3 minute read
Benefits affordability and mental health
from VEFF magazine 2 2022
by Veff
Recent research highlights how inflation is affecting employees’ ability to pay for their bills as energy and food prices are raising high.
NINA IVARSEN, CHAIR VEFF
After two years of existential crises with the pandemic, a war in Europe, and historic inflation, employees are more focused on their financial security and well-being than climbing the ladder or career advancement, according to Mercer’s 2022 Inside Employees’ Minds study. The number of employees who are considering leaving their employer has increased to 36% compared to 28% in 2021.
ABILITY TO MEET MONTHLY EXPENSES JUMPS TO #1 EMPLOYEE CONCERN
The findings reveal that concerns over inflation have placed financial health as the greatest of employees’ unmet needs this is defined as concerns that keep employees up at night and prevent them from having adequate mental and emotional bandwidth to do a great job at work. Covering monthly expenses now claims the top spot, up from #9 in 2021, and the ability to retire is now second, up from #5 in 2021.
Third on the list is work-life balance and boundaries and employees continue to say burnout is a key reason for them to consider leaving their employer. About half (51%) of employees reported feeling exhausted on a typical day at work. Concerns about physical health have declined this year as health and safety measures at work and the threat posed by COVID-19 have improved, though it remains a top concern overall (#4, down from the #1 spot last year). Mental health concerns are also in the top five.
“During the pandemic, organizations are led with empathy and prioritized health and flexibility,” said Adam Pressman, Mercer’s U.S. employee research leader.
MENTAL HEALTH IS A TOP 2 CONCERN FOR YOUNGER WORKERS AND OTHER EMPLOYEE GROUPS
Mercer’s employer surveys have shown that employers are concerned about their workers’ mental health after three years in a pandemic. These new findings, from the employees’ perspective, show they are right to focus on this issue. While mental health ranked fifth among concerns overall, it is a top 2 concern for workers under age 35. DNV have mental health high on the agenda, and we have our own resilience awareness program and training.
The survey asked employees what their employers could do to help support their mental health and ease burnout. At the top of the list is reducing their workload, not surprising given that many employers have been running short-staffed and leaning on their people to cover these gaps.
EMPLOYERS MUST ADJUST TO CHANGING NEEDS
In 2022, employees value a workplace that centers on well-being; where they have more a sustainable workload and more resources to support their holistic health, financial, physical, and mental. Employers who act to address these evolving needs will gain a committed and productive workforce and be an employer of choice in today’s job market.
Resources: Inside Employees’ Minds: This study includes 4,049 full-time employees in the United States and Europe, working for organizations with more than 250 employees. The study was conducted between August 26 and September 9, 2022.
Recourse: Adam Pressman, Partner | Employee Research & Engagement Leader | Mercer US & C | Helping Organizations Listen More Effectively and Build Better Employee Experiences “We do have a Global DNV Resilience Gateway. Resilience is what can help you thrive while tackling life challenges and cope with stress. Resilience is not something you may be born with, but it is something you can develop.
Our Global DNV Resilience Gateway offers some ideas for how to develop, maintain and strengthen your resilience.”
