How Companies Can Prioritize Employee Well-being Today  ?

64% of employers are planning to augment their employee well-being programs in 2024. From an HR perspective, why is employee well-being critical for modern organizations?

To start, work-related stress for the workforce is on the rise across domains. One-third of employees have suffered from some form of stress while at work. Besides, companies offering mental health support is one factor that 80% of employees consider when changing their jobs.

The advent of hybrid work has made it more complicated for companies to focus on employee well-being. Employees are also worried about “job insecurity” and “financial stress” caused by growing costs of living and inflation.

Here’s a look at some of the benefits, trends, and examples of employee well-being in 2024.

1. Employee retention

57% of employees strive for work-life balance when choosing to work for any company. More job applicants are evaluating their prospective employer’s health and wellness initiatives before deciding to join the company.

Organizations are also adopting employee health and well-being programs for talent acquisition and retention. In the wake of growing talent shortage across industries, this is a proven technique to add (or maintain) their workforce strength.

2. Lower workplace stress

Poor mental health of employees is a serious problem for many organizations. This can lead to other complications like work stress and job anxiety among employees. With employee well-being programs, employers can address both physical and mental health issues, thus creating a more positive work environment.

Some of the latest well-being initiatives include:

• Yoga and mindfulness training
• Stress management
• Mental health counseling

3. Team collaboration and communication

Employee well-being and team collaboration are building blocks for a productive work environment. Employees who are valued and appreciated at work are more likely to be committed to their project team and organization.

With the recent surge in remote working, remote workers are feeling more “disconnected” or “alienated” from their peers or team members. 23% of remote workers have reported suffering from loneliness.

With the right AV technology, companies can encourage “virtual” team-building and collaboration activities, which can significantly improve employee well-being and overall team morale.

4. Higher productivity

Fast-growing companies depend on a productive workforce to grow their profits and revenues. Companies with higher employee engagement are 21% more profitable than their peers.

Happier and healthier employees contribute to more productivity. Employee well-being programs are proving effective in creating a “happier” workplace. Companies with high workforce morale have grown their revenues by 682%.

5. Lower healthcare costs

According to a Health Affairs study, for every dollar spent on employee well-being, companies save $3.27 because of lower healthcare costs. Companies prioritizing wellness also have 25% lower healthcare costs and 37% lower absenteeism.

By promoting the benefits of regular exercise through wellness programs, companies are preventing chronic health conditions like obesity and diabetes among their workforce.

Employee well-being – Latest trends and examples

Among the latest workplace trends, employers are realizing the value of mental health in their workforce. This is evident by their shift towards maintaining a work-life balance for their workforce. In 2024, 60% of the global workforce talk about an excellent work-life balance.

Hence, corporate businesses are adopting the hybrid working model more than in earlier years. In recent years, AV technology has been used as a powerful tool by organizations to boost employee well-being. AV solutions like video conferencing and interactive digital displays are driving employee engagement in 2024.

Further, in 2024, companies are moving towards providing a personalized wellness program for individual employees instead of a “one-size-fits-all” approach. Customized wellness programs including customized medical tests and individual counseling address the individual needs of every employee.

Organizations are also realizing the impact of financial stress on the mental health of their workforce. A 2023 study found 59% of employees saying that higher cost of living and financial changes have adversely impacted their mental health. As an example, more companies are adopting shorter work weeks, remote working, and flexible working hours as cost-saving measures. These trends can significantly reduce financial stress.

Conclusion

For modern organizations, an engaged workforce is the best tool for improving productivity. This, in turn, can lead to higher sales and revenues.

There’s a paradigm shift towards technology-enabled work models like remote and hybrid working. With its audiovisual (AV) solutions, Resurgent is enabling companies to leverage technology to create a flexible work environment for their employees and maintain a healthy work-life balance.

We can help you implement a “human-centric” work environment using AV technology. If you’re interested in knowing more, book a consultation with us now.