3 ways employers can reimagine workplace mental health benefits

A version of this article has been published in BenefitsPro magazine

Written by Rob Grubka, Voya’s CEO of Workplace Solutions

As employers think about the future of work, it’s clear the topic of employee mental health is becoming a business imperative, especially in the wake of COVID-19 and its unprecedented stressors. In just the first year of the pandemic, global prevalence of anxiety and depression increased by 25%.¹ And mental health continues to be top of mind as employees are seeking help.

In fact, many are expecting their employer to provide the mental health benefits they need. Industry research shows that more than three-quarters of employees (76%) believe their employer has a responsibility in ensuring employees are mentally healthy and emotionally well.²

Mental health is a complex issue, but it’s worth embracing. Since having a healthy workplace — both physically and mentally — can benefit everyone. Here are three ways employers can rethink and optimize their workplace mental health offering:

1. Mental health really benefits everyone

Most core workplace benefits (e.g., medical, dental and vision) have traditionally focused on an employee’s physical health. The pandemic shined a spotlight on the importance of thinking about an employee’s entire well-being.

A 2021 wellbeing survey of U.S. employers reports 86% of respondents said mental health, stress and burnout were still a priority.³ In today’s competitive job market, creating a culture and environment where employees can get the mental health support they need can be a differentiator. Not only is it the right thing to do, but it may also help with employee productivity, attendance and retention.

Financial stress and money worries can also severely or majorly impact mental health, according to a 2022 PWC Financial Wellness study.⁴ When compared with all other employees, those who indicated their money worries have impacted their mental health were seven times more likely to say that financial stress impacted their attendance at work, six times more likely to say it impacted their productivity at work, and twice as likely to look for a new job.

This can have a serious impact on a company’s ability to deliver on its business goals and serve its customers — having workplace offerings in place that support both the physical and mental well-being of employees is critical.

2. Don’t overestimate the impact of current mental health offerings

In response to an increase in demand for mental health support, many employers have adjusted their workplace benefits accordingly. A 2022 survey conducted by Forrester Consulting revealed that 84% of employers plan to increase or enhance employee mental health benefits in the next year.⁵

However, despite being well intentioned, there appears to be a disconnect between how employers and employees view their mental health offerings. According to the Forrester survey, 74% of employees indicated in 2022 that they want their employer to care about their mental health, but only half (53%) of employees feel they do — a 21% gap.⁵

Unfortunately, both these numbers have dropped from 2021, when 87% of employees wanted their employer to care about their mental health but only 66% felt their employer actually did care — maintaining this 21% gap.⁵ It’s important for employers to establish a culture of listening and develop comprehensive programs to create a formal feedback process to help mental health benefits hit the mark.

3. Workers appreciate and seek mental health support

In addition to helping employees stay healthy, productive and engaged, providing mental health offerings employees value can provide a competitive edge in attracting and retaining top talent.

For example, 81% of workers said that employers who support mental health will be important when seeking future job opportunities, according to APA’s 2022 Work and Well-being Survey results.⁶ When asked to select from a list of nearly a dozen possible supports that employees would like to see their employers offer, the survey found that flexible work hours were the most commonly chosen support (41% of workers), followed by a workplace culture that respects time off (34%), the ability to work remotely (33%) and a four-day work week (31%).⁶

How Voya is optimizing mental health benefits

In addition to providing greater flexibility, employers may wish to offer mental health resources by starting, continuing or expanding their workplace benefits. Voya recently increased the counseling sessions offered to its employees from five to 10 as part of its Employee Assistance Program (EAP). We will also cover out-of-network mental-health providers as if they were in-network, so employees can meet with counselors that best fit their needs and available in their area, without the financial consideration of whether they’re in network or not.

To help employees with their self-care, Voya also provides access to mental health tools at no extra cost to its employees — such as Cognitive Behavioral Therapy (CBT) skills, meditations and mindfulness techniques, and sleep tracking. The purpose is to help employees strengthen resilience and learn relaxation methods for the moments when they may need them.

Conclusion

Besides offering mental health benefits employees want and value, employers need to be thoughtful in how they communicate, educate and encourage their workforce to use these available resources.

Starting a clear path to mental health needs to be modeled, enabled and reinforced repeatedly to employees to help remove any perceived stigma they might have. Especially if they see leaders in their organization role model this behavior.

Coming soon! We are introducing several mental health offerings in 2023 as part of our supplemental health insurance portfolio. To learn more about these offerings — and how we can help optimize your workplace mental health benefits — contact your Voya representative.

Read related articles:

• Mind, body and wallet: The connection between mental physical and financial health
• Work is the main source of mental health strain in 2023
• Stress management for leaders, improved mental health for the workplace

Listen to this mental health podcast:

• Hire thru Retire podcast

Share these resources with your employees:

• 5 ways to deal with financial anxiety before it seriously harms your health
• Women, money and stress: How to overcome financial anxiety