Voluntary benefits offer choice, support

Stress and anxiety-related conditions still top the list of health claim cost drivers at most organizations, and these conditions greatly impact employee presenteeism and overall productivity.

It’s not hard to find a range of insightful statistics regarding the connections between living with a mental illness (such as anxiety or depression) and substance abuse as well as absenteeism. Twenty per cent of people living with a mental illness will also have a co-occurring substance abuse problem, according to the 2008 study “Prevalence of co-occurring substance use and other mental disorders in the Canadian population” in the Canadian Journal of Psychiatry.

This can contribute to compounding issues within the workplace regarding not only employee performance, but also safety.

Several sources have also cited mental illness as a leading cause of disability in Canada, and for employers, that means people not showing up for work or going on leave — both of which can be costly and negatively impact overall productivity depending on the affected positions within the organization. It’s been estimated that at least 500,000 Canadians are missing work due to mental illness each week either due to disability leave or missed work.

Optional benefits provide access

Employers can help relieve employees’ stress and anxiety by offering optional benefits that people may not be able to access as an individual.

Most of these programs are designed for an individual, not a group; when applicable, product options and pricing tend to reflect that. On the flip side, there is also often greater customization and a wider range of options available within certain product lines.

Benefits providers typically deal directly with the employee so there is no added administration required of the organization, and simply supplying employees with the connection to the various providers offers value. All transactions are between the employees and benefits providers so there is no cost to the organization to offer these programs.

Exclusive discounts on proactive services such as preventative health assessments, medical diagnostic assistance and telemedicine services give workers the option of “staying ahead of the game.

Consider these points when putting together your organization’s suite of voluntary benefits:

• Ancillary health coverage may help ease concerns about the unexpected costs that can arise when a medical condition is diagnosed and treated. These programs are typically meant to offer support once a condition has been diagnosed and treatment has begun, such as critical illness insurance or a hospital cash benefit, which provides a daily cash allowance when the insured is admitted to hospital for any reason.
• Optional life or final expense insurance are other benefits to consider when looking to reduce employee stress and anxiety about “what’s to come.” The additional coverage, in either form, brings with it a peace of mind that family or close friends will not shoulder any burden related to end-of-life expenses. Optional life insurance is a group benefit with voluntary participation, which makes it an excellent and often more beneficial alternative to mortgage insurance sold through banks, and it can be as easy to implement.
• A group RRSP provides employees with a vehicle for savings — a topic that causes a lot of financial stress in employees. This type of program offers the structure and security that appeals to employees of all ages and in all stages of savings — for their first home, as a “safety net” when considering a career change, or when closing in on retirement and contemplating what their life will look like after active employment.
• Exclusive discounts on proactive services such as preventative health assessments, medical diagnostic assistance, and telemedicine services offer employees the option of “staying ahead of the game” when it comes to learning about their health and any potential risk areas.
• Financial wellness support through educational resources and professional advice can significantly reduce an individual’s financial concerns, a leading cause of stress and presenteeism as most of their focus and energy go towards finding a solution on their own.
• Employee demographics and levels of adaptation can help an employer determine which platform to host the programs. A company intranet is not the only option available for hosting, but potential employee training needs and the likelihood of utilization should be taken into consideration before selecting an external vendor’s platform with “all the bells and whistles.”
• If employees aren’t comfortable navigating the path to reach the optional benefits, the employer won’t see the activity that is reflective of their needs and that will guide them towards identifying programs of most interest (many providers are able to share activity without identifying participants).
• If you choose to work with a vendor and use their resources, consider leveraging those tools and technology to launch and promote your program. Identifying the areas of greatest interest to employees in voluntary benefits can also assist with any workplace wellness planning and communication strategies, and the chosen platform can perform double duty for your voluntary benefits and workplace wellness initiatives.
• An employee and family assistance program (EFAP) is a benefit that is voluntary with regards to employee utilization, but the platform does come with a per-employee cost to employers. Studies have shown that the return on the investment in an EFAP is impressive, but many organizations have already implemented one with the primary reason being employee support. These programs offer employees and their family member dependants access to short-term, solution-focused counselling, as well as additional features such as online resources and proactive solutions like resiliency training. The EFAP is meant to identify primary issues that present in the participant (typically through counselling or self-assessments) and then offer them voluntary resources to support their ongoing journey to better health.

Employee wellbeing can be as simple as achieving a sustainable balance between good physical, financial and mental health, and in many cases, feeling supported by the employer is a large component of this balance. Through whatever means you’re able to provide support to employees — financial or educational — they will appreciate your efforts.   

Karley Middleton is an association member benefits consultant at HUB International in Winnipeg. She can be reached at [email protected].