Benefits

Wellbeing Focus Not Just Cost But Improving Productivity

In addition, companies are rounding out their wellbeing offerings, particularly recognizing the negative effects of poor financial wellbeing, with two-thirds seeing lowered productivity as a direct impact, and half citing increased absence from work due to financial distractions.

By Amanda Umpierrez editors@plansponsor.com | November 03, 2016

If a business is to thrive, the focus of its wellbeing program should be on increasing employee productivity, according to the Xerox HR Services’ 2016 study, Working Well: A Global Survey of Workforce Wellbeing Strategies.

Improving productivity rose from fourth in 2014 to the top objective this year, outpacing employee engagement and attracting and retaining employees.

The survey found wellbeing goes beyond the health of an individual and includes physical, mental/emotional, and financial aspects, any of which can have a negative impact on an employee’s productivity. Companies are in turn rounding out their wellbeing offerings and are particularly recognizing the negative effects of poor financial wellbeing, with two-thirds seeing lowered productivity as a direct impact, and half citing increased absence from work due to financial distractions.

“Healthy, productive employees are the lifeblood of a company,” says John Gentry, president, Xerox HR Services. “In the past, the thought that healthy workers meant productive workers was somewhat of a theory. Today with aggregate data and analytics, there is a much stronger case for return on investment.”

While only 33% of respondents report a strong culture of wellbeing, 83% aspire to it in the future. Seventy-four percent of participants view their wellbeing program as an important element of their employee value proposition, aiding in recruitment and retention.

Survey respondents say top-down leadership support is critical to changing the culture. This year 52% cite strong support from leaders, up from 43% in 2014. From the bottom up, 92% credit their local ambassadors’ efforts in supporting a culture of wellbeing.

The survey found nearly all participants offer retirement financial security and preparedness programs (92%) and financial literacy and skills programs (91%). Programs focused on financial literacy and skills are the fastest growing, with 24% having programs in place one year or less, and another 39% for just the past two to five years.

While only 36% of respondents say they have measured specific outcomes from wellbeing programs globally, three out of four respondents say their wellbeing initiatives have produced a medium or high impact on improving employee engagement and morale, organization image, overall employee wellbeing, ability to attract employees, and worker performance and productivity.

Xerox HR Services’ biannual study, Working Well: A Global Survey of Workforce Wellbeing Strategies, collected data from 428 organizations spanning 33 countries on a broad range of global wellbeing issues, including strategy and objectives, financial wellbeing, communication and culture, and program effectiveness. The survey was completed in August of 2016.

Full results are available to interested parties for $495.00 by calling 800-887-0509 or visiting www.bucksurveys.com.

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