Providing employees with comprehensive care shows that the company values them and their growth along with the company. A successful wellbeing strategy will become more multifaceted than ever in 2022, with a strong connection across physical, mental and financial health in achieving wellbeing. Employers will shift from managing the employees’ experience at work to managing the overall personal life experience of the employees. They now have a larger role in tackling the everyday issues of employees to fuel productivity and efficiency. With younger demographics in the workforce, caring for your employees is surely the way to win their loyalty to your company.
The most significant shift has occurred in people's minds, not in offices. Working from home used to be considered a bonus and maybe less productive a few years ago, but we now believe it is becoming the standard. As we approach 2022, it's critical that you don't see hybrid working as a novelty and that you adapt your processes to make it more effective. Until now, offline policies may have been forced into the online realm, which isn't a viable approach in the long run.
Some people actually struggle from remote working, due to distractions, lack of collaborations or the fear of missing out. Everyone more or less has challenges from remote working, and employers can take a step further to support the home office situation by providing the necessary equipments and creating communication cadence amongst teams.
Productivity of your employees will suffer when their mental health is suffering. It is estimated that over 80% of doctor visits are from stress-related issues. Creating a sustainable working model with a positive mental well-being environment helps raise the overall productivity and reduce the turnover rate, as study shows that workplace stress leads to 50% of voluntary resignations.
Flexible arrangements support employees to strike a better work-life balance that allows them to fulfil both work and life responsibilities. Some arrangements that are going to stay or shape our future work practices include rotating shifts, four-day workweek and flextime.
A Gartner survey in 2020 found that only 36% of employees were considered high performers in organisations when given a standard 40-hour workweek, while for other organisations that offer employees flexibility over when, where and how much time to work, 55% of employees were seen as high performers. We expect to see agile small businesses that are performance-oriented by nature, to offer more flexibility to employees by measuring their output rather than traditional work hours.
A crucial part of maintaining physical well-being would be developing healthy lifestyle habits. Companies can provide health management resources for employees through internal company workshops, gym perks and health newsletters. Uber offers a wellness programme where employees can allocate their credits for certain benefits like gym memberships, massages, meditation classes and annual health checks.
Virtual technologies are extending their capabilities beyond healthcare into wellness. To improve preventative care, some insurance plans are beginning to provide health tracking and monitoring technologies to help the insured monitor their well-being. Some of these wellness apps can identify members at high risk for medical conditions and give them suitable suggestions8.
Companies can also play a role in improving employees’ financial well-being and retirement readiness. Financial issues are a common source of stress for employees.
Companies can invite financial experts that can teach your employees how to manage and invest their finances so that they can gain more control over their financial situation. The C-suite or financial directors of companies are often skilled at managing finances, so even sharing sessions can be held internally. Teaching your employees about financial management offers a more sustainable way to help them manage their finances.
Even though in Hong Kong, employers must contribute to the Mandatory Provident Fund, it is often mentioned that MPF alone is not enough to be your only source of post-retirement income especially if no investments are made. Companies can take additional steps in caring for your employees by offering extra voluntary contributions on top of the mandatory 5%.
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