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Wellbeing Makes it to the Boardroom
Change is stressful. Especially when it’s fast-paced, unprecedented, and you didn’t see it coming in your crystal ball. Since the pandemic, many offices are still in flux. There are businesses strategizing to bring workers back to the office, and businesses doing the opposite.
Perhaps that’s why wellbeing initiatives are finally taking up space on the executive agenda, when only a few years ago it was something “extra” for benefits administrators to think about. After a heaping serving of change; executive teams who are balancing between tradition and agility now have go-foward decisions to make that will define company values and culture for the long-term.
The corporate wellbeing industry is booming, but…
The corporate wellbeing market is estimated to be around $61 billion, according to Grandview Research in 2020. There are vendors and platforms who specialize in everything - from crisis counseling to diet and nutrition - on cloud platforms that are ready to plug in. Companies are able to leverage the wellness programs from their insurance carriers and supplement them. It’s easier than ever to design a wellness strategy that’s completely custom, industry appropriate, and relevant to employees.
But here’s what’s surprising: even with accessible wellness programs, U.S. and Canadian workers are some of the most stressed employees in the world, according to Gallup.
In their latest State of the Global Workplace report, 57% of U.S. and Canadian workers reported feeling stress on a daily basis, up by eight percentage points from the year prior and compared with 43% of people who feel that way globally.
Workers are aware that they’re more stressed; and they’re using their voices to speak up. According to Deloitte, 80% of workers said wellbeing is important or very important to their organization’s success.
57%
of U.S. and Canadian workers reported feeling stress on a daily basis.
Results May Vary
Business leaders who want to achieve desired outcomes need to repair the disconnect. Even when you offer a robust well-being program, accountability is crucial. There are many ways to build it in— from executive sponsorship and manager training, to utilization incentives for employees.
PwC recently made headlines for offering a $250 vacation bonus to employees who take 40 consecutive hours of vacation at a time, up to once per quarter, for a total $1,000 yearly vacation bonus. Teams at PwC also include wellness objectives in performance goals, which means they’re literally being paid to prioritize their health and wellbeing at work.
A Holistic Approach is Best
Companies who are seeing results are doing more to care for their people. They’re going beyond traditional health and dental coverage with comprehensive wellness strategies that encompass ALL aspects of wellness. Employees want to feel safe, healthy, stable, focused on what matters, AND productive. Here’s an example of a Holistic Well-Being framework from Josh Bersin’s Definitive Guide to Employee Experience:
Safety and Security in All Aspects of Work
Creating a safe work environment is essential for wellbeing, and it’s also an important part of mitigating risk. In a digital world, safety is a cross-functional effort; from OSHA compliance and physical security, to personal data and legal protection.
Personal Fitness & Physical
Health Support
On top of offering comprehensive healthcare, dental, vision, and prescription coverage, companies are helping employees manage health proactively. There are a range of ways to encourage team members to live healthy, active lives - from self-paced educational programs, to fitness club access, to onsite yoga and health fairs.
Family & Financial Support
Organizations are doing more than providing medical and dental insurance to dependents. They’re offering support to employees who are care takers — from affordable child care to long term care insurance for elderly parents. To increase reach and impact, companies with digital wellbeing platforms are giving open access to support employee family members. Companies are thinking beyond equitable pay to cultivate financial wellness too, with innovative programs to help employees access wages instantly, reduce debt, and plan for major life events and retirement.
Psychological & Emotional Support
In order to do your best, you need to feel your best; and companies are finally making the connection. They’re designing workflows and business processes with worker wellbeing in mind. This includes automating manual tasks so workers have more time to focus on goals that are more meaningful and fulfilling. Companies are also reducing workplace stress by placing a high value on mindfulness, removing stigmas around mental health, and providing access to on-demand counseling, self-awareness training, stress-reduction programs, employee assistance hotlines, and conflict remediation.
Is Wellbeing a Leadership Skill?
According to Jim Harter, Gallup’s chief workplace scientist, managers play the biggest role in actually helping improve worker well-being throughout all levels of an organization.
“The most important thing employers can do is to equip managers to have the right kinds of conversations with people,” Harter says.
This means hiring human-centered leaders, and upskilling managers to facilitate meaningful and ongoing conversations.
People leaders should pay attention to the individual needs of employees, show interest in their unique situations and circumstances, listen deeply, and
acknowledge personal and professional challenges
when they arise. And they need to be fluent in the company’s wellbeing offerings, so that they can direct employees to the appropriate resources whenever there’s a need.
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