Robust employee mental health, caregiving and leave benefits have positive impact on employee retention, new Prudential study finds

Benefits & Beyond study explores the growing need for mental health resources, caregiving benefits, and paid leave availability in workplace benefits programs.

NEWARK, N.J., Nov. 19, 2024 -Today's employees have increasingly higher expectations for their benefits, particularly when it comes to helping employees care for themselves and others, according to a new study released today by Prudential Financial, Inc. (NYSE: PRU).

Employees across all generations believe employers have a responsibility to support their mental health needs, and employers agree, yet less than half (47%) offer employee assistance programs or other mental health resources. Additionally, while many employees face a dual challenge of caring for others as well as themselves, only a quarter of employers offer resources for employees who are caregivers, the study found.

The findings come from the third installment of Prudential's Benefits & Beyond study, Support Employee Health: Helping Employees Care for Themselves and Others. The study highlights the opportunities for employers to offer comprehensive behavioral health benefits to support employees at work, uncover employees' leave needs, and the potential impact of offering - and not offering - leave.

"Today's employees want to be more supported when they need to care for themselves or others," says Michael Estep, president of Prudential Group Insurance. "A holistic approach to workplace benefits that includes support for employee mental health, caregiving duties, and the opportunity to take a leave of absence when needed, can lead to increased employee loyalty and a more positive perception of their employer."

The research also highlights the need for employers to stay on top of leave policies to stay compliant while attracting and retaining workers. Employees are more likely to stay with their employer if they have access to paid leave.

Another key finding from the study showed that employers who create a positive experience for those covering the workload of employees on leave, like providing access to mental health resources, additional training, and time off, have nearly double the morale, productivity and satisfaction.

The research was conducted with 1,011 employees, 756 benefits decision-makers, and 504 brokers via national online surveys from January to February 2024.

Click here to read the full Benefits & Beyond study or download the research paper. Visit Prudential Group Insurance for more information on their broad portfolio of workplace benefits, absence management and risk mitigation solutions.

ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Sept. 30, 2024, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information, please visit news.prudential.com.

Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability, and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefits plans. The business also sells critical illness, accidental death and dismemberment, and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee paid and unpaid leave including FMLA, ADA, and PFL.

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