Modern Health | September 08, 2022
Modern Health, a leading workplace mental health platform supporting enterprises globally, today published a wide-ranging study of executives, HR decision makers, managers and employees to examine the state of employee mental health in the workplace. The research, commissioned by Modern Health and conducted by Forrester Consulting for the second year in a row, set out to uncover how employers are responding to employees' dramatically increasing needs for mental health support after several years of an unrelenting global pandemic, political and social unrest, economic uncertainty, and much more.
The survey of 1,700+ employees, including managers, non-manager employees, C-level executives, and HR leaders, found that employees and employers both recognize that mental health benefits are an integral part of a healthy, productive workplace culture, but have widely differing perceptions of if and how the current standard of benefits is meeting employee needs. While 84% of employers plan to increase or enhance employee mental health benefits in the next year, there is still a significant gap in how employees perceive their employer's commitment to mental health and wellness. Seventy-four percent of employees report wanting their employer to care about their mental health, but only half (53%) feel that they actually do.
"The past few years have left many of us feeling burnt out, exhausted, and stressed, so it's not surprising that the topic of mental health has been forced into the spotlight. We're seeing a bigger need for support as more people speak out about their mental health challenges but despite this progress, people around the world are still struggling to access care that meets their needs, We are at a critical inflection point where organizations need to shift from the mindset of providing mental health support as a crisis response to it being an integrated and strategic part of the employee experience. Done right, the end result means both the companies and the human beings who make them run are more connected and engaged."
-Alyson Watson, founder and CEO at Modern Health
Shift from Crisis to Culture: Closing the Gap
Employers are recognizing the stress that their workforces are currently under with three out of four employers (75%) recognizing that the current state of the U.S. economy is causing employee anxiety. However, only 45% have already taken steps to address this anxiety. As companies and their employees adapt and evolve toward the future of work, long-term success requires both an investment in mental health and a workforce equipped, encouraged, and willing to prioritize it. This happens when companies move from viewing mental health as a crisis response to a permanent, values-based commitment to employee well-being. The first step is closing the gap between employer and employee perception. According to our research, 85% of employers feel they actively listen to the needs of employees, but only 51% of employees agree. Similarly, only 46% of employees believe their company invests enough in the mental health of employees, while a significant 81% of employers believe they invest enough.
Additionally, while around two in three employees report feeling connected, supported, and seen at work, when employers were asked the same question, they significantly overstated how their employees feel by at least 20% on every metric. For example, only 59% of employees reported feeling seen by their company and colleagues for their unique contributions to work, while 85% of employers said their employees felt seen.
The Need to Clear a Path
In order to create a workforce that is creative, adaptive, and resilient, the report advises that business leaders need to create a path that allows employees to use their mental health benefits without fear of reprisal or negative stigma. For employee behavior to scale across the organization, that behavior needs to be messaged, modeled, enabled, and permitted repeatedly to employees. One troublesome finding is that only 51% of employees feel safe in their role if their mental health status were to be revealed.
Compared to the 2021 study, employees are even more desperate for a culture that embraces mental health acceptance and support. A year ago, employees were asking for more mental health support in the workplace. Today, their desire goes beyond simply implementing benefits—they want to feel empowered and encouraged to utilize these tools and want their leaders to acknowledge and reduce barriers to access. Last year, 64% of employees felt they had workday flexibility to care for mental health needs, while only 54% feel that way today. And more than two thirds (68%) of employees felt like their work culture was a safe place to discuss mental health and ask for support in 2021, but only 51% agree today. These trends are moving in the wrong direction. According to our findings, a full 77% of employers say they will provide mental health support to their employees, but they think it's up to the employee to use their benefits and managers shouldn't be expected to encourage them.
Leadership modeling is also a critical component to employees feeling comfortable using mental health benefits to their fullest. According to the survey, the vast majority of leaders (80%) feel like they are expressing their own vulnerability when it comes to mental health, but employees do not see, hear, or feel that vulnerability coming through, since only 30% of employees agree.
At the same time, 74% of employers think employees are uncomfortable hearing about their colleagues' mental health, but only 31% of employees said it actually makes them uncomfortable.
Now is Not the Time to Lose The High Performers
In an increasingly uncertain economic environment, companies can't afford to lose their high performing employees. Making up a third of the global workforce, high performers can be described as highly engaged, deeply committed and able to do their job consistently well. When examining the high performers in the study, it found that they are working more hours and are even more productive than last year, but are also burnt out. Despite a reported high enthusiasm for their jobs (76%), more than half (53%) of these high performers report feeling burned out in their roles. The good news is that employees reported again this year they would be more likely to stay at a company that provides high-quality resources for them to care for their mental health.
The Cost of Doing Nothing
While part of the case for mental health benefits is a positive return on the company bottom line, 72% of employers fear that focusing on mental health could have a reverse ROI with employees working fewer hours in order to care for their mental health and being less available. The research shares that the cost of supporting employees' mental health is a fraction of the cost that a company will bear over the long run if its workforce doesn't have the appropriate mental, physical, and emotional resources to excel at work. The benefits of a whole, complete, and "well" workforce reach far beyond incremental productivity improvements. In fact, the impacts can be felt across talent acquisition and retention, belonging, performance, engagement, profitability, and long-term growth.
