Companies are struggling to keep their talented workers, and things like the "Great Resignation" and remote work options have made it easier for people to switch jobs.
An Employee Wellbeing strategy is no longer a “nice to have”, it’s fast becoming a “must have”. Companies are struggling to keep their talented workers, and things like the "Great Resignation" and remote work options have made it easier for people to switch jobs. To attract and retain quality employees, companies need to create attractive workplace environments and experiences.
Wellbeing is not just about “looking good” as a company; it actually has a direct impact on the overall performance of the company. Studies have shown that when companies focus on their employees' wellbeing, the business performs better too. The best results come from companies with a clear, well-defined strategy that is supported and communicated from the very top of the organization. Wellbeing is also connected to other important company goals like diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG).
Aon conducted the 2022- 2023 Global Wellbeing Survey* and talked to leaders from over 1100 companies in 46 countries. They found that wellbeing isn't just one thing; it's made up of different parts, including physical, emotional, financial, social, and career wellbeing. Progressive companies are now focusing on all aspects to create better work environments, especially emotional wellbeing, and mental health. The global wellbeing study uncovered some discrepancies between what companies think is important, and what employees need. For example, some employees might be more concerned about immediate financial needs like student loans or everyday expenses, while their company is focussing more on retirement savings. It's crucial for companies to understand what their employees truly value and need for their wellbeing.
Below are a few of the headline findings from the Aon study:
Top priorities for companies over the next five years: 1. Mental and emotional health 2. Burnout/languishing (ie. reaction to prolonged or chronic job stress) 3. Working environment / culture 4. Virtual and hybrid work support 5. Financial risk and stress
No matter where you are in creating your plan for employee wellbeing, it's helpful to take a step back and ask some important questions.
Is your wellbeing plan connected to what your company wants to achieve? Does it show how employee wellbeing can help the company do well?
Do your wellbeing ideas work for all kinds of employees? Do you think about the different needs and backgrounds of your workers?
How do the top leaders in your company show they care about employee wellbeing? Their support can really make a difference.
Do your employees know about the wellbeing things you offer? It's important to tell them clearly so they can use these benefits.
Thinking about these questions will highlight any gaps in your wellbeing plans and help you get the most out of your employee wellbeing strategy. A wellbeing strategy effectively implemented will have a big impact on the health and happiness of your employees, which in turn will contribute to the overall success of your company.
*About the Survey - in partnership with Ipsos, Aon conducted the 2022- 2023 Global Wellbeing Survey over the course of 10 weeks, in 46 countries and translated into 27 languages. Human Resources and Benefits leaders from more than 1100 companies participated. https://www.aon.com/global-wellbeing-survey