National Wellness Month: Shaping Benefits to Foster Employee Satisfaction

Quick look: August is National Wellness Month, a time dedicated to encouraging employers and their staff to prioritize health and well-being. For brokers and small and midsized business (SMB) leaders, it’s a strategic opportunity to re-energize benefit offerings, strengthen employee satisfaction, and build a workplace culture that supports every aspect of wellness.

Promoting wellness in the workplace has become a strategic initiative to nurture employees’ physical, mental, and financial health. Research shows that overlooking employee well-being can reduce productivity and performance and increase burnout and turnover.

Essentially, it costs companies more to disregard their staff’s holistic health than it does to support it. According to a recent Gallup survey:

• 75% of medical costs are accrued primarily due to preventable conditions
• Turnover and lost productivity due to employee burnout cost employers $322 billion globally
• 15% to 20% of total payroll in voluntary turnover expenses, on average, are associated with burnout

However, change is possible. With their employee benefit expertise, brokers play a pivotal role in helping clients address workplace wellness. Today’s top talent seeks more than a traditional physical health benefit plan, they’re looking for benefits that support every aspect of their lives. The demand for non-medical insurance is growing, including offerings like life insurance and critical illness coverage.

Additionally, voluntary benefits continue to be a talking point for brokers and business leaders as more employees seek financial services, retirement savings assistance, and mental health care as part of a complete benefit plan.

While staff well-being requires year-round attention, National Wellness Month is a good time to review current benefit options and identify areas for improvement. With the help of a professional employer organization (PEO), brokers and their clients can do just that.

Wellness benefits that resonate

Employees want peace of mind and flexibility with benefits that align with their personal and family needs. This calls for access to customizable benefits packages, which a PEO can provide. Among the most effective well-being benefits are:

Tailored health plans

Though it may seem convenient, a one-size-fits-all health insurance plan rarely works. By partnering with a PEO, brokers can offer clients access to personalized plans with expanded coverage, including preventive care, mental health services, and wellness programs.

Specialized wellness programs and incentives

Some SMBs find that offering gym membership stipends or access to wellness apps encourages engagement and keeps staff feeling their best.

Every workforce has different, ever-evolving preferences, requiring an approach to pivot as needed. By making wellness plans accessible, engaging, and relevant, brokers and PEOs can create healthier, more resilient workplaces.

Employee Assistance Programs (EAPs)

Designed to promote overall employee well-being, EAPs provide employees and their families with confidential support and resources for:

• Depression, grief, loss, and emotional well-being
• Family, marital, and other relationship concerns
• Life improvement and goal setting
• Addictions such as alcohol and drug abuse
• Stress or anxiety related to work
• Financial and legal concerns
• And more

These services are typically low- or no-cost for employees and their households.

Financial wellness and counseling

Nearly three-quarters of Americans believe they are not financially healthy, and these concerns cost U.S. employers billions of dollars. Additionally, 42.7 million U.S. borrowers collectively carry $1.7 trillion of student loan debt, and many are adjusting to the rising cost of living. Several benefit solutions can reduce this stress, including:

• Retirement savings accounts
• Student loan repayment programs
• Supplemental insurance
• Financial training on budgeting, investing, saving for retirement, etc.

Work-life balance

The Bank of America Institute’s 2024 Workplace Benefits Report found that 66% of employees said a good work-life balance is their main reason for staying with their current company.

To encourage employee satisfaction and retention, clients should consider offering flexible work arrangements, if possible. Additionally, adequate paid time off (PTO) is key, and a PEO’s professionals can help SMBs craft competitive and compliant policies. Employers can show they value their employees’ personal lives by also providing floating holidays, volunteering time off (VTO), life event days, school activity time off, etc.

Flexible savings accounts (FSAs) and health savings accounts (HSAs)

FSAs and HSAs are tax-advantaged supplements to standard health insurance plans. They can help pay for various medical expenses, such as deductibles, copayments, prescriptions, and select over-the-counter products, as well as childcare and eldercare.

Additionally, because HSA funds roll over annually, accrue interest, and can be used in retirement, they act as an investment tool and enable staff to prepare for the future.

Ongoing support and education

Together, brokers and PEOs deliver ongoing information and support for clients and worksite employees about the latest wellness trends, plan updates, and regulatory changes, keeping them up-to-date and compliant.

Expanding your value through a PEO

As today’s SMBs face changing workforce expectations, brokers have an opportunity to deepen client relationships by helping them adapt with creative benefit solutions. A collaborative PEO partnership simplifies this by extending your scope of services to include:

Competitive employee benefits packages

Through a PEO partner, brokers can offer a wide range of Fortune 500-level health and wellness benefits, which are often otherwise unavailable for small businesses.

Streamlined benefits administration

PEOs take over the implementation and management of benefit plans, allowing clients to integrate wellness incentives without the administrative stress. Instead, they can regain extra time to focus on company strategy and growth.

Improved compliance

PEOs connect clients with human resources (HR) professionals who help ensure their wellness programs comply with health regulations and standards and identify potential incentives.

Cost management

Through a PEO’s group pricing, clients receive access to premium benefits at competitive prices, helping them manage healthcare costs and ensuring staff receive quality care without unnecessary financial burden.

The ExtensisHR difference

PEOs can have a significant influence on employee well-being, during National Wellness Month and beyond. But not every PEO is the same. ExtensisHR stands apart with its:

• Broker-friendly philosophy: As a partner-centric provider, we’re equally focused on your clients’ success and your business objectives. We work with you, not against you, to bring value to SMBs.
• Personalized benefits packages: Here, clients can adjust their plans to meet their workforce’s specific needs, something not every PEO can do.
• Top-tier customer service: Our white-glove support starts on day one with an assigned Implementation Manager and continues with a dedicated HR Manager, Payroll Specialist, and a highly responsive Employee Solution Center (ESC).

Wellness benefits used to be a nice-to-have incentive. Now, they’ve become a powerful part of a recruiting and retention strategy, and brokers are playing a bigger part in the conversation to provide greater value to their clients.

Ready to connect clients with the benefits and HR support they need to engage, retain, and care for their workforce? ExtensisHR can help. Contact us today to learn more about working together.