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TD Magazine Article

The Benefits of Offering Benefits

More employers are recognizing employees' mental health struggles.

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Mon Jul 01 2024

The Benefits of Offering Benefits
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More employers are recognizing employees' mental health struggles.

Workers are 60 percent more likely to stay with companies that make them feel supported at work, according to MetLife's 22nd Annual US Employee Benefit Trends Study. Despite the fact that demand is high, an obstacle to mental health programs is that a staggering 85 percent of workers don't use such assistance, according to findings from a 2023 Amwell whitepaper, New Study Finds U.S. Healthcare Members Struggle to Understand the Mental Health Benefits at Their Disposal.

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Refusal to accept mental health treatment stems from a variety of factors, Amwell reports, including confusion about how to access benefits plans, misunderstanding what employer-sponsored plans include, workers having little time to take advantage of health plans, prejudices and stereotypes that cause individuals to avoid treatment, and lack of telehealth options.

In fact, for employees, access is a primary concern. More than half of Amwell respondents want access to online resources and digital programs, while two-thirds of respondents would be likely to use a well-being or mental health benefit if they could access it at any time from a digital device.

One solution is for employers to offer more mental health benefits—and many intend to do just that. Nearly half of 150 chief HR officers surveyed for the Conference Board CHRO Confidence Index said their organizations plan to offer new well-being benefits in 2024 that focus on mental health, physical health and fitness, financial well-being, and work-life balance.

With employee retention rates still in recovery following the Great Resignation, companies that want to attract and retain employees are adopting a more worker-focused approach. Thirty-six percent of the Conference Board respondents said businesses are responsible for the well-being of their employees, while another 62 percent said they are somewhat responsible.

"Taking a holistic view of worker well-being can not only improve employee engagement and productivity but also retain your talent—a top focus of both CEOs and CHROs this year," says Diana Scott, leader of the Conference Board US Human Capital Center, in a press release.

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