Put The Spotlight On Employee Wellbeing: Here’s What You Should Be Doing
If there is one thing that the Covid-19 pandemic taught us, it is the importance of health and wellbeing. It made people take cognizance of their lives and rearrange their priorities. It also brought into focus the pivotal role employee happiness and welfare plays in the long-term growth and success of a business. While the vast majority of companies agree that employee wellbeing is important, many business and HR leaders are still not giving it the attention it demands or they are just plain afraid to embrace it.
The absence of illness is not wellbeing
Employee wellbeing is shaping the future of work. Hence, it is imperative to understand what it actually means. The absence of sickness does not equal wellbeing; It actually encapsulates physical, mental, emotional and psychological welfare at all times.
According to Forbes’ The Future Workplace 2021 HR Sentiment study, there are seven pillars of holistic employee wellbeing – physical, career, financial, social, community, emotional and purpose-driven life. HR leaders will have to focus on all these as they work towards building a culture of wellbeing, and in effect, developing workplace resilience.
Why is it important now more than ever?
Having just witnessed an unprecedented pandemic, employees today want more from their lives, and rightfully so. As much as they want a stalwart career, they also want a healthy mind and body, time to follow their passions, financial security, work-life balance in the true sense of the word and a chance to give back to the community. Businesses now have the unique opportunity to secure the wellbeing of their employees and show they care.
Higher engagement and morale: Employee wellbeing initiatives can make employees feel more valued, connected and engaged. Offering them solutions such as work flexibility, health insurance and other benefits can elevate their wellbeing, increase happiness and boost morale. Additionally, employee recognition and good feedback practices play a crucial role as well. Make sure you approach employee wellbeing holistically when taking it on in your company.
Improved productivity: Happy employees make better employees. When they know that the company is invested in their wellbeing, they too give their 100%. Moreover, when employees are healthy, it boosts their performance as they are open to suggestions, collaborate well and make better decisions.
Better talent: Supporting employee wellbeing can do wonders for your company reputation. It can make you the employer of choice, helping you attract the best of talent in today’s highly competitive market. It can also help you retain your existing employees over the long term and ensure business growth.
Reduced cost of absenteeism: Stress, burnout, diseases such as diabetes, high blood pressure, etc. force employees to take time off from work. These issues are not only detrimental to employees but can also prove to be an expensive affair for businesses. As per McKinsey, workplace stress costs employers in the US a staggering US$200 billion every year in healthcare costs. Employee wellbeing initiatives can proactively prevent this and result in huge savings.
How can HR leaders build a culture of wellbeing?
HR leaders need to take a 360-degree approach to successfully ensure employee wellbeing.
Listen to your employees: You cannot decide on your wellbeing initiatives within the walls of your boardroom. You need to involve your employees as it will impact them. This starts with asking them what it is they want, what will make their lives better. Once you have their answers, design policies to act on those recommendations.
Offer workplace flexibility: According to a study by Ipsos and World Economic Forum, almost two-third of employees across the globe want workplace flexibility. About one-third are even ready to quit their job if they are made to go back to the office full time. This is a big indicator for businesses. If they want their employees to be happy, they have to give them the freedom to work from anywhere, anytime, so they can lead a well-rounded and balanced life.
Recognise their work: Communicate openly with your employees. Appreciate their work, provide recognition and give them timely feedback. This will give them job satisfaction, create a culture of appreciation, inspire them to perform better, show them how important they are to the company and ensure overall wellbeing.
Provide health insurance and other benefits: Today, most employees buy separate health insurance, as the one offered by their companies is not enough. You need to offer bespoke insurance solutions to match their unique needs. Additionally, make available other financial products such as life insurance, pension plans or student loan repayment options by tying up with lenders at a corporate level. This will also allow you to help employees make smarter financial decisions for their future.
Wrapping up
This is just the beginning. In the future, we will see more diversified employee wellbeing benefits. The costs of employee disengagement, absenteeism and healthcare are too high to be ignored. Therefore, employers will have to think of novel ways of ensuring employee well-being such as preventive health screening, providing healthy meals, organizing running or cycling events, offering psychological counseling, and more.
