In a world marked by economic uncertainties, small business owners need to be attuned to their employees' concerns and needs more than ever. As you gear up for the 2023 benefits open enrollment season, Voya Financial, a retirement, investment, and insurance company, released its consumer research survey, unveiling crucial insights that can empower you to make informed decisions.
Inflation Concerns: A Growing Worry
The shadow of inflation continues to loom over working Americans across the nation. Voya’s research highlights that 79% of working Americans are apprehensive that their workplace benefits will become more expensive during this open enrollment season due to inflation. This represents a significant increase from the 66% recorded in June of 2022 when inflation was at its peak.
As a small business owner, this rise in inflation-related concerns should serve as a call to action. It’s time to consider benefits packages that help your employees navigate the financial strain caused by inflation, ensuring that their hard-earned money goes further.
The Intersection Of Finances And Mental Health
Voya’s research underscores the deep connection between financial stability and mental well-being. 57% of Americans surveyed agree that financial stability directly impacts their mental health. This revelation places mental health at the forefront of your employees’ concerns, particularly as they approach this year’s open enrollment season.
In addition, the modern workforce is increasingly vocal about their expectations regarding mental health support. 55% of employed individuals believe that their employer is responsible for ensuring their mental and emotional well-being. This sentiment becomes even more apparent when 48% express their willingness to invest more in workplace benefits that offer enhanced mental health support and resources.
Crafting Comprehensive Benefits Packages
Traditional benefits such as medical and dental vision remain essential; however, Voya’s research illuminates the importance of evolving your benefits package. Your employees now expect a holistic approach that addresses financial and mental health needs. Employees are willing to commit to employers who offer mental health benefits, with half of employed Americans indicating they’re more likely to stay with their current employer if these resources are available.
One positive development observed in today’s environment is that employees are becoming more thoughtful about their benefit selections, given the overarching financial concerns. 79% of employed individuals express interest in receiving support to maximize their workplace benefit dollars across retirement savings, health savings accounts (HSAs), health care insurance, and voluntary benefits.
Prioritizing Financial And Mental Well-Being
As you prepare for the 2023 benefits open enrollment season, you must address the concerns related to inflation, by offering comprehensive benefits that encompass financial and mental health needs. At GMS, a professional employer organization (PEO), we understand that the well-being of your employees is paramount, which is why we offer a comprehensive range of solutions to address your business needs. From employee assistance programs (EAPs) that provide crucial mental health support to a wide array of voluntary benefits and personalized guidance, we ensure that your workforce can make the most informed choices during open enrollment. With our expertise and commitment to your employees’ financial and mental well-being, we help your small business thrive while prioritizing what matters most – the health and happiness of your employees.
Kristy Rittenour, GMS’ Benefits Account Specialist Manager, expressed, “Every year, GMS partners with our clients to enhance or change their benefit offerings, helping them recruit and maintain top talent. Based on mid-year utilization reporting, group size, and unique needs, GMS prepares the client in advance for their benefits renewal. An early evaluation of this information removes the guesswork and is critical to successful open enrollment.
Contact us today to prepare yourself for the open enrollment season.