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Employees are losing trust in their employers amidst financial concerns and extensive layoffs that have sparked uncertainty over the last year, according to a study by Alight, an information technology and consulting company.
Coupled with negative impacts from the pandemic, employees resonate with feeling that they are out of control when it comes to their own wellbeing. According to Alight, only 51% of the workforce reports feeling positively about their mental, physical and financial wellbeing. Only 41% of the workforce reports feeling that their employer cares about their wellbeing in 2023 -– a 6% decline from 2022.
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Employers need to "cut complexities" and "empower workers to better engage with available resources," Alison Borland, chief wellness officer at Alight said. "Maximizing the effectiveness of wellbeing programs requires that organizations consider critical moments that impact employees' mental, physical and financial wellbeing."
When it comes to mental health, 75% of American employees report feeling moderate to high stress levels – rising to 80% among Gen Z and Millennial workers. Nearly one-third of employees believe their job negatively impacts their mental health. Out of which, 75% report experiencing adverse effects as a result of job related stress, such as sleep disruption, low morale and anxiety attacks, according to Alight.
Personal finances, job challenges and physical health rank among the top 3 sources of stress for employees. According to Alight, employees worry about having enough money to live the life they desire.
The study found that 31% of workers report feeling stressed about their financial situation and often have no money left over at the end of each month. Nearly half of the workforce is concerned that the money they have won't last and worry that finances control their lives, Alight revealed.
On top of financial concerns, many employees struggle with concerns about their physical wellbeing. While the majority of workers are enrolled in an employer health plan, only 62% say they know where to get information on picking the plan that is right for them.
Alight found that 44% of employees regretted a health care decision because they took bad advice, jumped into treatment, did not check costs or if a provider was in-network. According to Alight, employers can improve wellbeing by creating HR tools, benefit programs and communication that is relevant to employees.
While more than half of employees understand the benefits available to them, 32% don't use them because they don't have enough time to evaluate the offerings, access is overly complex or the benefits don't meet their needs. Eighty-five percent of employees agree that a 'one-stop-shop' model such as a mobile app would prove useful.
"It is crucial for employers to prioritize initiatives that facilitate easy access to relevant and effective resources," Laine Conway, communications strategy thought leader at Alight, said. "Part of their role is to help employees use their benefits effectively, especially when they are needed in those moments that matter."
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