In this study, Forrester conducted an online survey of 1,207 employees and managers ("employees") and 519 HR leaders and C-level executives ("employers") at organizations in the United States to evaluate the current state of mental health among employers and employees. Respondents were offered a small incentive as a thank-you for time spent on the survey. The study began in June 2022 and was completed in July 2022.
About Modern Health
Modern Health is the comprehensive mental health and wellness platform that combines the WHO well-being assessment, self-service wellness kits, a global network of certified coaches, and licensed therapists, all available in a single app. Modern Health empowers employers to lead the charge in acknowledging that mental health is just as important as physical health, destigmatizing the conversation, and increasing accessibility of mental health services for all. Founded in 2017, Modern Health incorporates evidence-based psychology principles and seamless technology to serve the needs of companies globally. Headquartered in San Francisco, Modern Health has raised more than $172 million from Founders Fund, Battery Ventures, Felicis Ventures, Kleiner Perkins, Afore Capital, MGV, Frederic Kerrest (co-founder of Okta), and 01 Advisors.
Randstad Sourceright | September 23, 2022
Global talent solutions provider Randstad Sourceright today announced that it has been recognized as a Leader in Everest Group's 'Contingent Workforce Management (CWM) / Managed Services Provider (MSP) PEAK Matrix® Assessment 2022,' and a Leader and a Star Performer in Everest Group's 'Services Procurement / Statement of Work (SOW) PEAK Matrix® Assessment 2022.'
In addition to being named a Leader which recognizes a provider's ability to successfully deliver MSP services — for the ninth consecutive time, Randstad Sourceright achieved the highest rating in the Vision and Capability Category for managed service providers (MSP).
"It is an honor to be recognized by Everest Group once again as a Leader in MSP, In a market characterized by higher demand for skilled workers, growing talent shortages and uncertainty about the future, it's more important than ever to leverage the full spectrum of contingent talent freelance, temporary, independent contractor, gig and SOW. Our goal is to empower companies with analytics-based, easy-to-use and scalable solutions that connect them with the people who will help them achieve their priorities, all while providing the agility to quickly react and adjust to changing business needs."
-Mike Smith, global CEO of Randstad Sourceright
As a Star Performer in the Services Procurement / Statement of Work (SOW) assessment, Randstad Sourceright has shown significant improvement over its 2021 performance in the Vision and Capability and Market Impact categories. Reflecting the company's commitment to enhancing SOW management, such as the introduction of Services Procurement 360, Randstad Sourceright offers robust and simple ways for companies to manage their SOW engagements for greater efficiency and transparency.
Over the past year, Randstad Sourceright greatly expanded our SOW capabilities to meet the needs of companies looking for effective ways to manage their third-party supplier engagements, Our Service Procurement 360 solution enables any company, no matter the level of maturity, to achieve greater value from their people-based services. We are honored that Everest Group has recognized how we're transforming the SOW process for businesses,said Paul Vincent, global head of Services Procurement at Randstad Sourceright.
Everest Group's PEAK Matrix is the most trusted and factual analysis of service provider capabilities, covering over 50 different market segments each year. The CWM Assessment segments 24 CWM/MSP providers into Leaders, Major Contenders, Aspirants and Star Performers categories, while the "Services Procurement / Statement of Work (SOW) assessment does the same for 18 SOW providers. Each provider is evaluated on seven dimensions market adoption, portfolio mix, value delivered, scope of services offered, innovation and investments, delivery footprint, and vision and strategy.
Randstad Sourceright remains a key player in contingent talent management, offering a breadth and depth of services to help businesses efficiently manage the MSP and SOW processes, The company's continued investment in expanding technical capabilities and growing focus on analytics, along with a high-touch delivery model, have all contributed to its positioning as a Leader,said Krishna Charan, Practice Director, Everest Group.
As more companies seek to shift a greater number of roles to contingent, project or contract work, Randstad Sourceright offers the combination of technology and human intelligence to help companies achieve the flexibility, workforce agility and business readiness. This approach includes the latest MSP 4.0 strategies, such as market intelligence; employer branding; talent marketing; direct sourcing; talent pooling; and diversity, equity and inclusion.
Along with the growing use of contract work, companies are often challenged to manage the link between talent acquisition and the utilization of project-based expertise. Introduced in May 2022, the Services Procurement 360 SOW management solution offers a holistic procurement workflow, spanning defining business requirements, sourcing talent, monitoring contracted deliverables, and evaluating service provider performance. The result is a simple, customizable model to manage services procurement processes more effectively.
