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The effects of COVID on society, in general, will be felt for years to come. Behavioral changes and interactions have altered and adapted to a different awareness of health and wellbeing. A new Aon Global Wellbeing Survey Report 2022-2023, shows that companies are increasing their commitments both in support and financial investment to wellbeing. In fact, 63% of companies globally say employee wellbeing is more important to them since 2020 and 87% have a wellbeing initiative in place.
"It's no doubt the COVID-19 pandemic was a catalyst in widespread prioritization of employee wellbeing around the world, driving business leaders to acquire a stronger understanding of workforce resilience to overcome uncertainty and volatility," says Stephanie Pronk, SVP, Health Solutions with Aon. "As we adapted throughout the pandemic, many thought wellbeing initiatives and strategies might decrease in importance and priority over time, but our research finds just the opposite. Nearly two-thirds of respondents say wellbeing is more important to their company since 2020, and 85% of companies now have a formal wellbeing strategy in place, a 28-point increase since 2020. This data emphasizes continued growth and prioritization of wellbeing even after the wave of initiatives implemented in response to the pandemic."
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Effectiveness of strategies and wellness programs seems to be working as 42% of companies rate their programs as exceptional or above average. That's a 22% jump from 2020. "The allocation of funding toward wellbeing varies by company, with about half of respondents allocating 2 to 5% of their benefits funding toward wellbeing, though a quarter of respondents didn't know their funding level," adds Pronk. "Globally, we saw 43% of companies saying they've increased wellbeing investments, and the overwhelming majority of other companies have left their investments the same or refocused their investments."
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Breaking it down closer to home, in North America, for example, 70% say wellbeing is more important than in 2020 compared to the 63% globally. For the next five years companies say their priorities will include: employee wellbeing (overall, physical, emotional, social, career and financial health), attracting and retaining talent, profit and financial margins, innovation of product and/or service, and finally environmental, social and governance issues.
But things have changed as many people have hybrid situations or continue to work from home. "Employees having a sense of belonging is vital to being a part of a high-performing team," explains Pronk. "A strong sense of belonging can lead to better employee engagement, and many organizations wonder how they can offer their employees a sense of belonging without in-person interactions. However, giving employees the opportunity to work in a flexible environment is a very important aspect of wellbeing, not an obstacle."
The survey shows that virtual and hybrid work support ranked as one of the top five employee wellbeing issues. When asked what organizational initiatives were most important for emotional fitness, 45% named flexible working arrangements, and the most commonly mentioned challenge for employees' career wellbeing is work/life balance with family.
Overall, the survey notes that companies worldwide are seeing the benefits of helping employees take care of their "whole selves." In time, with the right strategies, companies are building loyalty, productivity, resilience, and profitability.
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