Canadian HR Reporter

24 www.hrreporter.com F E A T U R E S STRESS and anxiety-related condi- tions 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 the insured is admitted to hospital for any reason. • Optional life or final expense insur- ance 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 benefi- cial 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 consid- ering a career change, or when closing in on retirement and contemplating what their life will look like after active employment. CANADIAN EMPLOYERS RE-EVALUATING BENEFITS applicable, produc t 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. 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 insur- ance or a hospital cash benefit, which provides a daily cash allowance when Employers can help relieve employee stress and anxiety by offering optional benefits that can mean greater customization and a wider range of options, with no added administration, says Karley Middleton of HUB International VOLUNTARY BENEFITS OFFER CHOICE, SUPPORT 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." 2 IN 3 Number of employers that believe the pandemic has increased employee interest in select lifestyle benefits, such as stress management, financial planning and nutrition programs 36% Percentage of plan sponsors considering changes to the benefits they offer 36% Percentage of plan sponsors considering enhancing benefits 24% Percentage of plan sponsors considering adding flexibility to the benefits they offer 19% Percentage of plan sponsors looking to rebalance current benefits to better reflect new priorities 14% Percentage of plan sponsors looking to define or review benefits' guiding principles or total rewards strategy Source: Aon E M P L O Y E E B E N E F I T S

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