Workers surveyed in the MassMutual Consumer Spending & Saving Quarterly Index said that they will be expecting more from their employers in the coming years. A lot more. 64% of those surveyed believe that their employers should do more to support their mental health and wellness - that's almost two thirds of workers. Additionally, 58% of workers surveyed believe their employers should do more to support their financial wellness needs.
Amongst the respondents of this survey, a higher percentage of millennial workers expected their employers to contribute more to their wellness. 68% of millennials surveyed wanted their employers to address their financial health needs and 72% of respondents expressed an interest in additional mental health and wellness resources.
A report issued by the Mental Health Services Oversight & Accountability Commission in 2020 stated that while nearly one in six adults in the state of California have experienced some kind of mental health challenge, "only 14 percent of employers report senior leaders discussing the importance of mental health openly." California's Mental Health Services Act (Proposition 63, amended in January 2020) has recently provided $2.5 billion per year to go toward county mental health services, but California workers want more.
California workers are understandably concerned about their financial wellness in a post-pandemic landscape as well. In 2017, the Pasadena Star News said, "More than 37 percent of California households have so little cash saved that they couldn’t live at the poverty level for even three months if they lost a job or suffered another significant loss of income." Now, 58% of workers are asking their employers to help them manage this workplace stressor.
Spending money up front on the mental and financial health and wellness of employees may benefit businesses in the long run. The National Safety Council and NORC at the University of Chicago found that organizations spend more than $15,000 per year on employees with mental health issues. Additionally, these 85% of employees report that the workplace itself is a deterrent to their mental health and wellness.
Employers are also citing financial stressors for a dip in worker productivity. According to the Society for Human Resource Management, eighty percent of employers are seeing a dip in worker productivity due to financial stress, totaling a whopping $500 billion dollars annually.
In light of this information, it is highly possible that both workers and employers can both benefit from a reduction in workplace stressors due to financial and mental health issues by paying attention to these concerns before they become a deterrent to workplace productivity.