In April this year, mental health provider Ginger compiled a study to better understand the impact of COVID-19 on behavioral health, which includes both the emotional and mental health of U.S. full-time workers.
The data revealed that almost7 out of 10 employees (across Baby Boomer, Gen X, and Millennial generations) say that COVID-19 is the most stressful time of their entire professional career, even more than 9/11 and the 2008 great recession. Some of the other key findings of the report include the following...
Lowered Productivity - The report chronicled the negative effects of the soaring stress levels of workers, including missing meetings, struggling to collaborate with colleagues, and being less productive while at work.
More Mental Health Support Please - As much as 63% of workers reported that their employer could do more to support their mental health during COVID-19. Over a third of employees paid for mental health support out-of-pocket because their employer didn’t cover it.
Mental Health Benefits Matter - Mental health support is increasingly important to both employees and job seekers. Mental health benefits were second only to 401K programs in importance when evaluating a new job, even before COVID-19.
Virtual Smartphone-based Care In High Demand - Employees want tech-based virtual mental healthcare now more than ever before. The number one service requested by employees was the ability to text or video chat with a mental health provider.
The Rise of Virtual Care
According to Google Trends, the word “telehealth” reached an all-time high in March of 2020. Telehealth is defined by Google as “the provision of healthcare remotely by means of telecommunications technology.”
And telehealth and virtual care providers are breaking new records. The CEO of CVS reported that the utilization of telehealth and virtual visits through its MinuteClinic locations was up 600% compared to the first quarter of 2019.
According to Mckinsey & Company, the current health crisis has demonstrated the relevance of telehealth and created an opening to modernize the care delivery system. They estimate that the pre-COVID $3 billion revenue virtual care market has the potential to grow to $250 billion by virtualizing about 20% of current health spend.
The Virtual Care Differentiator
The current health pandemic is acting as a catalyst to drive accelerated virtual or digital health adoption.However, experts also predict that the trend will continue post-pandemic now that hospitals and doctors’ offices are already investing in the digital infrastructure, and consumers are getting a taste of cost-effective and convenient health care from the comfort of their home.
The current crisis has created a window of opportunity in which organizations such as accounting and professional service firms can utilize virtual care to drive brand differentiation in recruiting prime talent. Also, virtual services can help curb the continual increase in health care costs for employers.
Employee health care is of course just one of the many costs that come with the fixed sunk costs of full-time employees. Modern accounting, audit and consulting firms are shifting to more cost-effective, agile, and innovative solutions to sourcing top tier talent for their busy periods.
One such solution is our talent partnership model. A strategic talent partnership that helps lower stress on existing audit teams, managers, and partners by providing cost-effective, quality vetted audit talent for your busiest time of year.
P.S. Schedule a free consultation to learn more about how we can help provide you with the peace of mind that you’ve “locked-in” the best talent for your upcoming busy season.