In the face of ongoing economic uncertainty and the ghost of inflation, workers are feeling the mental strain; it's not just suits in the corner offices. According to the Employee Benefit Research Institute (EBRI) and Greenwald Research's 2023 Workplace Wellness Survey, a whopping 80% of employees harbor fears of a looming recession or continuing high inflation.
The financial anxiety isn't just about the future, it's tearing into the here and now, affecting employees' ability to focus and feel well at work, The survey shows a striking shift in financial stressors, with day-to-day costs like emergency savings and household bills outmaneuvering retirement savings as the primary worrywarts for today's workers. As it stands, while a fair 70% can hurdle a $500 surprise expense, a mere 40% feel ready to take on something in the $5,000 range.
These money woes dovetail with a rise in mental health concerns — nearly three-quarters of workers report that their emotional well-being or mental health is at least moderately concerning. Employers are being nudged, with more insistence, to check in with employees, and train managers on how to handle these delicate conversations. Benefits like mental health support should be on the regular menu, yet, as Dr. Ben Frock has stated, the options out there have their snags, largely due to privacy concerns and the inherent hurdles in seeking therapy.
The conversation on mental health is getting louder, and not just in whispers at the water cooler. "Mental health support will take greater priority among employers," claims Wesleigh Roeca of Lifesum, in the chatter about how 2024 will unfurl based on the industry's projections provided by BenefitsPRO. Besides this, connection to community and comprehensive care coordination are expected to go big, with Centivo's CEO, Ashok Subramanian emphasizing the role of primary care providers as the quarterback in care.
Add to that, experts at EY are stressing the criticality of combating isolation and solidifying a sense of belonging. The firm's Belonging Barometer 3.0 highlighted that when workers are checked on by colleagues, it significantly beefs up their sense of belonging. Also joining the fray is the intersection of physical and mental health, with Exos' Greg Hill eyeing new tactics combining rest, nutrition, and training for sharpened workplace performance and overall well-being. These enhancements are not just perks but are becoming essential as workers increasingly view themselves — and are viewed by their employers — as whole beings. As Spring Health's Karishma Buford Patel puts it, acknowledging employees as multifaceted individuals beyond their desks, is key to tapping into their full potential.
