ARTICLE
5 September 2024

Employers Are Shifting Their Focus To Embed Wellbeing In Their Culture – And It's Paying Off

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WTW

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Companies with strong wellbeing strategies see improved performance, higher employee engagement, and better talent retention.
United Kingdom Employment and HR

Findings from the 2024 Wellbeing Diagnostic Survey

Companies with strong wellbeing strategies see improved performance, higher employee engagement, and better talent retention.

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Employers that lean in are making progress on employee wellbeing

Employers with highly-effective wellbeing programs report higher overall performance

Over the past year, how has your organization performed in the following areas compared with other organizations in your industry?

High-effectiveness group Low-effectiveness group
Employee work engagement 69% 28%
Employee productivity 68% 26%
Overall financial performance 66% 43%
Low annual employee turnover 58% 30%
Attraction/Retention of key talent 57% 27%

Employee work engagement

Highly effective companies are 2x more likely (or more) to report better human capital and financial outcomes than companies with low effectiveness scores.

Companies that are highly effective with wellbeing are more likely to embed wellbeing in company culture and link wellbeing to their human capital strategy

Which of the following best describes what your organization has accomplished in your wellbeing strategy to date?

Low-effectiveness group High-effectiveness group
Human capital foundation 11% 33%
Embed into company culture 19% 39%
Include multiple wellbeing pillars (physical, emotional, financial and social) 14% 16%
Focus on physical 56% 12%

Wellbeing strategy today

To better support employee wellbeing, companies plan to boost communication and connect wellbeing to culture

What are your organization's top priorities for how it will deliver on your wellbeing strategy over the next three years?

  • 56% - Communication
  • 55% - Culture
  • 42% - Diversity, equity and inclusion (DEI)
  • 37% - Employee sensing

Companies use their wellbeing strategy to compete for talent

DEI and growing mental health issues are other key drivers of the wellbeing strategy

What are the key business issues influencing your organization's wellbeing strategy?

  • 65% - Competition for talent
  • 52% - Emphasis on DEI
  • 48% - Growing mental health crisis
  • 44% - Flexible work arrangements

Financial wellbeing is the #1 employee priority, yet employer priorities are misaligned with employee needs

Organizations will prioritize the following aspects over the next three years, but employees want more help with financial wellbeing

Employee Employer
Financial wellbeing 59% 22%
Social wellbeing 20% 17%
Employee experience 40% 50%
Physical wellbeing 40% 52%
Emotional wellbeing 41% 66%

Companies plan to prioritize emotional wellbeing – 66%

But employees want more help with financial wellbeing – 59%

Actions to take now!

When employers lean into wellbeing, employees notice and good things happen.

  • Listen to understand your employees' needs and preferences.
  • Employ analytics to assess the current state and understand the root cause of wellbeing issues.
  • Discover the gaps and opportunities and plan to address them.
  • Build a multi-year roadmap that includes tactics for embedding wellbeing into the culture of your organization.
  • Measure the outcomes of your efforts and adjust as needed for effectiveness.

About the surveys: 45,000 employees participated in the 2024 Global Benefits Attitudes Survey. 3,610 employers participated in the 2024 Global Wellbeing Diagnostic Survey (respondents employ 18 million workers worldwide).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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