This report provides an in-depth examination of the wellness strategies that companies are implementing in 2023. The survey covers three main areas: investment trends, factors that influence investment decisions, and vendor selection criteria. Additionally, this year’s report includes special sections focused on mental health and financial wellness, highlighting new solutions and popular vendors that employers are using in 2023.
Access the complete report to gain a full understanding of the report’s findings.
The survey identified 23 different wellness programs and strategies, such as stress management, reimbursement for gym memberships, and telemedicine, that employers may be considering investing in during 2023. Respondents were asked if they expect their employer clients to invest less, the same, or more in these programs. On average, 64% of respondents plan to spend more on these programs in 2023, 35% plan to invest the same amount, and fewer than 1% of respondents plan to invest less.
As wellness programs become more popular and the cost of benefits continues to increase, employers of all sizes are offering more comprehensive and competitive benefits. As a result, employers will continue to invest more in these programs.
In 2023, employers are likely to focus their investments on the following benefits: mental health (91%), stress management and resilience (77%), mindfulness and meditation (74%), financial wellness (65%), and telemedicine (65%). With mental health being a major concern, three of the top five benefits are closely related to this area. Employers are also investing in telemedicine to improve access to affordable healthcare. Notably, financial wellness is making a comeback on the list, indicating that employers are proactively addressing their employees' concerns about the uncertain economic situation.
Employers appear to be moving away from benefits that require in-person interactions, even though the COVID-19 pandemic is perceived to be a waning threat. This shift is likely due to the availability of alternative solutions that meet the same wellness goals at a lower cost and are better suited for hybrid work arrangements.
For instance, instead of organizing health fairs and on-site fitness classes, employers can often achieve the same wellness goals through more affordable and scalable options such as informational office hours with benefits providers, webinars, targeted marketing, and newsletters. These events can also be held virtually, which requires less investment.
Additionally, other trends are being guided by expert advice and the best available scientific evidence. For example, employers have been decreasing their investments in biometric screenings and health risk assessments as research questions their efficacy. As organizations seek to develop more scientifically informed and evidence-based wellness solutions, it is predicted that these offerings will become less popular in the future.
Organizations are investing in various solutions to support the mental health of their employees. Employee Assistance Programs (EAPs) are the most popular solution, with 72% of employers planning to invest in them this year. EAPs provide employees with confidential counseling and support to manage personal and work-related issues that may affect their mental well-being.
In addition to EAPs, many employers are also investing in digital health tools. These tools can range from virtual therapy sessions and mental health apps to digital self-help resources that employees can access on their own time. Such digital tools can be particularly beneficial for employees who are working remotely or have limited access to in-person support.
Lastly, employers are also providing educational resources to their employees at 45%. This can include workshops, webinars, and educational materials that help employees understand and manage their mental health better. These solutions are consistent with previous years and demonstrate that organizations are continuously looking for ways to support the mental well-being of their employees.
What new offerings are your clients using to promote mental health in the workplace (choose top 3)?
Organizations are increasingly looking for cost-effective, flexible, and scalable solutions to support their employees’ financial well-being. To that end, they are investing in a variety of financial wellness offerings, such as educational resources (81%), digital finance tools (62%), coaching (43%), and retirement planning (43%). These solutions are becoming more popular as they are affordable and adaptable to the unique needs of different employees.
Educational resources such as workshops, webinars, and educational materials provide employees with the knowledge and skills needed to make informed financial decisions. Digital finance tools such as budgeting apps and financial calculators can help employees track their expenses and manage their finances more effectively. Coaching and retirement planning services can provide employees with personalized support and guidance to achieve their financial goals.
Overall, these financial wellness offerings are becoming more popular as organizations recognize the importance of supporting their employees' financial well-being in the face of economic uncertainty.
What new offerings are your clients using to promote financial wellness in the workplace (choose top 3)?
The report includes six years of historical data, providing valuable context for understanding the changes in employee well-being. The gradual year-over-year trends allow for a better understanding of the strategies organizations are implementing to support the well-being of their employees. The report also covers the trends and changes in different areas of employee well-being, such as mental health and financial wellness. To gain a comprehensive understanding of the data and findings, please access the full report.