Cos increasing focus on employees' emotional, financial health: Study
Mumbai: To increase productivity, more and more companies in India are beginning to take a holistic view of their employees' health and wellness, which also includes emotional and financial well-being, a study said.
The 'India Health and Well-Being Study 2018' by Willis Towers Watson found that this year over 80 per cent of the organisations have taken at least one action in health risks or condition management, weight management, physical activity and nutrition and managing employee stress and mental health.
While 61 per cent have taken at least one action to improve the financial well-being of employees in 2018, it is a concern that almost half of the surveyed organisations still do not have a formally articulated health and well-being strategy, it said.
The study was conducted by the global advisory, broking and solutions company during June to August 2018 and polled over 100 organisations and senior human resource leaders from multiple sectors.
A majority 66 per cent of employers have already taken, or will take steps in the next three years to develop a mental health strategy, the survey said, adding 59 per cent are planning to offer programmes to support chronic behavioural health conditions, which is currently offered by only 8 per cent of employers. Similarly, 63 per cent already have or are developing a strategy to improve financial well-being and 13 per cent are considering it in three years' time.
Towards this, 50 per cent companies are planning to deliver customised or personalised messages to help improve financial planning as compared to only 6 per cent at present.
Willis Towers Watson head of India Rohit Jain said while it is encouraging to observe this increased focus on employee health and wellness, firms must develop a coherent and holistic health and wellness strategy encompassing all four aspects physical, emotional, financial and family - to translate this into all round well-being, enhanced productivity and ultimately improved financial performance.
The number of employers recognising the role of family in the overall well-being of an employee and in turn their productivity, is noteworthy, he said.
Some of the initiatives include inviting family members to participate in various programmes and activities (27 per cent) organised by firms, focusing communication to reach or involve family members (24 per cent) and redesigning employee assistance programmes to better address emotional and financial well-being for employees and dependents (44 per cent), according to the study.