More than 70% of HR leaders report seeing a ‘clear’ return on investment (ROI) from their employee wellbeing strategies, confirmed a new study.
Despite a volatile and uncertain business environment, a new global survey from Virgin Pulse found that companies are expanding their commitment to wellbeing initiatives with new strategies to attract and retain talent. The 2023 Global Workplace Wellbeing Survey found that companies that offer health and wellbeing programmes are seeing clear ROI and increased employee participation. They also believe that these programmes help to address their top challenges, such as company culture and mental health.
Virgin Pulse, a global digital-first health, wellbeing, and navigation company, is unveiling these insights as part of its celebration of Employee Wellbeing Month. Now in its 15th year, Employee Wellbeing Month aims to bring awareness to the need for physical, mental, emotional, financial, and social wellbeing support.
PRIORITISING STAFF WELLBEING
Today, more than 70% of executives are confidently seeing the ROI from their employee wellbeing strategies, largely attributed to health outcomes. This is a significant change from the 2018 global survey where only 23% indicated that they could clearly measure the impact of their investment. Additionally, two-thirds have seen an increase in employee participation versus last year as companies prioritise and publicise these programmes. Looking at regional specifics, the US participation increase was the highest at 80%, with France at 75%.
“It is no longer enough to offer basic benefits. Employees want to work for a company where their health and wellbeing is a priority, and where each individual is seen as a whole person,” said Jeff Jacques, MD, Chief Medical Officer for Virgin Pulse. “This survey really highlights what employers have intuitively known for years but haven’t always known how they could help: thriving employees contribute to a thriving organisation. Despite the challenges being faced globally, it appears that many organisations now understand that investing in their employees’ health and happiness pays many dividends.”
ADDITIONAL MENTAL HEALTH FINDINGS
Other findings from the 2023 Global Workplace Wellbeing Survey reveal:
Mental Health a Significant Challenge
The survey found that mental health (38%) is one of the biggest challenges impacting organisations today. This is hardly a surprise given the issues affecting nearly all geographies and demographics over the past few years. When asked about their top priorities for their health and wellbeing programme, more than half of organizations surveyed (56%) felt that providing support for mental health concerns was the most important issue to address, followed by stress management (49%) and providing Health Risk Assessments (41%). Notably, smoking cessation – once a top priority – has fallen to the bottom of the priority list (21%). This highlights the significance of regularly reviewing priorities, particularly in light of societal changes that can greatly impact people’s needs.
Rising Importance of Engagement & Culture
Employee engagement and culture are increasingly important areas for organizations, with 40% identifying company culture as their biggest challenge. The survey showed that the main driver for offering health and wellbeing programmes was because a healthy workforce drives employee engagement (28%) and because the programmes have a positive impact on workplace culture (21%). Notably, the number one reason for offering these programmes in the Netherlands was to retain top talent (22%) and 26% of respondents from Switzerland said that offering a health and wellbeing program was the right thing to do.
Companies Spreading the Word via Social Media
Benefits and employee programmes will only be useful if staff know that they exist. The survey explored the various channels companies are using to connect and communicate with employees. Email remains the top method for driving awareness of benefits. However, social media spiked from being used by 21% of respondents in 2018 to a whopping 66% this year – a 300% increase in five years. Looking at country-specific insights, France respondents said that personalised messaging from the C-suite was a top communication method, while text messaging is a popular approach for employee communications in Switzerland, Canada, France, and Belgium.
GLOBAL HR PRIORITIES & PLANS FOR 2024
The survey also sheds light on employer priorities and plans for 2024 – important insights for those companies who are beginning to make plans for the coming year, such as US open enrolment season in late 2023. Globally, top talent and retention priorities are to increase employee engagement and satisfaction, work/life flexibility, and employee health and wellbeing. These insights demonstrate that companies are hearing what employees and job hunters are asking for.
Regionally, Australia prioritised DE&I as top priority (it came in fourth overall); Belgium named training/learning and development as the most important, and France prioritised employee benefits ahead of all others.
Despite ongoing cost management challenges, the survey found that a majority of respondents (59%) plan to introduce or increase their health and wellbeing programmes, mental health programmes (57%), flexibility (55%), and healthcare benefits navigation (53%). These results were echoed in most countries surveyed. However, France stands out by identifying healthcare benefits navigation and advocacy programmes as a top need.
Click here for more information about the study.
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