Four in 10 (40%) organisations believe they achieved a culture of wellbeing in 2018, up from 33% two years ago, according to Buck’s eighth Global Workforce Wellbeing Survey.
The survey of 252 employers by the employee benefits consultancy suggests workplace productivity, job satisfaction and employee retention are linked to physical health and financial wellbeing.
Nearly 75% of employers view support for total wellbeing as an important element in their employee value proposition, with the same number citing it as a part of their corporate image or brand – a rise from 38% in 2016.
The survey also showed a rise in employers’ focus on reducing healthcare or insurance costs, from 66% in 2016 to 73% in 2018.
“Our survey results confirm that supporting employee wellbeing holistically is much more than a ‘nice to do’ – it’s a core, competitive business need,” said Ruth Hunt, a principal in Buck’s engagement practice and the Global Workforce Wellbeing Survey leader. “
Top factors influencing employee wellbeing include stress (95%), work/life issues (94%), depression, anxiety, weight management issues (93%) and access to healthcare services (92%).
The survey found companies increasingly rely on technology to drive efficiencies in benefits delivery, including greater personalisation and relevance. The most effective approaches include predictive analytics (84%), incentive tools and tracking (80%), portal hubs (69%), and decision-support tools (63%).
While respondents identified physical health as the most mature offering, employers have introduced newer offerings in the last five years to promote enhanced financial literacy and skills, as well as enhance spiritual wellbeing, emotional wellbeing and social connectedness.
The top programme elements to be added by those expanding their financial wellbeing offerings included money management and budgeting tools (66%), financial health assessments (66%), retirement estimating tools/calculators (63%), and financial literacy and skills education (59%).