3 August 2023
Strengthening employee loyalty and productivity through 360Health Virtual Care
In response to the recent economic uncertainty, employers have been rethinking their benefit offerings. Many have taken one of two paths: reining in their employee benefits or doubling down. The MetLife 2020 Employee Benefits Trends Study (EBTS)1 revealed that 38% of employers had increased employee benefits as a result of COVID-19, while 21% said they had either reduced or removed them. Of those businesses that reduced benefits, the majority (71%) indicated reductions in benefits were temporary – but 21% said they were permanent. Although dialling back employee benefits is an understandable decision during a difficult time (it is important that employers have communicated why and provided ample notice), workplaces that have been able to maintain or increase their benefits have seen positive outcomes for employers and employees alike.
As employers re-think employee benefits, it is becoming increasingly important to choose the benefits that will have the most impact. McKinsey’s recent research into the nature and characteristics of the Great Attrition and what’s driving it2 revealed employees are more likely to remain with organisations that offer benefits that align with their priorities. 45% of those surveyed who had recently left their job cited the demands of family care as an influential factor in their decision. McKinsey notes that employers who provide family-focused benefits could help to retain employees.
Building a loyal workforce
Employers looking for creative ways to offer meaningful employee benefits while balancing the budget, have been turning to their employer superannuation funds for support. GuildSuper is leading the way in helping employers cultivate a happy, healthy, and loyal workforce through the 360Health Virtual Care program - offered via their partnership with MetLife. Virtual Care gives GuildSuper members confidential access to medical guidance and support for mental and physical health issues, as well as nutrition and exercise physiologist consultations. The services are provided by Teladoc Health, a leader in providing telehealth medicine. Members, their partners and their children can access the services at no additional cost. Employees who say their employer offers benefits or initiatives to support and improve their wellbeing are more engaged and productive. Furthermore, employees that better understand their benefits, rated each area of their holistic health (mental, financial, physical, social) as higher than those who don’t. Employees with a better understanding also feel more productive, engaged, valued or appreciated, loyal, and less stressed1.
For more information about GuildSuper’s 360Health Virtual Care offering visit us here.