Companies increasing focus on employees' emotional, financial health to increase productivity: Study
63 percent Companies already have or are developing a strategy to improve financial well-being and 13 percent are considering it in three years' time.
Mumbai: To increase productivity, more and more companies in India are beginning to take a holistic view of their employees' health and wellness, which also includes emotional and financial well-being, a study said.
The 'India Health and Well-Being Study 2018' by Willis Towers Watson found that this year over 80 percent of the organisations have taken at least one action in health risks or condition management, weight management, physical activity and nutrition and managing employee stress and mental health.
While 61 percent have taken at least one action to improve the financial well-being of employees in 2018, it is a concern that almost half of the surveyed organisations still do not have a formally articulated health and well-being strategy, it said.
The study was conducted by the global advisory, broking and solutions company during June to August 2018 and polled over 100 organisations and senior human resource
leaders from multiple sectors.
A majority 66 percent of employers have already taken, or will take steps in the next three years to develop a mental health strategy, the survey said, adding 59 percent are planning to offer programmes to support chronic behavioural health conditions, which is currently offered by only 8 percent of employers.
Similarly, 63 percent already have or are developing a strategy to improve financial well-being and 13 percent are considering it in three years' time.
Towards this, 50 percent companies are planning to deliver customised or personalised messages to help improve financial planning as compared to only 6 percent at present.
Willis Towers Watson head of India Rohit Jain said while it is encouraging to observe this increased focus on employee health and wellness, firms must develop a coherent and holistic health and wellness strategy encompassing all four aspects physical, emotional, financial and family - to translate this into all-round well-being, enhanced productivity and ultimately improved financial performance.
The number of employers recognising the role of the family in the overall well-being of an employee and in turn their productivity is noteworthy, he said.
Some of the initiatives include inviting family members to participate in various programmes and activities (27 percent) organised by firms, focusing communication to
reach or involve family members (24 percent) and redesigning employee assistance programmes to better address emotional and financial well-being for employees and dependents (44 percent), according to the study.
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