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While more than two-thirds of employees consider paid and unpaid leave to be a must have benefit, fewer employers offer these programs now than they did in 2019 and 2020. Phil Bruen shares three tips for businesses around the successful application of leave policies, including short-term disability insurance, vacation and paid time off, and sick leave.
19th Annual U.S. Employee Benefits Trends Study
In the wake of the COVID-19 pandemic, employees came to realize what is most important to them. According to MetLife’s recently released 19th annual U.S. Employee Benefit Trends Study, employees said paid and unpaid leave is a top benefit that could improve their overall well-being – with 71 percent calling it a “must have.” Unfortunately, just 57 percent of employers currently offer these benefits, which is down from 64 percent in 2020 and 2019. And only 43 percent said they plan to increase investment in paid and unpaid leave benefits (e.g., vacation, sick leave).
As the pandemic continues to catalyze shifts in the workplace, it’s a critical time for employers to realize how much people value access to leave options. Here are three things employers can focus on as they look for opportunities to best support their workforce in the long- term:
Encourage employees to maximize the value of their leave
Employers should actively encourage their employees to leverage their leave, particularly given the connection between time off and improved employee well-being. In fact, our recent data shows employees with more supportive managers, and better employer support, take more PTO. Consequently, employees are more likely to say their physical, mental, social, and financial heath improved over the past 12 months.
With this in mind, employers should evaluate their current policies, practices, and communications around leave – as well as their manager training programs – to ensure they both underscore and support a culture of encouragement.
Clarify and communicate about current policies
Today, as many as 39 percent of employees say they don’t completely understand the amount of paid or unpaid leave they’re able to take. This trend is particularly high among millennials (46 percent) and Gen Z (49 percent). In order to clear up confusion, employers can make a concerted effort to regularly educate their workforce about their leave packages by using opportunities like townhalls, team meetings, and a company-wide intranet to drive greater understanding.
In fact, ensuring you properly inform employees can be a win-win scenario for all involved. For example, employees with a strong understanding of their benefits are more likely to be motivated (75 percent), engaged (53 percent), and productive (36 percent), and less likely to be burned out (14 percent) and at risk of depression (24 percent).
Strengthen gaps to meet the needs of all employees
Since the start of the pandemic, nearly three million women left the workforce, and those who remained employed are experiencing challenges with their overall well-being. According to MetLife’s study, since April 2020, women have felt less healthy than their male colleagues across all aspects of holistic well-being by a statistically significant margin. Men are also more likely than women to have received communication about their personal well-being in the past three months from their organization or a manager (56 percent vs. 47 percent, respectively).
With this in mind, it’s critical now more than ever for employers to provide support and communications for their female employees. One simple way to do this is by communicating the value of paid and unpaid offerings like short-term disability insurance. This coverage helps alleviate employees’ concerns and supports their holistic well-being by covering leave from work for a temporary disability, such as pregnancy, accidental injuries, and illnesses. This benefit is especially important for women (60 percent) who are currently less likely than men (66 percent) to have short-term disability coverage.
Leave and long-term holistic wellness
As the prospect of returning to in-office work nears, so does the importance of rewriting the rules on leave. With this in mind, now is the time for employers to take action. By encouraging employees to maximize the value of their leave, clarifying current policies, and strengthening gaps in benefits packages along the way, employers can reimagine the modern workplace and usher in an era of holistic wellness for the long-term.
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