Employee wellbeing support now critical to commercial success
Employee wellbeing is becoming critical in driving engagement and productivity, a Deloitte study has found. It also reported that having a good wellbeing strategy is vital in recruiting and retaining talent.
Companies measured on employee wellbeing
The 2018 Deloitte Global Human Capital Trends study surveyed over 11,000 business and HR leaders worldwide. Its findings highlight the fact that businesses are no longer measured solely on financial performance and the quality of their output. Much more emphasis is now being placed on how companies engage with employees, customers and their communities.
An article by The HR Director highlighted the fact that UK organisations are 15% more likely to offer employees mental health support than their global counterparts. Promising as this sounds, only five percent of organisations have extensive wellbeing programmes, with 59% only offering basic or limited programmes. Meanwhile, 40% of all workers face high levels of work stress which negatively affects their productivity, health, and family stability.
Wellbeing and Productivity
The report also highlighted the fact that implementing a wellbeing programme is no longer tick-box exercise designed to cut insurance costs. Only 23% of businesses named insurance costs as the reason for having a wellbeing offering. 43% believe that wellbeing programmes support their company vision, 60% said they helped retain talent, and 61% said they improve productivity. The latter is supported by evidence which shows that the costs of lost productivity are 2.3 times higher than medical and pharmacy costs.
Wellbeing benefits are particularly important to millennials, who make up more than half of the workforce in many countries. They spend almost twice as much on self-care as their parents’ generation, fuelling the growth of consumer apps for mindfulness, cognitive-behavioural therapy, and online coaching, all of which are also available as employer programmes.
My Possible Self is a self-help app that’s clinically proven to reduce stress, anxiety and mild-to-moderate depression in eight weeks. We’re available to employers, healthcare providers and individuals. If you’re an employer looking to improve your employees’ wellbeing, get in touch to find out how we can help.