Supporting Equity Through Workplace Well-Being
It’s no secret that for many American workers, times are tough. In fact, almost 80% are living paycheck-to-paycheck. And 49% of employees are finding it difficult to meet monthly household expenses, Penelope Talbot-Kelly, VP and GM, B2B at EarnIn, shared during a panel discussion at From Day One’s Austin conference.With workers feeling the financial burden, emotional stress is sure to follow, with work performance potentially feeling the impact. Fortunately, there are tangible ways employers can provide support. Panelists shared some of the most inclusive and forward-thinking employee offerings, ranging from housing assistance to family and college planning, along with strategies that companies can implement to ensure that well-being resources are accessible.Well-Being Starts at the TopNo matter your area of business, says Kenneth Reeves, VP, HR, Performance Food Group, “well-being starts at the top. You can have all the programs in the world, but if you aren’t walking the talk and doing things with your people, then it’s all a check-the-box exercise.” Leaders at the company hold monthly meetings with their front-line workers, the delivery drivers, to see how they are doing and thank them for their work, says Reeves. “Those are some of the things that we do to make sure that we stay connected with the heart and the soul of what we do on a daily basis,” he said.For Liane Hajduch, head of employee experience & HR tech at DoorDash, engagement surveys are just the start of employee listening and engagement. “We work really closely with leaders to deeply understand what people are saying, to take swift action, to empower people to take it, to ensure folks know it’s a safe space, and [that] we’re actually going to do something about it,” Hajduch said. DoorDash’s quarterly surveys have a high participation rate of nearly 90%, partly due to the fact that workers trust that leaders will act on the results.Communicating Benefits OpportunitiesCreatively and effectively marketing benefits to employees helps them feel engaged, appreciated, and hopefully, loyal. Insight gained from employee listening can even be used in the marketing itself. Stephanie Murphy, PhD, VP of people experience, UnitedHealth Group, shares that her organization offers a “one pass” that gives access to gyms and local fitness classes. “We found out through just having conversations that [one employee] had done the one pass and lost 150 pounds. This is a story. This is something that impacts people’s lives,” Murphy said. The employee shared his story several times across various channels, and more people started participating in the program. “Using storytelling to really get the benefits out there resonates more than just sending an email saying, ‘Here’s your list of benefits that we offer,’” Murphy said.Executive panelists spoke to the topic "Supporting Equity Through Workplace Well-Being"“We are totally inundated with information overload,” said moderator Kelsey Bradshaw, newsletter editor at City Cast Austin, so how can your marketing break through? Use every method you can, says Murphy: emails, social media, break room posters, presentations, and having the CEO share it in all-hands meetings.Reeves’ organization offers an annual total rewards statement, so employees fully understand and appreciate the impact of their benefits program. “People understand, ‘Wow, yes, I took X home, but this is everything that the organization is putting into my financial well-being on my behalf,’” he said. Murphy says ultimately, the onus is on managers to make sure they are also communicating benefits as they are the ones with direct and routine access to their people.Investing in Employees“One of the biggest issues among American workers is that they're living paycheck-to-paycheck,” Bradshaw said, which has a significant impact on employees’ mental health and performance. “Employees typically spend three plus hours per week worrying about their finances,” Talbot-Kelly said. She says this manifests in three ways: reduced productivity, higher absenteeism, and increased turnover. “Financial stress ultimately impacts the bottom line.”Post-pandemic inflation means that offering just 401(k) is no longer enough. “Financial wellness is ensuring that your employees can meet both their short and long-term goals,” Talbot-Kelly said. In addition to retirement options, employers should consider offering on-demand pay to help employees pay bills on time and avoid overdrafts.And financial planning for rent and mortgages is also helping, since housing is one of employees’ largest recurring costs. “If you can bring that down 15-20%, then ultimately your employees will have better mental health and more disposable income to spend on other things, be that childcare or food,” said Jerryck Murrey, CEO, Annum. His organization offers housing benefits that allow employees to save money for rent, mortgages, contractors, appliances, and furniture. “Housing is the fulcrum of life–you remove housing, everything falls apart,” he said. Especially, Murrey says, with so many employees now working from home.Staying on Top of TrendsCompanies should keep a pulse on housing prices and ensure that their compensation and benefits are keeping pace with local economics and competitors. Our world is changing faster than ever, and your organization should be keeping up, staying “nimble and adaptable, being comfortable with the fact that what you did last year isn’t going to be what you’re going to do the next year,” Hajduch said.DoorDash offers a flexible benefits program that includes a wellness credit to spend on whatever makes the most sense to the employee, be that childcare, housing, medical care, or the like. Such flexibility is vital in an increasingly diverse workforce. “The workforce today is composed of different generations with little shared experiences,” Murrey said, and employers need to be able to provide benefits for all life stages and styles.Hajduch says DoorDash offers a coaching platform featuring coaches with a wide variety of expertise, from career coaches, to financial wellness gurus, to mental health counselors. When selecting benefits options, always remember the defining features of the younger generations, say Reeves and Murrey: they want personal development and they want meaning in their work.Hajduch offers words of wisdom for organizations looking to revamp their well-being offerings: “You have to be cognizant not to overdo it in the early days, because it’s very hard to take things back as you scale and grow, and maybe cannot afford them. So be really thoughtful about what you can spend, what the future could look like, and how this would scale over time.”Katie Chambers is a freelance writer and award-winning communications executive with a lifelong commitment to supporting artists and advocating for inclusion. Her work has been seen in HuffPost and several printed essay collections, among others, and she has appeared on Cheddar News, iWomanTV, On New Jersey, and CBS New York.