About Randstad Sourceright
Randstad Sourceright is a global talent solutions leader, driving the talent acquisition and human capital management strategies for the world's most successful employers. We empower companies by leveraging a Human Forward strategy that balances the use of innovative technologies with expert insights, supporting both organizations and people in realizing their true potential. As an operating company of Randstad N.V. — the world's leading global provider of HR services with revenue of € 24.6 billion — Randstad Sourceright's subject matter experts and thought leaders around the world continuously build and evolve our solutions across recruitment process outsourcing (RPO), managed services programs (MSP) and total talent solutions.
HR ANALYTICS,WORKFORCE MANAGEMENT
VirgilHR | September 06, 2022
VirgilHR announces the launch of its new web-based platform, putting real-time, automated employment and labor law guidance at the HR team's fingertips. The disruptive SaaS platform empowers individual HR professionals and teams to make smart, well-informed employment and labor law decisions in the moment, without the need to research regulatory requirements.
As an HR leader with experience at both public companies and growth-stage technology startups, Jocelyn King, CEO & Founder of VirgilHR, has had the privilege of supporting executives and departments in all functions across the business.
"When we started building VirgilHR, we wanted to do two things - reduce the complexity and mitigate the risk of legal action from human error against companies and get HR professionals back to why they got into HR and building, growing, and nurturing great people and great cultures, With this evolution in our product, we've made it possible for every HR professional to have a real-time legal guide by their side."
-Jocelyn King, CEO & Founder of VirgilHR
VirgilHR hosts a proprietary database of employment and labor law requirements that helps HR professionals manage the compliance of employment decisions, including leave requests, final wages, and termination. HR team members can access real-time, prescriptive guidance across federal, state, and local employment and labor laws via the online web-based, self-service application.
As part of the product launch, HR professionals are eligible for a 30 day free trial of VirgilHR with access to all employment modules and all features including:
The VirgilHR chatbot built on smart, automation technology, which provides legal guidance to on labor and employment law queries in the moment, no research required
Educational content, developed by experienced labor and employment attorneys
Policy templates, which cover the newest labor and employment laws released across the country, to supplement employee handbooks
The platform helps HR professionals navigate the complexities of employment and labor law, close the knowledge gap, and empower HR teams to make compliant employment decisions with ease and confidence.
The company's early customers have come from organizations across the mid-market with small HR teams looking for efficiency gains; King sees growth for the business in manufacturing, construction, technology, government contracting, and medical services.
VirgilHR is the new evolution of HR compliance software, enabling HR professionals to spend more time on strategic objectives and less time on researching and tracking thousands of ever-changing employment and labor laws. Our mission is to help HR professionals navigate the growing employee complexities, close the knowledge gap and empower HR teams to make compliant employment decisions with ease and confidence.
EMPLOYEE BENEFITS,WORKERS COMPENSATION
Salary.com | August 25, 2022
Salary.com® today announced it was named to the Constellation ShortList™ for Compensation Management in Q3 2022. The technology vendors and service providers included in this program deliver critical transformation initiative requirements for early adopters and fast-follower organizations.
"Receiving the Constellation ShortList award is a testament to how our data and software innovations are powering advancements in mission critical workforce objectives, including achieving pay equity and transparency, Today's labor dynamics make it clear that maintaining the status quo is not an option. We're proud of our work with thousands of forward-thinking companies who are committed to getting pay right. We are especially proud to have achieved this honor for the fourth year in a row."
-Salary.com CEO Kent Plunkett
Salary.com's market leading CompAnalyst® SaaS platform accelerates compensation workflows, delivers real-time data, provides job description management, and powers accurate, equitable and competitive compensation. In allowing for deep analysis with a few clicks, CompAnalyst helps organizations quickly identify equity issues, flight risks, and other real-time talent intelligence insights that play a key role in winning the war for talent.
Organizations must reconsider how they balance business models, work/life priorities, and new market conditions during the uncertain climate of the Great Refactoring, Constellation's ShortLists reflect the top vendors that matter most to our network of buy-side clients. We publish ShortLists to expedite the decision-making process for leaders making critical vendor selections, so they can find the right partners to enable their business success,said R "Ray" Wang, chairman and founder at Constellation Research.
Constellation Research advises leaders on leveraging disruptive technologies to achieve business model transformation and streamline business processes. Products and services named to the Constellation ShortList meet the threshold criteria for this category as determined through client inquiries, partner conversations, customer references, vendor selection projects, market share, and internal research. The portfolio is updated at least once per year as the analyst team deems necessary based on market conditions.
Salary.com® is the leading provider of compensation market data, software, and analytics, bringing more of the trusted data and intuitive software organizations need to get pay right. The industry's fastest-growing compensation management company, Salary.com serves over 30,000 survey participant organizations, over 8,000 business-to-business software subscribers, and over 45 million employees globally. HR professionals rely on Salary.com's 360° view of their compensation practices so they can efficiently and accurately achieve internal pay equity and adapt to market changes. Salary.com's state-of-the-art CompAnalyst® accelerates compensation workflows, delivers real-time data, and powers accurate, equitable, and competitive compensation through one intuitive platform.