Rethinking Employee Healthcare and Benefits in the 21st Century
For employees to thrive, employers must care
COVID-19 pandemic, war in Ukraine, high inflation… and the list goes on. How many times have you heard this words in the last years?
We are living in a fragile economic scenario that has compelled employers to reevaluate their business strategies and workforce support systems. Within this intricate landscape, employers must adapt to attract and retain talent, particularly considering the presence of Generation Z in the workforce.
Employers are facing increasing pressure to proactively address societal issues, including women's health, health equity, and mental well-being.
Both public and private health systems are experiencing growing stress due to factors such as workforce shortages and financial limitations. This has prompted employers to consider adopting a more compassionate and involved approach to employee healthcare.
Caring employers have an enormous impact on people’s lives; 78% of employees who believe their employers care about their health and well-being also say they are thriving.(1)
Mercer's Health On Demand Report for 2023 sheds light on the emerging trends that employers should take into account in this evolving economic landscape. Next I delve into one of the main categories: Benefits for all, Building benefits strategies that work for everyone.
a.Introduce Generation Z into the benefits mindset:
By 2025, GenZ will comprise 27% of the workforce. They have unique needs, experiences and expectations that set them apart from all previous generations. Take note: Generation Z are focused on well-being.
What does Gen Z value?
b. Keep caring for caregivers:
Caregivers are those who have caregiving duties to children, parents, family members or friends. This group prioritizes timesaving benefits that help them self-manage their own health and that of their family.
c. Make inclusive changes for meaningful impact:
A growing body of research highlights that women, racial and ethnic minorities, LGBTQ+ employees, and many others continue to experience health inequities and benefits gaps.
Focus on women’s health: Although some high-profile organizations have begun to recognize the challenges that issues such as domestic violence, infertility, unwanted pregnancy and menopause can pose to working women, they are the exception rather than the rule. Employers have an opportunity to fill gaps where the need is unmet by other sources.
Reproductive health and family support needs: We’re seeing increasing innovation in this area. For example, in the US, some employer are offering coverage for doulas, midwives, birth centers or other alternative maternal care to improve outcomes for Black women.
Startups like Maven Clinic, Carrot Fertility and Progyny are already helping employers by offering continuous, holistic care for fertility and family building through maternity, parenting, pediatrics and menopause.
Balancing economics with empathy
The pandemic clearly demonstrated that smart businesses can not only endure but also thrive, even during the most challenging periods, by dedicating resources to investment, fostering innovation, and prioritizing the well-being of their employees.
Examining workplace health and well-being benefits from an equity perspective is crucial to ensure that these programs contribute to the overall success and well-being of every employee. Those responsible for making benefit decisions should assess whether the fundamental needs of all employees are being fulfilled.
Additionally, in light of budget constraints, employers should exercise careful judgment when selecting solutions that employees will appreciate and that will yield positive results.
Above all, it is of utmost significance that benefits are provided within a nurturing and secure work environment where leaders have established trust with their employees by demonstrating genuine care and concern.
+ Employee Benefits are good
Martin
P.S. I used some of the following sources to obtain the data for this article:
(1) Mercer Global Talent Trends (2) Mercer Health On Demand Report 2023