Employee Wellbeing: Hot Topics In 2020
- by XpatAthens
- Monday, 03 February 2020
Stress And Mental Health
Employers are also set to offer more financial wellness support in 2020. According to research carried out by Salary Finance, in the US, almost half of US employees are worried about money. What’s more, the PWC Employee Fit and Wellness Survey also revealed that employees stressed about their finances are absent from work for twice as many days as those who were not stressed, again impacting productivity and a company’s ability to operate at full capacity.
This is an issue that businesses have begun to address in recent years, with figures from Bank of America’s 2019 Workplace Benefits Report showing that twice as many companies offer financial wellbeing support today (53%) compared to four years ago (24%). However, according to research done by Thomsons Online Benefits, there are still a number of barriers preventing businesses from offering financial wellbeing programmes to employees. For example, almost one in four companies are concerned about the risk of getting too involved in their employees’ financial lives, 20% think that it’s not their role to do so and 24% worry about the costs of offering such support.
Despite these concerns, there’s been a clear upward trend of businesses offering financial wellbeing packages to their employees as they continue to recognise the impact financial worry has on their wellbeing.
As employees look to achieve greater work-life balance, they are increasingly seeking work with businesses that offer flexibility. This has become so important to employees that the latest IWG Global Workspace Survey found 83% of workers around the world would turn down a job that didn’t offer flexible working, with 54% saying that having a choice of work location is more important to them than working for a prestigious company.
As a result of this demand, in the past ten years, 85% of businesses have introduced a flexible workspace policy, or are planning to adopt one. However, a number of companies still have reservations about flexible working with 60% saying that changing the organisational culture is the main barrier to implementing a flexible workspace policy and over a third (41%) say that fear of how flexible working may impact the overall company culture is the biggest obstacle.
Employee Wellbeing In 2020
The employee wellbeing market has grown significantly in recent years with HR departments continuing to identify effective ways of building a happy and motivated workforce. This growth shows no signs of slowing up in 2020 with employee mental health, financial wellbeing and flexible working all expected to become integral parts of staff wellbeing packages.
For more information on how flexible working could benefit your business, please visit IWG.