The Hidden Value of Social Security Disability Insurance: Why It’s Important During Benefits Enrollment
Acting as a vital bridge between employers and individual contributors, a managers’ role has become even more critical over the last year and a half. Indeed, managers have not only stepped up to the challenge of navigating recent shifts in the workplace, but also meeting the needs of their direct reports amid the pandemic, social and economic instability.
According to a new MetLife study, managers have an increasing influence on workers’ holistic well-being. In fact, more than half of employees (55 percent) report that their manager is the person they trust most at their company, and 72 percent describe their manager as supportive. And nearly 6 in 10 (58 percent) of managers say they’re currently involved in implementing well-being initiatives. However, the same research also shows that many of these managers – particularly millennial managers – may be sacrificing their own well-being in the process.
As employers continue to reimagine the workforce of the future, they can and should consider the varying needs of their managers and the impact they have on their teams. Prioritizing well-being can not only have an impact on individual managers, but help foster a more resilient, successful and engaged workforce overall.
Here are three ways employers can help provide support to their managers and in turn build a more resilient workforce:
1. Ensure managers are knowledgeable about benefits
According to MetLife’s research, there is a disconnect between managers’ ability to effectively communicate and help provide information to their direct reports regarding employee benefits. In fact, while 68 percent of managers feel like they’re doing well to help their direct reports understand and access employee benefits, only 45 percent of employees agree.
To address this disparity, employers should consider providing their managers with tailored information about specific benefit solutions that can help boost employees’ well-being. For example, voluntary benefits like disability insurance can not only help enhance financial security by providing a vital source of income protection in the event an employee is unable to work, but also help support employees’ mental well-being. MetLife research has in fact found that three-quarters of employees who have disability insurance worry less about unexpected health and financial issues, versus only 59 percent of those who are not currently enrolled.
2. Offer trainings that foster positive well-being in the workforce
Managers often feel stressed and anxious, and this stress and anxiety can often build – reducing their mental health and even hindering their ability to support themselves and the well-being of their direct reports. In fact, MetLife’s study finds that 29 percent of managers say they struggle with spotting signs of stress, burnout, or lower mental health among their reports.
With this in mind, employers should consider offering trainings that help equip managers with the tools to help prepare their teams in key areas that often impact their well-being. Specifically, managers indicate they are interested in training that can help them direct employees to the right solutions or programs (78 percent), manage stress or burnout and mental health (73 percent), and conduct conversations around sensitive topics such as D&I and social justice (69 percent).
3. Ensure benefits support all generations in the workforce
To properly equip managers throughout their workforce, it’s important for employers to understand the varying needs and pain points of their managers across generations. For example, while 34 percent of millennial managers struggle to spot signs of stress, burnout, or lower mental health among their reports, they are more likely to say they are burned out (42 percent) than managers of other generations (34 percent Gen Z, 27 percent Gen X, and 21 percent boomers).
This group of younger leaders is also significantly more likely to express interest in holistic well-being benefits this year for themselves and those they hold most dear, including services like financial planning tools (+40 percent) and legal services (+50 percent). In addition, as many people adopted a “pandemic pet,” pet insurance interest is up (+58 percent) – helping to give these young leaders peace of mind as they care for their fur family. Offering benefits that improve the well-being of these managers can not only support individual employees, but also help create a healthier workforce.
It’s clear that managers have and will continue to have a significant impact on the ability of employees to succeed in the new normal. However, as we look to the future, employers should take note of how they can further prop up this important group. By identifying opportunities to boost the well-being of managers, organizations can foster a more resilient workforce for years to come.
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