Employee mental health and wellbeing is top of mind for Australian businesses, and organisations need to think on how they integrate these key considerations into their strategy to avoid risks to their bottom line and even potential regulatory consequences.
The COVID-19 pandemic has shone an intense spotlight on workforce resilience in a way we have never seen before.
Workforce resilience is best created in an environment where colleagues can better adapt to adverse situations, manage stress and maintain motivation.
Organisations are becoming more aware of their dependence on a mentally healthy workforce, but in some organisations there is a gap between investment in programs and an integration into strategy1.
Wellbeing should no longer be considered optional or a benefit or reward, it should be front and centre as a business imperative for leading, high-performing organisations.
The link between wellbeing strategy and performance
A new global survey released by Aon confirms the link between an organisation’s wellbeing strategy and company performance.
Aon’s 2021 Global Wellbeing Survey found that improvements to employee wellbeing performance within a company have an impact on customer satisfaction and retention, and that while wellbeing performance overall has a direct connection to a strong and focused wellbeing strategy, a series of ad hoc or standalone wellbeing initiatives will have less impact.
In Australia, the most important organisational wellbeing issues are work-life balance, stress, anxiety and burnout2.
Thirty eight per cent of companies surveyed said employee wellbeing is extremely important, and while 90 percent have at least one initiative in place, only 58 per cent have a strategy in place and just 20 per cent fully integrate wellbeing into their business and talent strategy3.
The survey also found that globally, organisations that improve employee wellbeing performance by three percent see a one percent increase in customer satisfaction and retention, and organisations that improve employee wellbeing performance by four percent see a one percent increase in company profit and a one percent decrease in employee turnover4.