Global economic growth prospects are expected to be slow this year reflecting the ongoing effects of tight monetary policies aimed at containing the high inflation world over.
Employers are feeling the heat taking the necessary cost containment measures to survive and hopefully thrive in this tough economic times. Employees stand on the losing end of the survival equation. But they don’t need to be.
Leading companies are exploring more impactful and creative benefits, including:
Financial wellness programs: Gartner research shows that employee financial wellness has dropped over time (24% in 2023 from 27% in the previous year). As price inflation is felt at a household level, employees need personal financial planning and education services to help them make the most of their finances.
Mental wellness programs: The results of APA’s 2023 Work in America Survey confirmed that psychological well-being is a very high priority for workers themselves. Specifically, 92% said it is very (52%) or somewhat (40%) important to them to work for an organization that provides support for employee mental health.
Physical wellness programs:
Employees’ physical health plays a major role in their overall wellbeing, as well as their engagement and attitudes towards work. When employees practice unhealthy habits – such as not getting enough sleep, not exercising or eating diets low in necessary nutrients – not only do they not feel their best, they can’t perform their best at work. Workplace wellness programs, such as on-site (or virtual) yoga classes, fitness classes, gym memberships, healthy eating, and nutrition coaching, smoking cessation programs, sleep training, flu shots, and more, can help support and promote healthy habits.
Social wellness programs:
People are innately social creatures. According to the U.S. Centers for Disease Control and Prevention, people with stronger social bonds have a 50 percent increased likelihood of survival than those who have fewer social connections. Workplace wellness programs enhancing employee social connections can help support and promote social wellness in the workplace. Examples include: regular check-ins, flexible work schedules and team building activities.
Career wellness programs:
Career wellness is about employees engaging in work that provides personal satisfaction and aligns with their values, mission, and purpose. Career wellness can contribute to overall employee satisfaction with life and work as well as inspire creativity and innovation. Upskilling employees is a quick win for employers here. With the labor market getting increasingly competitive, employees will appreciate upskilling and reskilling programs by the employer.
In addition, promoting a purpose-driven culture within your company benefits employees, and it can also help drive better results for your organization. Data shows when work is rewarding with learning opportunities, people are more motivated to work harder. The 2022 Integral Employee Activation Index found that when a company’s values align with their employees, workers are more likely to have a positive mindset about their job, feel better about their company culture and come to work prepared to take positive actions on behalf of the organization.
When it comes to attracting, motivating and retaining employees, CEOs, Chief People Officers and Total Reward Specialists will need to think outside the box. In the face of tough economic times, out of the box rewards will prove to be a differentiator in a tight labor market. Rewards that are seemingly inexpensive but with the potential to positively affect employee wellness will carry the day.