BMO offers free access to Headspace to North American employees and their families

Rhea-AI Summary

On October 6, 2022, BMO and Headspace announced a partnership to enhance employee wellness by providing access to mindfulness tools. A survey revealed that only 4% of North Americans rely on employers for wellness support, while 65% prioritize wellness benefits in job selection. The survey also indicated that 69% view mental wellness as crucial, yet barriers like stress (67%) and a lack of resources (54%) hinder prioritization. The new initiative aims to foster a healthier work culture and provides employees with resources for mental health management.

Positive

• Partnership with Headspace to enhance employee wellness through mindfulness tools.
• Access to wellness resources for employees and their families, promoting a supportive work culture.
• BMO's commitment to industry-leading employee health benefits and training programs.

Negative

• Only 4% of North Americans rely on employers for wellness support, highlighting a gap in employer-provided resources.
• Barriers such as stress (67%), financial concerns (65%), and lack of motivation (64%) prevent prioritization of wellness.

• Survey reveals only 4 per cent of North Americans rely on employers for wellness support
• 65 per cent place importance on support for wellness, including mental health and extended benefits, when choosing an employer or new job

TORONTO and CHICAGO, Oct. 6, 2022 /PRNewswire/ - In advance of World Mental Health Day on October 10, BMO and Headspace, a global leader in mindfulness and meditation, today announced a new partnership to help BMO employees and their families build healthy habits into their everyday routines.

Headspace offers a range of tools for managing stress, sleep, focus and more. The app's mindfulness content helps users adopt practical and sustainable habits to increase resilience, decrease stress and anxiety and reduce burnout. 

"BMO continues to make bold investments in our total rewards offering, consistent with our Purpose to support our employees in business and life. With a focus on preventative and proactive mental wellness tools, Headspace is yet another step contributing to our comprehensive mental health and wellness offerings for our employees," said Mona Malone, Chief Human Resources Officer and Head, People and Culture, BMO. "Headspace is a leading platform that is easy to access at any time from anywhere, providing tangible resources to employees that they can share with their friends and family."

When it comes to wellness, a recent BMO survey found that 76 per cent of North Americans feel somewhat well and whole, but only 19 per cent strongly agree they have this feeling.

Beyond this, the survey revealed:

• That 69 per cent of North Americans believe mental wellness is a top priority.
• The top three things preventing North Americans from prioritizing their wellness is stress (67 per cent), money (65 per cent) and motivation (64 per cent), and more than half (54 per cent) pointed to lack of resources.
• North Americans are most likely to rely on family (57 per cent), followed by friends (36 per cent) for wellness support, but are much less likely to turn to professional support (24 per cent). Only 4 per cent rely on their employer for support.
• The inclusion of wellness benefits carries some importance when choosing a potential employer (65 per cent), but only one third (32 per cent) find it very important.

This new partnership with Headspace helps remove some of the barriers that employees may face in prioritizing their mental health. Employees and up to four additional users will now have access to the various mindfulness tools digitally when most convenient for them - helping to foster a safe, healthy and happy work culture. In 28 published studies in some of the leading mindfulness peer-reviewed journals, Headspace has been shown to have favorable outcomes of interventions including reduced stress, improved focus, decreased aggression, reduced burnout and improved satisfaction with life. Most recently, Headspace has revealed new content collections that celebrate and empower women, provide education on stress management, and support parents and students of all ages during the school year.

BMO is committed to extending industry-leading employee health benefits, training and wellness programs for its employees. This also includes support for various mental health and wellness organizations within the community including CAMH, CMHA, Thresholds, Kids Help Phone, Youth Crossroads, Jack.org and BUILD.

Along with the launch of Headspace, BMO has a well-established set of initiatives to support wellness across North America, such as free virtual tutoring for BMO families, back-up child and eldercare, 24/7 Employee Assistance Programs, a digital, therapist-guided Cognitive Behavioural Therapy (CBT) program, virtual healthcare and more.

About BMO's Wellness Survey

The research detailed in this document was conducted by Pollara Strategic Insights from September 19 to September 21, 2022. A sample of 1,515 adult Canadians and 1,516 adult Americans, aged 18+ were collected. Results have been weighted by gender, age and region, using the latest census data, to be representative of the population as a whole.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.07 trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

About Headspace

Headspace was created with one mission in mind: to improve the health and happiness of the world. As one of the first meditation apps on the market, Headspace remains a leader in mindfulness and mental training. For more information please visit us at headspace.com, or follow us on Facebook, Twitter, Instagram and TikTok.

Headspace Health is a leading provider of mental health and wellbeing solutions, touching the lives of over 100 million people in 190 countries. Through our flagship Headspace brand, we provide mindfulness tools for everyday life, including meditations, sleepcasts, mindful movement, and focus exercises. Our enterprise brands, Headspace for Work and Ginger, are distributed through over 3,700 enterprises, including Starbucks, Adobe, Delta Air Lines, and Paramount; and through health plans such as Cigna. Our members and enterprise partners' employees have access to mindfulness and meditation tools, CBT, coaching, therapy, and psychiatry, ultimately helping them to be healthier and more productive. To learn more about Headspace Health and our family of brands, visit headspacehealth.com.

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SOURCE BMO Financial Group

FAQ

What is the recent partnership between BMO and Headspace about?

BMO partnered with Headspace to provide employees and their families with mindfulness tools for wellness and mental health support.

What percentage of North Americans prioritize wellness benefits when choosing a job?

65% of North Americans consider wellness benefits important when selecting an employer.

How does BMO support employee wellness?

BMO offers various initiatives including access to Headspace, virtual tutoring, and 24/7 Employee Assistance Programs to support employee wellness.

What barriers do North Americans face in prioritizing wellness?

Barriers include stress (67%), financial issues (65%), and lack of motivation (64%) as identified in a recent BMO survey.

What is the significance of the BMO wellness survey conducted in September 2022?

The survey revealed insights into North Americans' perceptions of wellness and their reliance on support, highlighting areas for improvement in employer wellness programs.