A recent survey by Aon reveals that improving employee wellbeing factors can enhance company performance by at least 11% and up to 55%. It also shows a relationship between wellbeing and a sustainable work life, which can impact company performance. The higher an employer’s ratings are in overall employee wellbeing, culture and climate of wellbeing, performance of wellbeing initiatives and funding allocation toward wellbeing, the better their scores are in workforce resilience, agility and belonging, which support a sustainable work life.
The study, which analysed the data from more than 1,100 organisations across 46 countries and multiple industries, also shows that employers are increasingly prioritising wellbeing programmes, in both recognising the issues and aiming to take action.
Encouragingly, nearly two-thirds of respondents reported that wellbeing has become more important to their company since 2020, and just under half said that employee wellbeing has increased in priority in that same timeframe.
MENTAL HEALTH AND WELLBEING
According to a global survey by McKinsey Health Institute conducted across 15 countries, at least 60% of respondents have experienced a least one mental health challenge at some point in their lives – a figure consistent with other global research studies. This can affect their work performance. But there can be no keeping them away from the workplace until they are better, as they are the workforce. Mental wellbeing is a real challenge and increasingly, companies are dedicating unprecedented resources to employee mental health and wellbeing, says the report. The data show that 87% of companies have at least one wellbeing initiative in place, similar to a 2020 finding. However, 83% of companies now have a wellbeing strategy, compared to 55% in 2020.
The McKinsey report suggests that improving workplace factors, such as eliminating toxic behaviours, boosting inclusivity, and creating sustainable work can be several times more predictive of employee mental health and wellbeing than providing access to resources alone.
Put simply, companies must be proactive and purposeful in creating a safe and conducive work environment that supports employees’ mental health and wellbeing, if they want to get the best out of their employees.
POST-COVID WORKPLACE PRIORITIES
COVID-19 has provided insights into employee wellness and shown that mental and emotional health have a rightful place at work. An article on the World Economic Forum website outlines some considerations for creating a supportive work environment:
- 360-degree wellness
Provide employees and their dependants frictionless access to professional healthcare services. Establish work-life balance. - Feedback-based action
Engage the workforce to get their perspectives on employee initiatives, and course-correct based on that feedback. - Communication
Keep open the avenues of communication; ensure that these are two-way streets. - Employee engagement
Empower employees; give them greater flexibility and autonomy at work.
This article was first published by ISCA at the following URL: https://journal.isca.org.sg/2023/03/25/improving-employee-wellbeing-factors-can-enhance-company-performance-by-up-to-55/pugpig_index.html
