In the post-pandemic world, organizations have adopted the 'Employee First' approach rather than focusing on outcomes. Employees are burdened by looming economic depression, layoffs, great resignation, and other changes that contribute to stress at the workplace. One in three employees in Asia experiences burnout and is more likely to quit their jobs. Businesses must focus on holistic and systemic wellness programs instead of trying to help people when they show signs of struggle. There must be a sharp focus on employee well-being and mental health as the workforce has to gear up for more challenging business environments.
Employers And Employees Shift Focus On Wellbeing
Organizations must step-up workplace wellness because Deloitte reports show that 80% of the Indian workforce has reported mental health issues. One of the main reasons companies focus on employee well-being is the ‘Layoff' trend that became prominent in the past year. Layoffs negatively affect the ‘survivor’ employees affecting their morale, productivity, committment and trust in management.This shift has forced employers to invest in holistic wellbeing of their employees to show care.
Gaps In Wellness Programs Offered
In a recent survey, 69% of employees felt that workplace wellness programs are important, but only 29% of businesses offer them. The main reason for this gap is that employers don't understand what the employees are asking for. They do not include inputs from employees in designing wellness programs. Boomers prefer better retirement plans, while millennials expect financial security. On the other hand, Gen Z wants their employers to focus on mental health and work-life balance. The ideal way to bridge this gap is to start a two-way communication regarding benefits and wellness programs. Employers should survey their employees about their choice of wellness support and create a custom workplace wellness plan.
Employee Wellbeing Is An Evolving Trend - Here's Why
According to Reedseer's report corporate wellness market in FY25 will grow by 25%. This implies that Indian companies focus more on reimagining and rethinking employee well-being initiatives. Corporations are slowly learning that there is no one-size-fits-all approach to the wellness program. Understanding well-being needs and onboarding the right partners can help a company to create excellent employee well-being programs.
Organizations have finally realized that they have to step up to provide better employee wellness programs. This is the need of the hour because the Indian workforce is 60% more likely to leave their job due to toxic workplace behavior. Employers must focus on employee well-being at the workplace for the following reasons:
- Reduced healthcare risks – To avoid absenteeism and potential resignations, organizations must start creating wellness plans supporting physical and mental health. When employees feel cared for by their employers, their work stress reduces greatly. As a result, their physical health also improves. Offering exercise breaks at work also improve the energy levels of employees.
- Increased trust in employers – A Deloitte survey showed that 20% of the Indian workforce resigned mainly because of their mental health issues, while 33% continued to work without support for mental health. A customized wellness plan that cares for the employees' mental well-being will increase employers' trust. This will directly improve employee engagement rates.
- Building a futuristic workplace - According to a recent report, 41% of employees prefer working from home, while 59% expect their employees to provide a flexible working model. The mode of business operations has to change to offer a better work-life balance. It will not only help in reducing burnout but also increase workplace productivity.
- Reduced overall expenses – Deloitte's study shows that poor mental health of the employees costs $14 billion for Indian employers. Investing in appropriate wellness programs will help employers to save on these. Happy and engaged customers will be less likely to quit their jobs. This helps organizations to reduce turnover and save on hiring costs.
Change Is What India Inc Needs
Employee wellness programs cover only 15% of the total Indian workforce. More than 405 million employees need to get these benefits. Improving coverage and extending wellness program benefits will make the workforce feel more supported. Employees are also interested in transparency regarding workplace wellness metrics. Publicly reporting wellbeing metrics will make employers accountable. Beyond annual health checkups, companies must offer preventive healthcare measures. Mental healthcare plans should also be an integral part of employee assistance programs.
Customized Wellness Support For Future Ready Employers
Only 59% of the employees feel that their well-being is good. Employers should understand the needs of their employees and develop wellness benefits that suit them. Inclusivity should be an important factor when choosing a wellness program. Employees expect their employees to make them feel wanted and cared for. With assured safety at work, they will feel happy at their workplace.
Employees need a safe space at work to discuss the challenges they face and to ensure their well-being. Employers should get honest feedback from employees about the support they need for physical and mental well-being. They must ensure that employees are an integral part of the company. Employee well-being should be an evolving phenomenon embedded with the organizational culture for future-ready businesses.
Batik is an employee benefits platform allowing employers to access various perks and benefits across many categories. You can also provide upskilling and reskilling benefits to support your employees with workplace challenges. With Zero administrative overhead, create an engaging, positive, and happy environment for your employees by partnering with Batik.