Employers are prioritising physical and mental wellbeing support for workers but they are missing a trick when it comes to offering the wellbeing benefits staff really need, a study by WTW has found.
The Wellbeing Diagnostic Survey by WTW revealed a disparity between the focus of employer wellbeing programmes and employee needs for financial wellbeing support.
Survey data showed that in response to concerns about the mental and physical wellbeing of employees, 72 percent of UK employers prioritise mental health support and 45 percent prioritise physical wellbeing.
However, 59 percent of employees said financial wellbeing support was their top area of concern, yet this is one of lowest priorities for employers (24 percent).
Above average stress
WTW said that employers often offer foundational support for financial wellbeing, through life and disability insurance or retirement and savings programmes. However, fewer employers offer financial education or more personalised support when making financial decisions around spending, borrowing and saving.
More than two fifths of employees (42 percent) said they are suffering with moderate or major issues in at least two areas of their wellbeing. WTW said poor health in any area of wellbeing can mean more absence, presenteeism and burnout, as well as hitting work engagement levels.
The study also found that 59 percent of employees have above average levels of stress, while 40 percent have reported symptoms of anxiety or depression.
Investment disconnect
Kazune Kozen, clinical and data analytics lead in health and benefits at WTW, said: “Increasing mental health issues have brought employee wellbeing to the forefront of employers’ minds in recent years.
“Companies have been leaning heavily into physical and mental wellbeing to make it a core part of their human capital strategy. We know that these investments have improved employees’ perceptions of these initiatives.
“Organisations that are highly effective at employee wellbeing often report better business outcomes, such as enhanced financial performance and reduced employee turnover. However, there is a disconnect between the wellbeing areas that employers are investing in and what employees are saying they need help with.”
Drop in effectiveness
WTW said that while employer programmes help some employees live healthier lifestyles, the effectiveness of these initiatives overall has fallen from the employees’ perspective since the pandemic, from 38 percent in 2022 to 27 percent now.
There is a disconnect between how effective employers and employees think these programmes are, WTW said. The majority of employers (69 percent) think their wellbeing programmes are important for employee health, compared to just 29 percent of employees.
Human capital strategy
The survey found evidence that employers are working to improve wellbeing support with 35 percent planning to make wellbeing a foundational element of their human capital strategy in the next three years, compared to only 8 percent today.
Almost two thirds of employers (65 percent) are planning to boost communication about their wellbeing programmes and connect wellbeing to company culture (56 percent) to increase employee health and wellbeing.
Gaby Joyner, head of employee experience Europe at WTW, said: “The delivery of wellbeing initiatives is just as important as the content of the programmes.
“Communication, accessibility and creating a connected culture that links back to company and employee values is key to building a stronger employee experience when it comes to wellbeing.
“It’s important that employers focus on getting the right priorities in place to support the varied needs of their workforce, as well as creating an enabling environment that promotes the services they make available.”
