4 Critical Steps to Promoting Employee Wellness and Engagement
Rebecca Morris
Did you miss the live webinar? Watch the recording now.
As the pandemic lingers, employees’ stress levels are at an all-time high, leaving organizations challenged to identify the steps they need to take to help their employees avoid burnout and drive productivity and engagement. A strong wellness program that addresses not only physical wellness, but also mental health, social connection, and financial wellness is a major part of the equation.
Brandon Hall Group recently hosted a webinar, featuring Cliff Stevenson, Principal Analyst, Talent Acquisition of Brandon Hall Group and Neha Mirchandani, Chief Marketing Officer and Head of People at BrightPlan. The live event, Four Critical Steps to Promoting Employee Wellness and Maximizing Engagement, uncovered leading strategies to help drive employee well-being in the new reality of work.
Here are some takeaways from the session:
1. Employee Wellness Programs Drive Business Results
Brandon Hall Group research found that 89% of organizations that track wellness spending see a positive return on investment. The results show that a focus on employee well-being can have significant improvements to a number of key business outcomes.
|
Business outcomes |
Improvement |
|
Employee engagement |
81% |
|
Retention rate |
67% |
|
Burnout rate |
48% |
|
Customer satisfaction |
48% |
|
Customer retention |
35% |
|
Profitability |
24% |
|
Offer acceptance rate |
17% |
|
Candidate pool |
14% |
Well-being initiatives have traditionally focused on job-specific outcomes such as increased productivity, but when employees are truly supported in all aspects of their lives, the effect can be seen at all levels of the organization.
2. The Future of Work is Now
Over 4.3 million Americans left their jobs in August 2021 and 41% of employees are considering leaving their employer within the next year. Increased incidence of overwhelm and burnout coupled with everything we’ve collectively been through over the past two years has spurred employees to evaluate what’s truly important to them.
According to Brandon Hall Group, 81% of organizations see a critical connection between their employees’ well-being and overall engagement. Traditionally, well-being was viewed as a “nice-to-have” program. However, the pandemic has shifted that view. Organizations have started to realize that their employees have needs that go beyond traditional benefits and that there are fewer boundaries between employees’ work and personal lives. In the current reality, HR leaders are rethinking how to create a stellar employee experience that focuses on the well-being of the “whole person.”
3. Financial Wellness is a Competitive Advantage in the War for Talent
According to BrightPlan’s 2021 Wellness Barometer Survey, over 80% of employees look to their employers for financial support and guidance. Employees hold a lot of trust in their employers and most of their financial life is directly tied to their jobs, so programs offered at work have a huge impact when it comes to personal finances.
For employers, financial wellness has emerged as a competitive advantage in their goal of attracting, retaining and engaging employees. In fact, employees ranked financial wellness as one of the top three most important benefits post-pandemic and three in four employees say they might consider a position at another company that emphasizes employees’ financial wellness.
4. Financial Wellness Can Have a Big Impact on DE&I Initiatives
Workplace diversity, equity and inclusion (DE&I) is no longer simply about equal pay and equal opportunity, it’s about a culture of inclusivity in which each employee’s unique background and experiences are recognized and supported.
58% of Black & Latino households vs. 37% of all households don’t have enough savings to cover three months of expenses at the federal poverty rate and women are 10% less likely than men to make investments toward their goals, such as retirement. Organizations looking to create a truly inclusive environment must consider the impact of financial wellness on underrepresented groups and give all employees equal footing to achieve financial security.
The COVID-19 pandemic has emphasized the critical role employers need to play in supporting their employees’ well-being. As HR leaders continue to evolve their post-pandemic strategies, offering resources and tools to strengthen employee wellness, fostering inclusivity, and improving the employee experience can help create a workplace where employees thrive―ultimately contributing to positive business results.
