Underemployed workers—those who have been laid off or experienced reduced hours—report lower overall emotional, physical, and financial health compared to full-time workers.(Photo: Shutterstock)
A new study from Guardian Life Insurance Company suggested that employers have some work to do in improving the overall health and well-being of their employees. The study, "Mind, Body, and Wallet," is the 10th annual report on workplace benefits by the insurance company.
A number of recent studies have found a new emphasis on well-being by both employers and employees, but the findings of the Guardian study suggested that there's a disconnect between the job employers think they're doing in addressing the topic and the results that employees see.
Recommended For You
"The disconnect between employee and employer perceptions is particularly striking," said Chris Smith, head of the Guardian's Group Benefits business. "Employers have a real opportunity to close the perception gap by revisiting how they support employee well-being and helping their workers more fully utilize the benefits they already provide."
A well-being index
To track the issue, Guardian created the Workforce Well-Being Index in 2016 to measure the self-reported well-being of working adults. The new report finds an overall decline in workforce well-being since the onset of the pandemic, with COVID-19 (50%), as well as money and finances (46%), being the two leading causes of stress in workers' lives. "Mental health has experienced a significant drop-off in 2021 from the previous five years, which can be directly tied to the pandemic and worsening financial wellness," the report found.
The study outlined self-reported mental health status from a number of industries. According to the report, the percentage of employees who report their mental health as excellent or very good is 55% for financial services, 50% for construction, 48% for tech, 46% for education, 42% for retail, 40% for manufacturing, and 31% for health care.
Workers say stress and burnout are their biggest mental health challenges, as of October 2021. The study also noted that underemployed workers—those who have been laid off or experienced reduced hours—report lower overall emotional, physical, and financial health compared to full-time workers.
Survey suggests better communication is needed
Employers seemed to be tuning in to the importance of mental health and well-being of employees, the study said. "In 2016, only 15% of employers surveyed agreed that expanding the use of mental and emotional health resources, including Employee Assistance Programs (EAPs), was extremely important. Now, in 2021, the emphasis on these resources has more than doubled, with 35% of employers agreeing that it is extremely important."
In addition, 64% of employers said they have expanded the use of wellness, preventive, and health initiatives.
However, there seemed to be a disconnect with employees on these issues. The study found that only 39% of employees said their company's current benefits address their physical health well. And the disconnect can also extend to other areas of well-being.
"Six in 10 organizations agree that they address employees' financial health — including their ability to pay bills, debt level, and saving and investing in their futures — extremely well," the report said. "But there's a major disconnect in this perception. Only about 1 in 5 workers strongly agree that their employer does a good job of educating them on financial planning and how to achieve their financial goals."
Part of the problem may be communication and implementation: the study found that while more than half (54%) of workers are aware of the wellness programs offered by their employers, only 28% have taken advantage of those services.
"The reason for employees not taking advantage of their well-being resources could be due to stigma or misperceptions in the workplace," the study said. "But most likely, it is due to a lack of communication."
Even employers seemed to think more could be done: nearly half, 48%, said they should communicate about EAPs more often, and 42% said they should communicate about EAP using more channels. Re-assessing communication strategies around benefits might be a necessary first step to addressing employee well-being, the report concluded. https://www.benefitspro.com/2021/12/24/workplace-mental-health-prioritizing-employee-well-being-and-worklife-balance/
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
