Employee well-being crucial to total rewards

Description

Employee well-being has gotten a lot more attention over the past years and rightly so. In 2022, for instance, 87% of Americans felt anxious about inflation and 7 in 10 employees worried that their compensation hadn’t kept up with the changes in purchasing power, and a staggering 98% of HR practitioners said that they felt on the verge of being burned out.

According to one article by the Academy to Innovate HR, companies that don’t provide adequate well-being support to their employees risk:
· An increase in absenteeism and presenteeism
· An increase in workplace accidents and injuries
· A drop in engagement and productivity
· A decline in retention and talent attraction
Within this context, it is clear why organizations have started to prioritize total well-being. We now see companies adopting a total well-being approach, an approach that includes people’s physical, mental, social, career and financial well-being as well as building resilience.

Prospective employees are also more attracted to organizations that prioritize employee well-being, with 87% stating they consider the health and well-being packages a company offers when choosing an employer.

What this well-being package looks like exactly depends on the organization and, of course, on the available budget.

And it’s this financial aspect of a company’s employee well-being efforts that brings me to our final statement of the day:

“Employee well-being programs are essential components of total rewards.”