The Future of Work
The importance of employee well-being was gaining traction even before the outbreak of the COVID-19 pandemic. The hardships over the past year and half though, has accelerated the movement and proven that employee well-being is essential for resilience and growth.
The Future Workplace 2021 HR Sentiment recently found that employee well-being and mental health were listed as the top priority for 68% of human resource professionals. In addition, the survey found that the corporate well-being market is now forecasted to grow to $87.4 Billion by 2026.
The Pillars of Employee Well-Being
In a recent Forbes article, Jeanne Meister, the Managing Partner with Future Workplace, discussed insights from the Future Workplace Virtual Summit. She explained that employers are aware that employee well-being has expanded beyond just physical well-being. Many employers are ready to create and nurture a workplace culture of holistic well-being, but they do not know where to start. As a result, the Future Workplace has identified the following seven pillars of employee well-being to guide leaders as they prioritize the well-being of their workers:
- Physical Well-Being: While there is more to well-being than just physical health, this is still an extremely important pillar. Exercise, sleep, overall lifestyle habits, and dietary choices all impact physical well-being.
- Career Well-Being: Since the outbreak of the pandemic, many employees have reevaluated their career goals and there has been a shift in the way we all work. Work-life balance, flexible schedules, enhanced learning, development programs and growth opportunities are all aspects of career well-being.
- Financial Well-Being: The PWC 2021 Employee Financial Well-being Survey found finances to be the top cause of employee stress. As we discussed in a previous blog post, financial well-being programs are needed now more than ever. To learn how to begin incorporating a financial well-being program, click here!
- Social Well-Being: Having meaningful friendships in both personal and work life sets employees up for long-term happiness. Finding ways to build strong relationships within the workplace, both for in-office and remote workers, is an important step toward building a workplace culture of holistic well-being.
- Community Well-Being: Offering employees opportunities to get involved in their local community and give back will deepen the ties an employee has to their employer. Philanthropy has also been proven to increase both mental and physical health.
- Emotional Well-Being: A recent American Psychological Association’s survey found that employees are experiencing their highest levels of stress since the beginning of the pandemic. Taking deliberate actions to de-stigmatize mental health and provide access to mental and emotional well-being programs is critical.
- Purpose Driven Well-Being: Having a purpose grounds organizations in a set of specific values. As the talent marketplace continues to heat up, more and more employees are expecting organizations to be passionate about their purpose and their values so that employees can connect with.