Expanding employee benefits: Mental health and wellness

As people have adapted to new work/life realities, isolation, or trying to mange at-home schooling with at-home work, it comes as no surprise that anxiety levels are heightened and the issues people face have become more complex. This new reality has contributed to a shift in the expectations people have of their employer and the benefits that they are offered. Mental health and wellness benefits have become increasingly valuable and sought-after. And with this greater demand, employers are beginning to examine their benefits packages to include a more complete offering that spans physical health, mental health and financial health. We surveyed consumers on this topic, and here is what we found.

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Expanding employee benefits

COVID-19 brought mental health and wellness to the forefront of employer-sponsored health insurance.

The pandemic has increased consumer expectations when it comes to employer-sponsored health benefits.

• 39% of consumers are more interested in attractive benefit options¹

 

Mental health benefits remain a fringe benefit at many companies.

• 42% of consumers say their employer doesn’t offer mental health benefits
• 22% don’t know if these benefits are available to them

 

Consumers value mental health benefits – and expect employers to, as well.

• 76% of consumers agree or strongly agree that employers have a responsibility for the health and wellbeing of their employees
• 67% say mental health benefits are somewhat or very important to them.

 

Consumers increasingly see employers as responsible for fostering happiness

• 61% of consumers agree or strongly agree that employers have a responsibility for the happiness and wellbeing of their employees

 

Consumers expect employers to provide the following wellness benefits:

• 54% – Wellness initiatives (such as mental health apps and fitness challenges)
• 47% – Physical fitness (such as gym memberships)
• 46% – Free lunch or snacks
• 26% – A debit card of funds to use for lifestyle needs
• 23% – On-site yoga/meditation

 

Consumers consider financial benefits a part of overall health and wellbeing.

• 57% of consumers agree or strongly agree that employers have a responsibility for the financial wellbeing of their employees, beyond salary
• 63% say their employer does not offer financial benefits of any kind

 

Consumers think employers should provide the following financial benefits:

• 54% – Training/courses on how to select the right benefits
• 40% – Training/courses on budgeting and how to save
• 38% – Training/courses on how to invest
• 37% – One-on-one financial counseling/advising
• 32% – An app that tracks financial progress and offers insight/recommendations

 

¹Stat gathered from an Alegeus survey of 1,000 consumers in August 2020.

All other data gathered from an Alegeus survey of 1,000 consumers in November 2020.