BOSTON–(BUSINESS WIRE)–More employers are investing in “total well-being” programs that address
areas such as financial and emotional health, according to the 7th
annual survey1 on corporate Health & Well-being from Fidelity
Investments and the National Business Group on Health®. The
survey revealed employers are adding programs that help employees manage
stress, improve their resiliency and assist with their financial
challenges.
This year’s survey results indicate employers recognize a ‘healthy’
employee may be affected by non-health factors and are including
programs to address emotional and financial needs rather than focusing
solely on physical health. In 2016, 87 percent of employers offer
emotional or mental well-being programs and 76 percent provide financial
health programs. When employers were asked about well-being programs in
the future, 67 percent plan to expand their efforts and an additional 17
percent plan to maintain at the current level.
“Employers have long understood the importance of improving employee
productivity, and are now focused on the factors that impact
productivity, specifically, drivers of well-being, such as emotional
stress and financial challenges to achieve their goals,” said Adam
Stavisky, senior vice president, Fidelity Benefits Consulting.
BASF, the world’s largest chemical company, launched its wellness
program in 2012. “As an employer with over 15,000 employees here in the
U.S., we recognized the unique and important role we could play in
helping our employees live a healthier lifestyle and improve their
overall well-being. Since its launch a few years ago, our Healthy YOU
wellness program has become a key part of our total offer, and we are
seeing strong participation and engagement from employees,” said Mollie
O’Brien, Director, Total Rewards at BASF. “Based on this positive
response, we are looking at ways to enhance the program in the future –
for example, by strengthening our financial wellness offering – to
continue to meet the needs of a diverse workforce.”
Employers incorporate key programs in their well-being efforts
Stress management is by far the most popular emotional well-being
program offered – 54 percent of employers currently offer this program
and an additional 12 percent are planning to do so in 2017. Also popular
is resiliency training, which helps employees manage setbacks in the
workplace or in life outside work – 27 percent of employers offer this
program, with another 20 percent planning to do so in 2017.
To help employees manage their financial well-being, almost
three-quarters (73 percent) of companies surveyed offer on-site
financial seminars, and 59 percent make a financial coach available to
employees. Student loan repayment assistance – a benefit typically only
offered in the public sector – will now be offered by 13 percent of
employers in 2016, and another 21 percent are considering adding it in
the future.
Percentage of employees receiving incentives rose over past year
In 2015, 81 percent of employees received at least some amount of
incentives, up from 73 percent in 2014. The percent of employees
receiving incentives steadily increased as employers expand well-being
programs to appeal to additional elements of overall well-being, as well
as provide employees with more ways to earn incentives. At the same
time, as employers expand into new areas, they are moving away from
outcomes-based incentives as one way to encourage employees to
participate. The number of employers utilizing outcomes-based incentives
is expected to drop from 44 percent in 2015 to 24 percent in 2016.
“Social factors and one’s environment play an important role in employee
engagement and in one’s view of their overall well-being,” said Brian
Marcotte, CEO & President of National Business Group on Health. “We are
seeing more companies step up their efforts to integrate financial and
emotional well-being, social connectedness and job satisfaction with
their more traditional efforts to support physical health.”
About the National Business Group on Health
The National Business Group on Health is the nation’s only non-profit
organization devoted exclusively to representing large employers’
perspective on national health policy issues and helping companies
optimize business performance through health improvement, innovation and
health care management. The Business Group leads initiatives to address
the most relevant health care issues facing employers today and enables
human resource and benefit leaders to learn, share and leverage best
practices from the most progressive companies. Business Group members,
which include 71 Fortune 100 companies, provide health coverage for more
than 50 million U.S. workers, retirees and their families. For more
information, visit http://ift.tt/Oe8IcT.
.
About Fidelity’s Benefits Consulting
Fidelity’s Benefits Consulting business helps mid- to large-size
employers nationwide assess the effectiveness of their benefits
programs. The business provides a comprehensive approach to benefits
design, strategy, funding, communications and delivery by looking at
clients’ health care and retirement plans before diagnosing business
solutions. The group’s specialties include retirement and health care
plan consulting, custom data administration, compliance and employee
communication. Benefits Consulting has offices in Boston, New York City,
San Francisco, Chicago, Raleigh and Dallas.
About Fidelity Investments
Fidelity’s goal is to make financial expertise broadly accessible and
effective in helping people live the lives they want. With assets under
administration of $5.0 trillion, including managed assets of $2.0
trillion as of February 29, 2016, we focus on meeting the unique needs
of a diverse set of customers: helping more than 25 million people
invest their own life savings, nearly 20,000 businesses manage employee
benefit programs, as well as providing nearly 10,000 advisory firms with
investment and technology solutions to invest their own clients’ money.
Privately held for nearly 70 years, Fidelity employs 45,000 associates
who are focused on the long-term success of our customers. For more
information about Fidelity Investments, visit http://ift.tt/1KPOLz8.
© 2016 FMR LLC. All rights reserved.
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1 Online survey includes responses from 129 organizations.
Survey was fielded from November 2015 through December 2015 among
National Business Group on Health members and clients of Fidelity
Investments.
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