Have you recently changed employers? Are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through Advantage Administrators, your HSA stays with you. There are plenty of myths about HSAs, but today let’s tackle what really happens to your HSA when you change employers. HSA transfer If your new employer offers an...
5 Ways to Support Employee Wellness in 2022
The number of Americans who quit their jobs in 2021 reached record highs. One of the ways to stop the tide of employee departures is through your benefits by implementing a greater focus on employee wellness. With that in mind, here are five ways we expect employee wellness to trend in 2022.
Offer a lifestyle spending account
Lifestyle spending accounts (LSAs) have emerged as a trendy benefit in recent years. Their usefulness to employees is especially meaningful right now since they are well-suited to address our three common wellness needs: mental, physical and financial.
An LSA is an employer-funded, post-tax spending account with eligible expenses and plan details customized by the employer. An LSA can promote healthy habits and overall well-being.
Expanded mental health support
Mental health needs have clearly become even more of a priority in the last couple of years. Kate Levesque, global benefits manager at WEX, said on the company’s Benefits Buzz podcast in 2021 that she was seeing increases in enrollment into WEX’s Employee Assistance Program (EAP) and increases in medical/disability claims from employees. EAPs can be built with the flexibility to support a variety of needs.
Provide flexible work
Many employers ended up in a work-from-home situation in early 2020. As it turns out, many learned that working from home — or simply the freedom to do so — works best for them. However, flexible work isn’t limited to just location. More than 40% of managers in a recent survey said they let employees choose their own hours.
There are three common “ways of working” in today’s workplace:
- In-Person: Think of this as the traditional office setting.
- Hybrid: The option of working partially in an office and partially at home or in another location.
- Full-time Remote: These employees work primarily elsewhere.
Creative financial support
Pay raises can improve employee financial wellness, but there are other ways to support the bottom lines of your employees, especially those who might need it most. Communicating the benefits of these financial incentives is also a critical piece in retaining employees.
Johnny Taylor, President and CEO of SHRM, laid out this potential scenario during WEX’s HSA Day 2021 of an employee leaving your company without realizing what’s available to them: “You can go across the street for $2,500 more, but you have this benefit offering that is really $4,000 or $5,000 more in value to you. They just don’t know.”
What are a couple of ways you can financially support employees?
- Short-Term Loans: These are a great way to support employees in the event one of them experiences an unexpected cost, such as car or home repairs. Employers are uniquely positioned to deduct loan payments through payroll deductions, alleviating credit concerns for employers and employees.
- Student Debt Relief: From 2008 to 2018, the average cost of college tuition increased by more than 25%. This increasing burden has created an opportunity for employers to provide another way to support employees through student debt relief.
Provide and promote telemedicine
Demand for telemedicine is booming. A 2021 survey revealed that 17% of U.S. adults said telemedicine options were important to them, which is up from just 7% four years earlier. One study also found that individuals with telemedicine (or telehealth) access had lower rates of depression, stress and anxiety.
Anyone can take advantage of telemedicine options, but those who might benefit the most include employees:
- Without a vehicle or reliable transportation.
- Who lack the time needed to travel and sit in a waiting room.
- Who frequently experience sinus problems, allergies or other easy-to-treat conditions.
- In rural areas where in-person access to healthcare is limited.
Education is critical to get the most out of your employee benefits. Stay updated on the latest trends and insights by subscribing to our blog!
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel.