What’s Happening?
The 14th Annual Employer-Sponsored Health & Well-Being Survey, fielded by Fidelity Investments and Business Group on Health, reports that employers are increasingly recognizing the importance of workforce well-being. Regardless of economic pressures, employers are maintaining or increasing their investment in well-being programs due to the physical and mental strain the pandemic has had on their employees.
Why Is It Important?
The well-being of employees is becoming a paramount concern for employers, a trend further accelerated by the pandemic. According to the survey, 90% of employers have no plans to reduce their investment in well-being programs, and 31% plan to increase it. The focus has also broadened, encompassing mental health, physical health, and financial well-being, with new additions in 2023 like social connectedness and community becoming a greater priority for 82% and 79% of employers, respectively.
How Will It Impact the Future of Work?
The future of work will certainly feature a stronger emphasis on comprehensive well-being programs. The survey indicates a comeback of on-site initiatives like yoga, meditation, fitness classes, health fairs, and counseling will begin in 2024. Additionally, employers plan to incentivize positive well-being actions, with 73% planning to offer financial rewards in 2023.
This focus on health and well-being also implies an evolution of benefits, with new structures like lifestyle spending accounts being introduced. The survey also reveals a trend towards developing global well-being strategies while recognizing the unique needs of employees in different countries. Employers are most likely to expand mental health, financial wellness, work-life balance, and physical health initiatives in the next three to five years. This holistic and international approach to employee well-being represents a major shift in the future of work.
