A significant percentage of workers find themselves spending more than five hours each week stressing and worrying, mainly on the clock. According to a survey from Colonial Life, this accounts for more than 20% of workers who work full-time in the U.S.
Citing statistics from the U.S. Bureau of Labor Statistics, Colonial Life found that with 128.5 million full-time employees earning on average $21 per hour, employers are losing billions on workers due to workers being disengaged and unproductive as a result from stress.
Topping the list of employee stressors are work (29%) and finances (24%). Additional causes of stress include personal/spousal healthcare, family and caring for elderly family members.
Alleviating the stress of your employees can certainly help boost office morale and maintain a high retention rate (whether for your office staff or client base).
A few ways to help reduce the stress of your workers are:
• Paid Time Off (PTO – separate from vacation time)
• Bonuses
• Retirement Contributions
• Remote work days
• Employer benefit contribution (a percentage the employer contributes towards employee’s medical premium)
• Supplemental Voluntary Plans which are Employee paid and payroll deducted
Employers do not need to contribute to the plans, they are employee paid and payroll deducted. Voluntary benefits provide a financial safety net for employees when large deductibles and out-of-pocket expenses hit due to a serious illness or accident. The plans provide direct payments of benefits to the employee to help offset the out-of-pocket expenses and provide financial security and stability for their family during their time of need.
Please consider adding Voluntary Benefits as a way to enhance your benefits package for employees without adding extra expenses for you as the employer. A more robust benefits offering helps attract and retain employees for your business, as well as helping to reduce the stress of the employee.
To explore the voluntary benefits that would best meet the needs of your employees, contact our sales team today!
Tracey Hamilton
Direct: 443-449-2331
Fax: 410-649-4154
Email: thamilton@medchiagency.com