Even in today’s booming economy and thriving job market, many employees still experience stressors that can impact productivity at work. And while this stress may not originate from the workplace itself, stress experienced within an employee’s personal life can directly impact their performance, focus, and sense of self-worth at work. According to a recent MetLife report, Thriving in the New Work-Life World, “Everyday stressors can pose barriers to employees’ happiness and distract them from succeeding at work.”
Happy employees are more productive employees
The report surveyed employees who claim to be unhappy at work and compared their responses to employees that claim to be happy at their jobs. It was found that happy employees are more satisfied with their job (90% vs. 17%), loyal (90% vs. 42%), engaged (81% vs. 24%), productive (89% vs. 45%), impactful (79% s. 20%), and successful (82% vs. 20%). This impact on employees at the individual level translates to overall success for a business. According to Forbes, companies making the Fortune’s “100 Best Companies to Work for” experienced 14% increases in stock prices over a 7-year period, compared with just 6% increases for organizations not on the list. This is tangible evidence that having happier employees benefits everyone.
What employers can do to reduce the stress
What can employers do to create an environment where employees feel valued, less stress and overall happier? According to the study, the top three initiatives employers do to make employees feel valued and appreciated are (1) recognize employee achievements and hard work, (2) Offer a comprehensive benefits program, and (3) offer competitive compensation. Importantly, the MetLife reports that regardless of life-stage or age, the top point of stress for employees is personal finances. By alleviating sources of financial stress, employers can encourage contentment and heightened productivity of their workers.
Benefits that reduce financial stress of medical costs are top valued
More specifically, paying for medical costs, current and future, are a top concern for most employees. Sixty-seven percent of employees state that “having money to cover out-of-pocket medical costs” is a top source of financial stress. Close to 50% of employees think that having better benefits packages will allow them to thrive at work by relieving stress. And almost one third of employees intending to leave their job would stay if their employer offered better benefits. More specifically, tailoring these benefits on the individual level creates engagement and loyalty. “Benefits customized to meet employee needs” makes the list of top 5 drivers of happiness at work, according to the MetLife study. Comprehensive and targeted benefits will more than likely provide employees with a sense of purpose.
Listen for the whistling
Want to see your employees whistle while they work and your business realize its full potential? Employers can alleviate the stress of medical expenses and improve the happiness of their workers through benefits such as Armada’s suite of supplemental expense reimbursed insurance products. They are a powerful benefit tool built to help offset out-of-pocket expenses. With plans ranging from $5,000 to $100,000 in annual coverage, there is an option for every budget and every need.
I think I hear whistling already…