Shaping the future of work:
Employee wellbeing in 2024
As we step into 2024, employee wellbeing remains a top priority for many employers. While expenditure on employee wellness initiatives reached approximately $51 billion in 2020 – this figure is projected to double by 2030 (Wellable, 2023). With more companies recognising the impact of wellbeing programmes on productivity, job satisfaction, and retention, efforts to enhance the health and happiness of their teams are growing.
In this article, we explore the relationship between employee wellbeing and business sustainability, as well as the relevance of wellness initiatives for talent retention and long-term organisational success. We identify some common pitfalls that prevent talent retention, and highlight emerging workplace wellness trends that are likely to reshape the way we work and support our teams.
Employee wellbeing is crucial for business success. A 2021 Deloitte report revealed that poor mental health costs UK employers up to £45 billion annually, highlighting the significant return on investment that comes with comprehensive workplace wellbeing solutions – an aspect that cannot be overlooked.
Firstly, prioritising employee wellbeing helps cultivate a more supportive culture and a more motivated workforce, which can reduce absenteeism, boost morale, and enhance overall productivity. Additionally, businesses that demonstrate a genuine commitment to the wellbeing of their people are more likely to instil loyalty and respect amongst existing employees, while attracting top talent in their pool of prospective hires.
In an era where people are becoming increasingly outspoken about mental health concerns, companies should embrace such transparency to offer more timely support to employees. However, it’s important to remember not all employees might be willing to share details of their personal challenges. Businesses can implement various strategies to create more psychologically safe spaces where everyone feels comfortable voicing their concerns. This could include confidential support channels, mental health awareness programmes, or destigmatising discussions hosted during internal meetings. Fostering such spaces not only boosts individual resilience, innovation, and creativity, but also helps companies provide effective, tailored support when and where it’s most needed.
Organisations investing in a comprehensive wellbeing solution that caters to diverse needs not only retain top talent but also cultivate job satisfaction, loyalty, and a thriving workplace culture that everyone wants to be a part of.
Common pitfalls that cause companies to lose talent include:
Beyond competitive salaries, young job seekers are increasingly pursuing positions that offer meaningful benefits. Ignoring this demand could pose a significant obstacle for companies aiming to attract and retain top talent. Offering benefits such as paid time off, wellbeing support, growth opportunities, and upskilling through training or coaching can give companies a competitive advantage in talent retention and acquisition.
Another common pitfall leading to talent loss is the absence or poor implementation of diversity, equity, and inclusivity (DE&I) initiatives. Recognising diverse needs and implementing tailored wellbeing programmes, flexible schedules, and cultural awareness initiatives, can help foster an inclusive environment. Employee input is crucial here, ensuring that managers are more responsive to concerns, actively building a workplace that aligns with diverse values.
Budget constraints can hinder some smaller businesses from adequately supporting their teams and retaining talent. However, initiatives like flexible work arrangements, employee recognition, and stress management workshops are impactful yet cost-effective ways to address this issue. Managers can leverage technology for virtual support groups or introduce low-cost online resources, collaborating with local health providers for discounted services or budget friendly packages.
Workplace wellbeing trends to be aware of in 2024:
Tech-driven solutions: Many business leaders have shown enthusiasm for technology’s role in enhancing employee wellbeing by more accessible, cost-effective, and scalable virtual solutions. These platforms also offer real-time feedback and health tracking, promoting daily wellness choices, learning, and personal growth opportunities.
Financial wellness programmes: Recognising the impact of financial stress on performance, more businesses are prioritising financial wellbeing programmes for their teams. Prudential Financial identified a 63% increase between 2015 and 2018 in the number of firms offering financial wellness programmes to employees. These programmes address both day-to-day finances and long-term goals, including online tools, financial coaching, and information on topics like budgeting, building credit, retirement savings, and debt reduction.
Specialised solutions for high-pressure industries: High-pressure industries often implement robust health and safety protocols to reduce physical harm. Resilience training, along with personalised coaching or therapy, could greatly benefit employees in these sectors. These combined measures foster a culture of wellbeing, ensuring that employees in demanding industries receive the necessary support to manage stress and maintain a harmonious work-life balance.
Prioritising employee wellbeing is essential for any company’s success. By navigating emerging trends, addressing common pitfalls, and fostering inclusive environments, companies can retain top talent. This approach leads to sustained excellence.
As we explore the evolving landscape of employee wellbeing, the role of tailored mental health and personal growth solutions becomes increasingly important. Discover how Plumm’s innovative solutions in mental health and personal growth are driving positive change and fostering a culture of wellbeing in workplaces. Experience a transformation in both individual wellbeing and overall business growth. To witness the impact of our comprehensive approach first-hand, book a demo now!
