According to a PriceWaterhouseCooper’s (PwC’s) 2017 study, financial matters were the top cause of stress across all generations, impacting employee mental health and productivity. A financial education or student loan repayment program can be offered by the employer to help reduce stress related to finances and attract employees in the rising workforce. Also, incorporating additional resource support, such as family assistance programs or recovery-friendly workspaces, can help employees balance and integrate work-life matters and keep them engaged and productive at work. Here are a few additional resource supports to consider:
- A high-quality Employee Assistance Program (EAP) is one of the tools you can offer all your employees. High-quality EAPs have significant resources for mental health and substance use, which can include paying for in-person or telehealth therapy visits for a new incident.
- Any workplace can put together Support Groups for employees who are dealing with personal or family challenges. Support groups like Alcoholics Anonymous have guides for starting a support group.
- You can start your own Peer-led Programs in the workplace. In addition to an EAP, Janssen invites employees to participate in a peer-to-peer program that offers informal supports to participating employees from other employees with similar lived experiences.
- Some large employers may be able to provide in-house mental health or substance use clinics inside larger health clinics.
- You may also want to invest in mental health apps or digital therapeutics for your employees, on top of health insurance. The American Psychiatric Association has an app evaluation model for people to understand what apps are helpful. Psyberguide also has a helpful site for evaluating mental health apps.
- Smoking Cessation programs can benefit your employees by improving their health and benefit you as an employer by reducing breaktimes and health care costs. The American Lung Association provides a smoking cessation program.
- Gym membership discounts, stand-alone gyms, or work-hosted exercise programs such as yoga can help employees exercise and improve their health. Many gyms have built-in employer programs. Employers should focus on body positive messages that encourage fitness, not weight loss.
- Weight loss programs can work to help employees feel more comfortable, but employers should be careful to communicate body positive messages about weight and health. Employees shouldn’t feel like losing weight is a competition, and employers should be sensitive to language that hurts people with eating disorders.
- Access to a financial planner may help employees get their personal finances secure. If you have a company 401(k), you may already have a financial planner that can meet with employees to discuss all financial matters, not just retirement resources.
- Tuition reimbursement can help employees recover costs associated with education.
Rotondo, Stephanie N., and WorldatWork. “Employees’ Financial Stress Costs Employers.” WorldatWork.