While 68 per cent of employers said they’ve enhanced their well-being value proposition as a result of the coronavirus pandemic, only 51 per cent of employees believe their employer is focused on supporting their total well-being, according to a new survey by Buck.
The survey, which polled nearly 700 U.S. employees and more than 200 employers, found 68 per cent of employees said voluntary benefits are an essential part of a comprehensive benefits package, but only 52 per cent of employers expanded their voluntary benefits offering to address emerging well-being needs.
Read: Survey finds only 25% of U.S. employers have adopted a well-being strategy
While 25 per cent of employers ranked caregiver support as their top voluntary benefits offering, 21 per cent of employees said automobile and home insurance was their first choice. Hospital indemnity (20 per cent) was the fastest growing voluntary benefit between 2020 and 2022.
Only 28 per cent of employees described their employer’s existing mental-health resources as helpful and 21 per cent said their mental health worsened in the last year, despite employers’ prioritization of mental-health programs.
While 95 per cent of employers said they’re shifting their focus to programs that support physical well-being, the most requested programs among employees are those that support financial well-being (32 per cent), budgeting and money management (29 per cent) and coverage for unexpected medical expenses (23 per cent).
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In addition, 66 per cent of employers said their workers are financially sound, but only 43 per cent of employees rated themselves as financially healthy. Half (50 per cent) of employees said they live paycheque to paycheque and 33 per cent said they’re unsure of how well they’re managing their money.