Guarding Employee Wellness: Why Identity Theft Protection is a Prudent Choice for Business Owners and HR Leaders
In today’s rapidly evolving work landscape, the separation between professional and personal life is becoming increasingly blurred, especially with the increase in remote working. In this newer working environment, employees crave benefits that cater not only to their physical health but also to their financial and emotional wellness. The LIMRA-EY 2023 Workforce Benefits Study brings to light this shift by introducing the Wheel of Wellness, encompassing five key dimensions of wellness: Physical, Mental, Financial, Societal, and Professional 1.
A novel yet pivotal benefit that aligns with multiple facets of the Wheel of Wellness is Identity Theft Protection. Here’s how it dovetails with the five key dimensions:
- Financial Wellness:
Identity theft is no minor issue; it’s a financial slap in the face. The average loss per person is a staggering $3,500. In the United States, total identity theft losses amount to $10.2 billion 2. Offering identity theft protection is a proactive step towards safeguarding an employee’s financial wellness, and ensuring economic resilience, which is a core part of the financial dimension of wellness.
- Mental Wellness:
The ripple effects of identity theft extend beyond financial loss to mental turmoil. The peace of mind from knowing there’s a safety net can be invaluable in promoting mental wellness among employees 3 4. According to the ITRC study, 75% of respondents showed severe distress stemming from the misuse of their information, leading many to seek professional help to navigate their identity theft ordeal—whether it entailed consulting a doctor for physical symptoms or engaging in mental health counseling.
- Professional Wellness:
The time and focus consumed in resolving identity theft issues can impede professional performance. By offering identity theft protection, employers show a proactive stance in supporting their employees’ career development and performance, aligning with the Professional dimension of wellness.
- Societal and Physical Wellness:
While these dimensions may not seem to have a direct link to identity theft protection, a comprehensive approach to employee wellness fosters a conducive environment for societal engagements and physical wellness.
The Stark Reality
A substantial number of Americans are living on the financial edge. Recent surveys reveal that a third of Americans have $100 or less in their savings account going into 2023 6, and many cannot cover a $1,000 emergency 7. This precarious financial situation underscores the necessity of identity theft protection as a part of employee benefits.
Incorporating Identity Theft Protection acts as a barrier against financial distress. Additionally, it contributes to the mental and professional well-being of employees. This benefit’s ripple effect resonates through the Wheel of Wellness. It creates a holistic protective shield around employees. For business owners or HR leaders, including identity theft protection in your benefits is a forward-thinking step. It nurtures a well-rounded, satisfied, and productive workforce. In a fiercely competitive talent market, offering this comprehensive benefit can bolster your employer brand. It makes you a preferred choice among top talents.
As the terrain of work continues to morph, adapting your benefits package to include identity theft protection is not merely about staying current; it’s about fostering a culture of comprehensive wellness and showing a genuine interest in the multifaceted well-being of your workforce.
Ready to arm your employees against identity theft and enhance their overall wellness? Click here to request a comprehensive Identity Theft Protection Employer Response Plan. Your employees will thank you for it!