019 to 2020. The focus on well-being spans every level of organizations, from top-level HR executives to on-the-ground benefits managers—and employees’ mental health is just as much of a concern for leaders as their physical health.
“Employers increasingly recognize the role they play in an employee’s physical and mental well-being,” Grant Gordon, CEO, and co-founder of Artemis Health, said in a statement. “During COVID-19, many benefits leaders are working with Artemis to measure the health impacts of the pandemic, such as stress, delayed care, and increased telemedicine usage. Benefits analytics is a key tool for leaders looking to address gaps in employee benefits, improve employee well-being, and manage ever-increasing costs.”
Artemis Health surveyed over 300 benefits leaders at companies with 5,000 or more employees to determine how their goals, motivations, and challenges around employee benefits have changed over the past year. To assess year-over-year changes, the results of this year’s survey were compared with responses to Artemis Health’s 2019 survey.
Key findings
- Employers’ benefit goals dramatically changed from 2019 to 2020. Sixty-one percent of benefits leaders said their top employee benefit goal in 2020 was improving employee health and well-being, up from 36% in 2019. Other employee benefit priorities for the next 12 months include improving employee satisfaction and engagement (55%), increasing employee productivity (49%), and strengthening benefits cost management/containment (43%). Employee benefits professionals also believe these priorities will continue to grow in scope during 2021.
- HR and benefits leaders’ personal motivations and success metrics have shifted. Forty-six percent of respondents said their ability to improve employee health and well-being was a measure of success in 2020, nearly three times as many as in 2019 (17%). Meanwhile, 51% are personally motivated by helping employees get better healthcare.
- Employee satisfaction remains the top influencer for corporate benefits decisions. More than half of employers surveyed (57%) use employee satisfaction and engagement data to make benefits decisions, up from 30% in 2019. Benefits brokers and consultants also play a role in shaping employee benefits offerings, with 35% of employers saying that they rely on advisors for benefits decision making, up from 20% in 2019.
THE FULL REPORT CAN BE FOUND HERE
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.