5 Key Lessons That Every Company Must Consider To Ensure The Well-Being of Its Employees

Employee well-being has become a crucial factor for companies in today’s world. Employers are gradually realizing that employees are the backbone of their businesses, and their overall wellness is a vital component of a company’s success. A focus on employee health not only benefits employees but also contributes to the overall success of the company. Companies that prioritize employee wellness have a more productive and engaged workforce, which leads to higher profits and better customer satisfaction. Moreover, paying attention to employees’ welfare helps companies attract and retain top talent, contributing to a positive employer brand and reputation.

Ensuring good health for employees is a moral obligation for organizations that creates a sense of responsibility and care toward them. According to Loop’s ‘The State of the Employee Health Benefits Report 2022’, the Covid-19 pandemic has led HR leaders in India to re-evaluate the health benefits they offer to the employees. While group health insurance is provided by most employers, there is a growing recognition of the need to offer health initiatives and preventive care to improve overall employee fitness and reduce absenteeism. Lifestyle-related diseases, such as hypertension and diabetes, are a major cause for concern, and there is a need for better hospitalization support services, with only 8 per cent of employers offering this benefit.

Mental health of employees in India 

Loop’s report also noted that mental health is also an area that requires more focus, as workplace-related stress is a primary concern for Indian professionals. Only 27 out of 100 employers offer mental health coverage to their employees, highlighting the lack of priority given to mental health in employee health benefits. The annual cost of poor mental health, amounting to $14 billion for Indian companies, is equivalent to constructing 70 skyscrapers and destroying them every year. Investing in employees’ mental wellness is crucial to mitigate absenteeism, attrition, and related costs.

Alignment with organizational values is essential for a satisfied and loyal workforce, akin to a strong foundation for a home. India accounts for nearly 15 per cent of the global mental health burden, which makes it crucial for employers to be more attentive to the state of their employees’ mental and emotional health and include it in their health benefits package. Today’s competitive business landscape necessitates prioritizing employee wellness to thrive.

How companies should ensure the well-being of their employees 

According to Amrit Singh, Co-founder and CRO of Loop, every company must consider these five key lessons while  ensuring the well-being of its employees:

A focus on preventive care

Preventive care is essential in maintaining employee well-being. It involves taking measures to prevent illnesses and injuries before they occur. Companies can introduce programs encouraging healthy habits such as regular exercise, healthy eating, and stress management. Health screenings and immunizations are other effective preventive measures. Preventive care is cost-effective in the long run as it reduces the likelihood of costly medical bills and employee absenteeism.

Wellness involves all-round health

Overall wellness encompasses several dimensions of health, including physical, mental, emotional, financial, career, intellectual, social, and environmental. A holistic approach to healthcare ensures that employees are physically healthy and thriving in other areas of their lives. Companies can provide resources that promote work-life balance, financial literacy, and career development to support employee health. Providing access to mental care resources such as counseling and mindfulness programs can also contribute to a more balanced and healthy workforce.

Every employee might have different wellness needs

Each employee has unique wellness needs based on their age, cultural background, professional role, home environment, and social identity. Companies must acknowledge and address these differences by implementing policies and benefits that cater to diverse employee needs. For example, providing flexible work hours or remote work options can benefit employees with caregiving responsibilities or those who require a more flexible schedule. Offering language or cultural training can also create an inclusive workplace that values diversity.

Investing in employee well-being helps the business

Investing in employees’ welfare is not only a moral imperative but also makes business sense. A healthy and motivated workforce is more productive and engaged, leading to higher profits and customer satisfaction. Additionally, companies that prioritize employee well-being attract and retain top talent, improving their employer brand and reputation. Investing in employee wellness is a win-win situation for both employees and the company.

Healthcare crises are often unpredictable and universal

The pandemic has taught us that health crises can happen suddenly and can affect businesses across functions. Companies that pay attention to the holistic wellness of their employees and have robust contingency plans, are better prepared to face such crises. Preparedness can include measures such as remote work policies, regular communication, and access to mental health resources. Such organizations are more likely to emerge stronger and more resilient from such crises.

Amrit Singh concluded, “Employee well-being is crucial to the success and longevity of a company. Companies that prioritize employee wellness benefit build a more productive, engaged, and loyal workforce. This lays the foundation for a strong employer brand which eventually determines the fortunes of the company in the long run.”