August Is National Wellness Month: Shaping Benefits to Foster Employee Satisfaction

Quick look: August is National Wellness Month, a time dedicated to encouraging employers and employees to prioritize health and wellness. It’s an opportunity for brokers and SMB leaders to re-focus efforts on the benefits which place value on these areas most and promote a greater sense of employee satisfaction.

Promoting wellness in the workplace has become a strategic initiative to support employees regarding their physical and mental health. Research has shown a lack of attention to the matter results in a lack of productivity and performance and an increase in burnout and turnover.

Essentially, it costs companies more to avoid wellness in the workplace than to take action regarding it. A Gallup survey reports:

• 75% of medical costs are accrued mostly due to preventable conditions
• $322 billion of turnover and lost productivity due to employee burnout
• 15% to 20% of total payroll in voluntary turnover costs, on average, due to burnout

But it doesn’t have to be this way. Because of the focus on benefits, brokers play a pivotal role in fostering employee wellness for their clients. Standard physical health benefit plans no longer cut it for today’s top talent. The demand for non-medical insurance is on the rise, including 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. They want employers who care about their well-being and have the benefits to back it up.

Although wellness in the workplace requires year-round attention, National Wellness Month is a good time to review current benefit options and identify gaps where introducing wellness incentives would be beneficial. With the help of a professional employer organization (PEO), brokers and their clients can find solutions which speak to their employees’ specific needs.

Not so long ago, wellness benefits were a nice-to-have incentive. Now, they’ve become an impactful part of a recruiting and retention strategy, and brokers are playing a bigger part in the conversation to provide greater value to their clients.

Expanding the scope of well-being benefits

Employees want a better work-life balance and assurance they have coverage for both themselves and their families. Determining what’s relevant to each work population calls for benefit customization, which a PEO partner provides. Among the top well-being benefits include:

Child and elder care

Many employees, especially millennial-aged, are tasked with caring for children in the home, as well as aging parents, adding stress to an already full workload. Establishing resources and affordable solutions to help with child and elder care assistance can be a meaningful contribution to their overall wellness.

Financial wellness and counseling

Employees are also balancing paying off student loan and/or credit card debt with saving for retirement, all while dealing with inflated costs of living. Financial stress is one of the main causes of increased anxiety and depression. Benefits including financial counseling, and debt relief programs can put employees on the right path.

Specialized wellness programs and incentives

Depending on what employees request, some small- and medium-sized businesses (SMBs) find offering stipends for gym membership stipends or wellness apps are ways to encourage engagement and keep employees focused on wellness.

Every company will have its own demands, which requires a flexible approach to pivot as needed. Fortunately, there are plenty of ways brokers and PEOs can create ongoing value through benefits to help SMBs reach their goals.

Tailored health plans

Though it may seem convenient, a one-size-fits-all benefit plan is largely unsuccessful, as not every company may reap the same benefits. Working with a PEO partner allows brokers to personalize plans with access to expanded coverage, such as preventive care, mental health services, and wellness programs.

Employee engagement

Employee engagement is in direct correlation to business outcomes. When engagement wanes, so does company productivity and growth. Brokers can facilitate greater employee engagement by incorporating wellness challenges and providing ongoing resources to give employees what they need to thrive in their daily lives.

Cost management

Brokers also help SMBs manage healthcare costs when evaluating benefits. Through a PEO partner, broker clients receive access to premium benefits at competitive prices, ensuring employees receive quality care without taking on unnecessary financial burdens.

Ongoing support and education

Brokers provide ongoing information and support for companies and their employees regarding the latest wellness trends and regulatory changes, keeping them current and compliant.

Having a dedicated team of HR professionals in place can empower employees to make well-informed decisions about their benefits.

Additionally, rules about company contributions to wellness benefits continually change. It’s important business leaders are aware of updates to the law which could potentially affect the effectiveness of their programs.

Expanding service and support through a PEO

Brokers who work closely with SMBs to understand their changing priorities and are proactive with creative solutions form stronger client relationships. Working collaboratively with a PEO partner extends a broker’s scope of services to offer clients:

Streamlined benefits administration

Streamlining administration and implementation of benefit plans allow companies to integrate wellness incentives without the extra hassle of administrative stress. It simplifies the process and frees up time for SMB leaders to prioritize attention on company strategy and growth.

Customizable wellness plans

Through a PEO partner, brokers can offer a wider range of health and wellness benefits which are often otherwise unavailable for small businesses. Together, they can apply offerings relevant and engaging for employees by tailoring them to their unique needs.

Improved compliance

It’s important to have HR professionals who help ensure wellness programs comply with health regulations and standards and identify potential incentives for SMB clients and their employees.

Happy employees are more inclined to stay where they are, which makes benefits an instrumental part of SMB growth. Brokers who make the client connection to a PEO partner only deepen this impact.

At ExtensisHR, we are here to support brokers and SMBs reach their business goals through fully inclusive HR and benefits services. Contact us today to learn more.