Global experts call on employers to help their employees find financial wellness
Sydney November 24, 2020
Employers are uniquely positioned to help their employees find financial wellness through clearly defined benefits, engagement in those benefits and a holistic view of their employees needs, according to Meredith Ryan-Reid, MetLife’s global Head of Financial Wellness and Engagement.
Speaking at MetLife’s Employee Benefit Trends Study Discussion Panel today, which shared the latest research and insights into employee benefits and the impact of COVID-19, Ms Ryan-Reid highlighted the unique opportunity for employers and the potential upside to investing in benefits that will help with post pandemic recovery.
The panel included Andre Purtell, MetLife Australia, Head of Research and Insights; Scott Knowles, Cisco’s Senior Global Benefits Manager and Dr Lorelle Drew, Consultant Psychiatrist from Teladoc Health. The discussion was hosted by Mark Raberger, MetLife’s Head of Health. Sharing the insights from MetLife’s local and global Employee Benefits Trends Study, the panel discussed the findings of the research, the need for employers to adapt to a changing workplace and what is available to help them support their employees.
“When we look back at 2020, it will be seen as a transformational year in many ways. One area clearly impacted by the pandemic is the relationship between employers and their employees. The needs of both groups have shifted significantly and now is the time for employers to make sure they are aligned to the needs of their employees.”
Although 70% of employers said that mental health is the most important aspect of employee health to focus on in the wake of COVID-19, five in ten employees said they are not being offered financial health support. This gap presents a timely opportunity for employers to take inventory of the benefits they’re currently offering and ensure that they’re clearly communicating how those solutions can support employee wellbeing.
“While there has been an increased focus by employers on mental health support during the pandemic, we know from our research that finances can be a highly emotional piece of the puzzle,” said Ms Ryan-Reid. “When employers take a holistic approach to wellbeing – one that considers mental, financial, physical and social aspects – they can create a happier, more resilient workforce.”
Providing global insights, Ms Ryan-Reid and others on the panel shared examples of best practice financial health programs from across the world.
Providing a local perspective, Mr Raberger talked the award winning 360Health program, saying, “We’ve seen a significant shift in expectations of workplace benefits, and programs like 360Health take an end to end approach to help employers tailor resources, tools and information to their unique employees. The insights from this latest Australian research reinforce the benefits to employers of getting this right – employees are more productive, engaged and loyal. It’s win win for everyone.”
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