Employers Are Expanding Wellness Programs To Include Financial Health

June 30, 2016

The 2015/2016 Willis Towers Watson Staying@Work Survey of U.S. employers found that a growing number of employers have adopted a broader view of workforce health that includes physical, mental, emotional and financial health. At the same time, findings from a concurrent survey of more than 5,000 U.S. employers, the 2015/16 Willis Towers Watson Global Benefit Attitudes Survey, showed that just 45% of U.S. employees are happy with their current financial situation. Further, 1 in 5 reported that financial problems are negatively affecting their life.

In an article written for BenefitsPro by Steve Nyce, senior economist at Willis Towers Watson, and Carlos Hernandez, vice president of strategic alliances at Acclaris, the authors drew attention to the connection between programs employers offer that support employee physical well-being and those that support financial wellness.

According to Nyce and Hernandez, financial woes disproportionately affect certain segments of the workforce, notably Millennials. Recent graduates with student loans are especially affected. These concerns mean employees are less engaged and less productive.

However, even as employers introduce programs to address these concerns and to enhance employee well-being, the Willis Towers Watson employer survey found that just 50% of employees enroll in them.

What can employers do to help their employees and plan members realize the value available to them through consumer directed health plans (CDHPs) plans and wellness programs?

Nyce and Hernandez identify three key steps to engaging employees in consumer-directed health and wellness offerings. To read the article in BenefitsPro, click here.

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