Better performance leads to gains in employee and customer satisfaction, drops in turnover
Employer programs for improving employee wellbeing are good for business overall, according to an Aon report.
Organizations that improve employee wellbeing performance by three per cent see a one-per-cent increase in customer satisfaction and retention, while those that improve employee wellbeing performance by 3.5 per cent see a one-per-cent increase in employee satisfaction and customer acquisition.
When organizations improve employee wellbeing performance by four per cent, they see a one-per-cent increase in company profit and a one-per-cent decrease in employee turnover.
“Wellbeing is a long-term people and performance strategy, using resources to achieve resilience goals over a sustained period,” says Erin Murphy-Sheriffs, senior consultant for health solutions at Aon Canada.
“Companies should assess if their organizational culture is helping or hindering them in their wellbeing and resilience efforts. Leadership support and buy-in are critical factors in creating a culture and a wellbeing strategy that can positively impact workforce resilience and overall company performance.”
About two-thirds of employers believe that the COVID-19 pandemic has increased employee interest in select lifestyle benefits, and this is making plan sponsors consider changes to the benefits they offer, such as enhancing benefits (36 per cent) and adding flexibility to the benefits they offer (24 per cent), according to a previous report from Aon.
Well-being strategy needed
Globally, 82 per cent of companies say employee wellbeing is important, found the recent Aon survey.
However, only 55 per cent have a wellbeing strategy in place and just 24 per cent fully integrate wellbeing into their business and talent strategy, according to a report from Aon.
In Canada, 79 per cent of companies say that employee wellbeing is important and 90 per cent have at least one initiative in that area.
However, only 54 per cent of employers have a strategy in place and just 16 per cent fully integrate wellbeing into their business and talent strategy.
And while a quarter (26 per cent) of wellbeing programs are performing exceptionally or above average in Canada, 60 per cent only meet expectations.
Many workers are experiencing burnout these days – and employers are largely to blame, finds a separate survey.