31 August 2021
EMPLOYEE BENEFITS
Supporting employee mental health and well-being MYRNA SACHS Head: Health Management Solutions, Alexander Forbes
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OVID-19 has changed the way we work, and remote working has seen a shift in the way that companies provide support to their employees. Companies need to be flexible and adapt to help their employees make the remote work experience a positive one, says Myrna Sachs, head of Health Management Solutions at Alexander Forbes. While there have been benefits, such as time saved on commuting, it also has downsides. A study done by the World Health Organisation shows that the pandemic has disrupted or halted critical mental health services in 93% of countries worldwide, while the demand for mental health interventions and services are increasing. Moreover, bereavement, isolation, loss of income and fear are triggering mental health conditions or exacerbating existing ones. Financial issues affecting mental health Struggling with financial issues can affect both mental and physical health, while mental and physical health can also affect finances. “This can also reduce productivity in the workplace in terms of ‘presenteeism’
and ability to concentrate. It can cause stress-related conditions such as migraines, as well as depression and, in severe cases, suicidal ideation.” Sachs says employers need to ensure that they have an employee well-being assistance programme to help with both psychological issues and financial issues, including debt management and legal advice. “Employers need to be empathetic towards employee’s needs and realise that no employee has the same needs. Lockdown has emphasised this – employees used to get support from other employees, but now remote working has taken that support away.” Sachs adds that there is a need to ensure “transparent, open communication between employees and management”. Taking leave is healthy With ongoing lockdown restrictions, Sachs believes that mental health, exhaustion and burnout should be an area of concern for companies. They should be encouraging employees to use their leave days and take short local breaks, when and where possible. “Taking annual leave is not only a benefit provided by your employer but is also a health and safety requirement. Many companies promote taking at least 10 consecutive days of annual leave to ensure employees are well rested.” Taking a break can have physical and mental benefits, such as: • reducing the risk of heart disease by being less stressed • resetting thoughts so that employees become more creative and productive • lowering the risk of anxiety and depression • improving mood, which may help to ease social relationships.
When taking leave while at home, employers should encourage their employees to distance themselves from work by: • switching off smartphones and computers • informing all relevant people that they are on leave, and not available unless in an emergency. Sachs says employees should do a thorough handover so they are free to relax without thinking about incomplete work tasks. Ergonomics in the work-from-home office Employees may find themselves spending more time in front of their computer screens, resulting in shoulder or back strains and acute or even chronic pain. “The cause of this pain may be related to ergonomics – the way we are seated, as well as the position of our desk, computer and telephone in relation to our bodies,” says Sachs. “As much as work can be very demanding, remember to take breaks. Try taking a 10-minute break every hour by walking around in the house or garden. You could also attempt doing long-distance viewing (more than three metres) to rest the eyes. For example, look across the room or out of the window. Doing exercises at your desk is another helpful way to avoiding staring at your computer for long periods at a time.” Sachs says it is essential that companies stay in touch with employees, using individual and team meetings, with cameras on to pick up nuances. “Managers need to develop skills around remote management, as it is not always easy to pick up if there are issues. At first we all thought this would be short term, but with renewed lockdowns we need to equip our managers with new skills.”
Why the old idea of retirement is becoming increasingly irrelevant BY HENRY VAN DEVENTER Chief Specialist Advice Model Design, Liberty
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etirement as we know it is changing in ways that makes financial advice both more complicated and more meaningful. People no longer just want advice about financial security. They want to know how they can live their best lives, achieving the goals and aspirations they’ve always dreamed of. Along with this is a deeper need to understand how their money can empower a broader sense of happiness. The old idea of retirement, being
something a person does when their working life finishes at age 65, when they are expected to park themselves on a shelf and wait for time to run out, is becoming increasingly irrelevant. This notion is being replaced with a sense that there are a great many adventures and achievements that can happen in life’s journey after work. Financial advisers are waking up to this and some are building really powerful practices giving life to this idea, enabling clients to move forward in a meaningful and rewarding way. To better understand how to enhance meaningful retirement advice, in my experience the following guidelines are worth considering when it comes to crafting a financial plan for retirement: 1. Up to the age of 75, retirees remain pretty active. They typically live the same life they did prior to retirement – often more so due to the extra time available to them – and tend to continue enjoying the same activities they always have. Helping clients define what the purpose, experiences and relationships will be that will make this phase as rewarding as possible is
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hugely important. 2. Between 75 to 85, retirees start slowing down somewhat. Homes tend to get downsized, often with a focus on moving to retirement communities. Medical expenses also start going up and priorities like travel start taking a backseat, often because the children start visiting them instead of the other way around. 3. The frail stage of retirement sets in around the age of 85. Lifestyle expenses are much reduced, but medical expenses become critical as health issues become more prevalent. Considering these points as a core roadmap for your retirement proposition tends to open up rich possibilities for enhancing the value of the retirement planning experience. Finding out what clients really want to do with their lives and what goals are achievable given their particular circumstances, enable advisers to provide a level of depth and meaning in their client discussions. This aligns them much more closely with the issues that truly matter to clients.
RETIREMENT Creating a roadmap that clearly identifies rewarding experiences, meaningful relationships and enabling a sense of purpose provides retirement with a deep sense of meaning and reward. This may well include continuing working, even if there is no longer a financial need to do so. To ultimately evolve retirement planning to a point where true meaning can be provided to clients in their golden years, it’s no longer a case of clients only asking: “Will I be okay?” It’s also about asking: “Will I be happy?” Financial planning that can take all of this into account requires a great deal of flexibility. This not only requires the technology to bring these discussions to life in a way that clients understand. It also requires products and solutions that can provide the necessary security and flexibility. By learning to focus on the areas that truly enable happiness for our retired clients and building an advice process supported by the technology and products to bring it to life, retirement planning shifts from a dreaded necessity to a truly liberating experience.
