How to partner with your broker for 2024 Employee Wellbeing
In a world where the boundaries of work and life are blurring like never before, the concept of employee wellbeing is undergoing a remarkable transformation. It's not just about healthcare claims or step challenges anymore; it's about a holistic approach to nurturing your most valuable asset—your people.
Today, we find ourselves redefining the very concept of employee wellbeing as remote work, hybrid models, office closures, and mandatory return-to-work memos reshape the way we work and live. However, with the abundance of workplace wellbeing options available, finding the right solutions, products, or services for your unique team can feel impossible. This is where employee benefits brokers step in as trusted advisors, guiding you through the journey of crafting a tailored wellbeing program.
Expanding Expectations for Corporate Wellness:
As we venture into this new era of work, the expectations around company offerings to support employee wellbeing have undergone a significant expansion. Employees are expecting a more meaningful and supportive workplace, including policies and services that support their mental health, work-life balance, physical wellbeing, and more.
And who does it fall on to meet this new expectation? The HR team, who are typically one of the most burnt out departments within any organization.
That’s why it’s so important to lean on an experienced benefits broker or wellbeing partner to uncover the right wellbeing and culture strategy for your organization.
Personalization Matters:
One size does not fit all when it comes to employee wellbeing. Recognizing this, wellbeing programs are shifting towards personalization. It's about understanding your employees' unique needs and tailoring programs to suit them. However, navigating this landscape can be overwhelming since there are hundreds of companies and services that offer “personalized” experiences or platforms.
The Role of Brokers:
Enter the employee benefits broker, a crucial partner in crafting a successful wellbeing program. Statistics reveal that 81% of employers rely on their benefits brokers for guidance in navigating the maze of voluntary benefits. But their role has evolved beyond sourcing insurance plans and negotiating rates; they are now employee wellbeing advisors as well.
How Your Broker Can Help:
Honing in on What Matters:
Brokers can analyze data, identify trends, and offer tailored solutions based on employee demographics and preferences. However, it's essential not to rely solely on claims data.
Example: Suppose your company's data shows a rise in stress-related leave requests and decreased productivity. A skilled broker can analyze this data and recommend stress management workshops, mental health support, or even employee assistance programs.
Statistic: According to a study by the World Health Organization (WHO), depression and anxiety disorders cost the global economy $1 trillion per year in lost productivity.
Preparing for Your 2024 Wellbeing Program:
This involves assessing past programs, defining clear objectives, and leveraging broker expertise for innovative ideas.
Example: Your broker can help evaluate the success of your previous wellbeing programs. If the participation rate was low, they might suggest more engaging initiatives, like gamified wellness challenges.
Statistic: A survey by Willis Towers Watson found that 75% of employers plan to enhance their wellbeing programs in response to the changing landscape of work.
Designing a Tailored Wellbeing Program:
Consider diverse wellbeing dimensions, such as physical, mental, and financial health, and personalize the program accordingly.
Example: Using demographic data, your broker may recommend ergonomic workshops for a predominantly remote workforce and offer a mix of virtual and in-person fitness activities to cater to various work arrangements.
Statistic: A report by PwC found that 59% of employees believe that health and wellness programs offered by their employer positively impact their job satisfaction.
Implementing and Promoting the Program:
Develop a robust communication strategy, train managers, and offer employee support.
Example: Your broker can assist in crafting a clear communication plan, highlighting program benefits, participation incentives, and how to access resources. They can also help train managers to encourage employee participation.
Statistic: According to a survey by Aflac, 65% of employees would be more likely to stay with their employer if they had a well-communicated wellness program.
Continuous Evaluation and Improvement:
Monitor participation and gather employee feedback to refine the program continually.
Example: By monitoring participation rates and gathering feedback through surveys and focus groups, your broker can identify successful program components and areas for improvement. For instance, if participation in financial planning workshops is low, they may suggest more personalized financial counseling.
Statistic: The International Foundation of Employee Benefit Plans reports that 92% of employers regularly evaluate the effectiveness of their wellbeing programs.
Adapting to Changing Circumstances:
Flexibility is key. Your broker can help adjust the program to address shifting employee needs and external factors.
Conclusion:
In conclusion, a successful 2024 wellbeing program is not just a checkbox; it's a strategic partnership. By collaborating closely with your employee benefits broker, you can navigate the complexities of the modern workplace, craft a tailored program that truly supports your employees' wellbeing, and adapt to the ever-changing landscape of work. Start the collaboration process early, and leverage your broker's expertise to ensure your employees thrive.
