Leading health and benefits consultancy Mercer Marsh Benefits, a business of Marsh McLennan, released its 2023 Health on Demand Report, which revealed that employee stress is a critical issue for talent attraction and retention.
- Almost half of all employees (47%) report feeling stressed in everyday life. When asked what factors put them at risk for burnout at work, the top three were work pressures (54%), poor leadership (39%), and toxic culture (37%).
- Addressing employee stress and burnout starts with addressing psychological safety in the workplace. Only 58% of employees agreed or strongly agreed that they feel free to speak their mind without fear of negative consequences.
- Beyond work stressors, 21% of employees are concerned about affording healthcare, with women (26%), and single mothers in particular (32%), significantly more likely to lack confidence that they can afford needed healthcare than men (18%).
- Also, of the employees who have access to 10 or more benefits (such as medical coverage, life insurance and mental health counselling), 82% say they are thriving, compared to just 58% of those with access to between one and four traditional benefits.
- The findings also show that there is a positive correlation between higher levels of benefits and employee satisfaction. In fact, employees who receive 10 or more benefits are more likely to believe their employer cares about their health and well-being, are less likely to move to a different employer, and are more confident that they can afford the healthcare their family needs.
There seems to be some disconnect when it comes to employers’ and employees’ perception of care. Benefits are matter. More importantly, the benefit is supported by behaviors. Benefits are important for employee engagement, but more is needed.
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