Doubling Down on Care in Cost-Constrained Times

Human resource decision makers are facing an array of challenges as the strained U.S. macroenvironment increasingly weighs on the financial, physical, and mental health of today’s workforce. Consequently, HR departments must balance an important need to deliver heightened care for their employees while also managing potential cost constraints for their businesses. MetLife’s latest research found that more than half of employers (57%) say economic uncertainty is a top challenge and the majority (89%) say controlling the cost of core benefits and trimming administrative costs are key objectives this year.

As employers sharpen their pencils to manage financial pressures, they should also consider the costs of not delivering employee care—a genuine demonstration of care for their employees’ overall well-being—as this can impact talent and business outcomes negatively in the short and long term. In fact, MetLife’s research finds that when employees don’t feel cared for, they are less holistically healthy and in turn, less loyal (1.8x), engaged (2.2x), and productive (1.6x) at work.

MetLife’s data also found that while 88% of employers say they demonstrate care for employees, only 60% of workers feel cared for at work, revealing an opportunity for employers to step-up their care strategies and improve talent outcomes in stride. New data also uncovered key moments in both life and work settings wherein employees say they could use more employer support to improve their holistic wellbeing.

The following are examples of three key moments wherein employees say they could use greater care—and, how employers can provide support without investing in additional dollars but instead, tapping tools and resources they likely have in place to demonstrate care more effectively.

1. Ongoing Mental Health Conditions

Mental health in the workplace has grown in importance in recent years—84% of HR and benefit leaders say it has become a higher priority in the past year, according to recent research from Lyra. Despite employers recognizing its importance, MetLife’s study finds 46% of employees are often shown less care than they expect when experiencing an ongoing mental health condition, impacting their ability to bring their best to work and life. In fact, when employees feel unsupported during this experience, they are less likely to feel loyal (-45% pts), engaged (-24% pts), productive (-22% pts), and happy (-26% pts).

To show genuine care for employees navigating on-going mental health challenges, employers should look for ways to support them with empathy and flexibility. This could mean offering employees flexibility during a challenging period or providing managers with training on how to support those challenged with mental health issues, ensuring they are equipped to lead with compassion. Offering learning on mental health, financial health, and self-care—as well as benefits such as employee assistance programs (EAPs) that can provide helpful access to counseling on a regular or as-needed basis—can also make a significant difference to those with enduring life challenges.

2. Burnout

A combination of macro-level stressors and work-life pressures have increased burnout by 43% across today’s workforce—and yet, MetLife’s report finds that burnout is one of the most common experiences wherein employees feel unsupported by their employers. To deliver greater care for burned out employees, cultivating a supportive culture is key. Employers can do this by setting healthy boundaries for working hours, meeting schedules, and setting an example wherein company leaders make this a daily best practice, encouraging others to follow suit. More tangible resources—such as establishing flexible policies or offering virtual workdays, flex days, and paid time off—can also help employees who are experiencing or showing signs of burnout.

There are also perhaps less obvious benefits like caregiving resources that can help workers facing burnout less directly, but just as effectively. For example, employees who used benefits related to childcarewere more likely to say theyfelt cared for when feeling burntout. Providing employees with services that can help them navigate competing life and work priorities can go a long way in supporting employees who are feeling life’s layering effect, spread thin and overworked.

3. Unexpected Financial Strain

As economic uncertainty persists, employees are increasingly turning to their employers forfinancial support, particularly in moments where unforeseen costs and expenses arise. When employees face unexpected financial situations, one of the top ways employers can respond are by deploying an empathetic and flexible manager as well as educating them on the range of benefits that can support them in that moment, such as financial wellness tools that can help them understand their options and create a financial plan.

Beyond short-term solutions, benefits that address the root causes of financial strain can go even further in boosting employee well-being in the long-term, improving perceptions of care in stride. For example, offering pet owners coverage for their furry loved ones can help prevent the financial stress involved with unexpected veterinary costs, while legal benefits can help employees who find themselves in potentially costly disputes find representation.

Last but not least, effective and timely communications about the availability of these benefits and how to use them will be appreciated by employees who find themselves in sudden need, which means employers should continue to help educate employees and raise awareness of benefits options and resources—not just at open enrollment, but throughout the year.

While cost constraints may be inevitable, employers would be prudent to remember that remaining invested in care by tapping existing benefits and delivering a care-focused employee experience can ultimately foster better talent and business outcomes in the long-run, often at little to no added cost. Moreover, prioritizing care in key moments that matter to their workers will go even further in improving employees’ quality of life and in turn, help workers bring their best to both their personal and professional lives.

Brendan Lynch is Chief Employee Experience & Care Officer at MetLife.

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