CEOs should prioritize an area that workers say is their top concern yet doesn't receive enough attention.
It’s not a secret that improving your workers’ wellbeing gives you a better chance at keeping them. However, there’s a disconnect between the type of wellbeing that employers are providing and the kind employees want more of.
Financial wellbeing was identified as the priority for workers surveyed by global advisory, broking, and solutions company WTW, despite it being the most underserved area by employers, highlighting the need for organizations to rethink the benefits they offer.
WTW fielded responses from 535 U.S. employees working at medium and large private sector companies in various industries from March to April 2024.
While two-thirds of workers (66%) said financial wellbeing is their top concern, it ranked the lowest for employer priorities (23%). More employers are focused on supporting mental (73%) and physical wellbeing (50%), which also matter to employees, but not nearly as much as financial wellbeing initiatives.
Nearly half of employees (48%) deal with moderate or major issues in at least two areas of their wellbeing and 41% report that their financial situation is the area of wellbeing they face the biggest challenges, according to a separate WTW survey on global benefits attitudes. By addressing what workers are seeking with their wellbeing, organizations can combat burnout and increase engagement, resulting in higher retention rates.
Some of the ways surveyed employers are striving to improve employee financial wellbeing are:
- Offering navigation and decision support to help maximize programs in place
- Offering coaching to help build financial resilience skills
- Educating employees on the various financial issues they may face
- Offering personalized financial decision support
- Addressing affordability through a total reward lens, looking at health, risk and retirement benefits, as well as pay, and connecting their strategy to DEI goals
Though CEOs need to make up ground on financial wellbeing, many organizations are beginning to recognize the importance of the employee experience as an outcome of wellbeing strategy. More than a third of surveyed employers (37%) said they are looking to make wellbeing a foundational element of their human capital strategy in the next three years, compared with just 11% currently.
How wellbeing initiatives are communicated and linked to company culture can also be determining factors for success, which is why employers should continue to evaluate if they’re meeting the diverse needs of their workers and reaching as many employees as possible.
Jay Asser is the CEO editor for HealthLeaders.
KEY TAKEAWAYS
Most employees (66%) care about financial wellbeing more than mental or physical wellbeing, but it’s the focus for just 23% of employers, according to a survey by WTW.
Offering financial support to workers can include education, coaching, and communication on benefits and decision-making.
Employees are more likely to avoid burnout and less likely to exit an organization if employers are meeting their wellbeing needs.