Rising inflation, increasing interest rates, and economic recession just around the corner have forced businesses to rethink their strategy. Tech giants such as Google, Amazon, Microsoft, etc have started massive layoffs, after aggressive hiring in the past.
This layoff trend is not going to slow down in the upcoming year, but 68% of HR leaders have agreed that taking care of existing employees’ well-being is their top priority. Layoffs naturally create mistrust and lower morale for existing employees. This challenging situation must be handled appropriately with security assured by employee wellness programs. Layoffs are difficult for any organization, but they must not make the employees feel unwanted.
It is critical to recognize and accommodate the feelings and needs of employees who are still in the workforce and are dealing not only with colleagues losing their jobs but also, possibly, with personal challenges that are often invisible, undefined, and complicated. Leaders must demonstrate their concern by communicating openly about the situation and also be willing to adapt and readjust in order to put people ahead of profits.
1. Powering Employee Wellbeing With A Focus On Financial Wellness
Although layoffs are often heartbreaking, they are not always the most emotionally difficult part of a job loss. The months of uncertainty and financial stress that precede it also have a significant impact on an employee's well-being and mental health. Additionally, reports indicate that there will be a 98.1% chance of a global recession in 2023. As a result, more than 65% of workers want to cut down on discretionary spending and focus on necessities alone.
Employers are increasingly concerned about their employees' financial health because so much of their financial life is tied to their company. Business leaders can address this critical need by incorporating financial wellness into company culture, assisting employees in developing healthy financial habits, and providing employees with the resources they require to build financial confidence.
2. Finding Balance: Promoting Mental Health At Work
Employees expect employees to create a healthy and cooperative work environment. So, more than 70% of the companies in India have invested more in employee wellness programs. These wellness programs for mental health and stress management include paid time-offs, flexible work hours, self-care programs, informal conversations for check-ins, etc.
Stress, anxiety, and other mental health issues reduce employee performance in the workspace by 56%. The employee benefits platform Batik offers many customizable programs for employees to improve their mental wellness. These programs provide support and suggest lifestyle changes to improve overall well-being.
3. Need For Holistic Employee Wellbeing
Employers now want to focus on all aspects of employee well-being. This holistic approach helps companies to establish a healthier, happier workspace and understands that the mind and body are interconnected, and thus overall well-being is more important than physical health checkup report numbers.
About 89% of employees are happier and feel engaged when employers offer wellness programs. So, organizations must develop perks and benefits programs that take care of the employees' physical, financial, mental, social, and educational needs.
Employers have now moved on from offering just mandatory health checkups to offering holistic programs such as yoga and meditation retreats and encouraging exercising to improve physical and mental health. 56% of employees who take part in such programs agree that they fall sick less often.
4. Ensure digital wellbeing
With a changed world of work, it’s crucial that the impact of digital activities is aptly identified, recognized and managed. People are becoming more cautious about the excesses of digital consumption as awareness of mental health issues related to our new digital lives grows.
With the abrupt shift of everything to digital, it has become critical that employers also focus on the health and wellness of those around them. While digital transformation and adapting to these digital changes are undoubtedly important, organisations must also prioritise the physical and mental well-being of their employees. Employees must encourage digital wellness programs that help employees limit screen time and increase productivity.
5. Personalised benefits and perks
The employee benefits and perks package can't be common across industries. Employees are increasingly getting frustrated by companies that offer blanket benefits packages that don't suit their specific needs. According to Benefits Trends Survey, 43% of Indian companies address the specific needs of employees in their company. Employees look for personalised benefits, flexibility, and choice to choose the benefits package of their choice.
The workplace is a mixture of all generations. The older generation may want a benefits package with retirement incentives, and women may want flexible working hours. In comparison, the younger generation may need gym memberships as part of their benefits package.
6. Putting An End To The Burnout Culture
The more stress there is, the greater the risk companies have of creating a culture of burnout.
Employees have faced significant work-life adjustments and unprecedented health and well-being concerns in recent years. Nearly 60% of employees experienced moderate to high levels of anxiety as a result of these challenges. Stress came from many directions, including ongoing health crises, emerging financial concerns, and work distractions associated with his work remotely or hybridly.
Fortunately, leaders have the opportunity to create a “new normal” for both themselves and their teams. Leaders can create a work environment that minimizes stress for everyone. And the result? A win-win environment where everyone is recognized and accepted. A place where you can unleash your creativity in the pursuit of worthy goals.
Employers want to create a healthier and happier workspace for their employees to increase productivity and reduce absenteeism. Also, employees prefer the remote or hybrid working model. The latest concern is employees' digital burnout, as they find it difficult to disconnect from work messages at home. A customisable benefits package allowing employees to choose the benefits & perks they need and want will greatly help increase their engagement with the company.
Batik is a customisable employee benefits and perks platform that suits the needs of different generations of employees. Employers can provide customised employee benefits with just one click and support their workforce's overall wellbeing with zero administrative overhead. Use Batik platform and customise employee benefits to create an interactive and happy work environment.