Australian employers are not placing strong importance on mental health issues including anxiety and depression, despite it being of high concern to many employees, according to MetLife.
MetLife's ‘Employee Benefit Trends Survey' found that employers responded vastly differently to questions on wellness and health than their workers. While 32 per cent of employees considered depression important, only six per cent of employers raised concern. More than a quarter (29 per cent) of employees ranked anxiety as a key wellness priority, while just 11 per cent of employers had considered it as such.
MetLife chief executive, Deanne Stewart, said that it was vital for employers to be on the same page as their staff when it came to health.
"Employers need to acknowledge employees' mental health concerns and address these head on," she said.
"While it's encouraging to see more employers offering health and wellness programs, our research shows that these are often misaligned to staff needs."
Stewart said that companies should consider their employee prospects in the competitive market, by placing a higher focus on staff-identified areas of concern.
"Companies need to stand out and do all that they can to attract and retain top talents," she said.
"This might mean considering benefit solutions that focus on improving staff resilience, relieving work stress and providing mental health programs that offer support in the workplace.
"These types on initiative can help to build a more positive workplace which can in turn boost staff satisfaction and overall productivity."
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.