While the same was true before the pandemic, it has become clear over the past few months that overall employee health will be important to small businesses post-COVID. Many savvy business owners know that the physical, psychological, and financial components of health are all interconnected.
In May 2018, Desjardins conducted a survey to measure these connections to better understand how they affect one another. According to the survey, 83% of people in good physical health said they could manage their financial stress, and 73% of financially healthy people reported positive mental health. 43% of people in poor physical health said managing financial stress was difficult, and 61% of financially unhealthy people reported poor mental health.
The numbers from 2018 are striking, considering how COVID-19 has upended all aspects of an employee’s life in 2020. Radical lifestyle changes have taken a toll on physical health in the past few months. According to an Angus Reid survey:
- 63% of respondents reported watching more TV
- 25% reported drinking more alcohol than usual
- 40% reported difficulty sleeping.
- 57% reported gaining weight during lockdown
Less physical activity, more alcohol, more calories, and lack of sleep are the ingredients for severe health complications.
Its not just physical health we should be concerned with, overall employee health will be important to small businesses post-COVID, this includes financial and mental health. Before the pandemic, 44% of Canadians reported living paycheque to paycheque, which means many people did not have savings to fall back on. By the end of April, one in three Canadians reported the situation has affected their ability to pay bills and meet basic needs.
Poor mental health is a direct result of poor financial and physical health. So, what does this mean for Canadian business owners?
Physical, mental and financial health are directly tied to job satisfaction and production. Business owners that have taken the opportunity to assess their values and employee support programs will come out of this challenge stronger and more profitable than ever. Utilizing tools such as group benefit programs, health spending accounts, financial wellness programs, etc. have set many businesses apart from the competition. It is clear to potential employees which businesses in their industry took care of their employees when they needed it the most.
If you are still wondering why overall employee health will be important to small businesses post-COVID, we encourage you to speak with one of our expert consultants today to evaluate your current employee benefits offering.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.