Overview
Morgan Stanley, a premier global financial services firm, recognized the critical impact of caregiving responsibilities on its diverse workforce. With many employees balancing demanding careers and personal caregiving roles, the firm sought to implement a solution that would support their employees in managing these challenges effectively. Partnering with SupportPay provided the perfect opportunity.
Challenge
A significant percentage of Morgan Stanley employees reported feeling overwhelmed by their caregiving duties, with 86% indicating that these responsibilities were affecting their work performance and overall well-being. The firm faced challenges such as decreased productivity, increased stress levels, and a higher turnover rate among employees managing caregiving tasks alongside their professional obligations.
Solution
SupportPay introduced a comprehensive caregiving benefits program tailored for Morgan Stanley, which included:
- Intuitive Caregiving Management Tool: An easy-to-use platform that allows employees to organize caregiving tasks, track appointments, and manage financial responsibilities associated with caregiving.
- Educational Resources: Access to a library of articles, webinars, and workshops focusing on topics such as stress management, work-life balance, and effective communication within families.
- Dedicated Support Services: Personal assistance from SupportPay experts to help employees navigate the platform and connect with additional resources relevant to their caregiving needs.
Results
The partnership between Morgan Stanley and SupportPay yielded significant positive outcomes:
- Increased Employee Engagement: Surveys showed a 35% increase in engagement scores among employees who utilized the caregiving benefits, highlighting their appreciation for the support provided.
- Lower Stress Levels: Employees reported a noticeable decrease in stress, with many citing the platform as a vital tool in managing their caregiving responsibilities more effectively.
- Enhanced Retention Rates: With improved support for caregivers, Morgan Stanley experienced a 15% reduction in turnover among employees juggling caregiving and work, leading to better workforce stability.
Testimonial
“Implementing SupportPay has had a profound impact on our employees’ lives. It demonstrates our commitment to their well-being, allowing them to balance their professional and personal responsibilities with greater ease. We are proud to offer such a valuable resource.” – Global Head of Benefits, Morgan Stanley
Conclusion
Through its partnership with SupportPay, Morgan Stanley successfully addressed the caregiving needs of its employees, fostering a supportive work environment that promotes well-being and productivity. This initiative not only benefited individual employees but also strengthened Morgan Stanley’s overall organizational culture.