For many employers, the term “Wellness” is used to encapsulate a philosophy or an approach to employee benefits. In other words, the goal of a benefits program is to improve the overall wellbeing of employees and their families.
Achieving Wellbeing
But what does that term wellness really mean? What are the determinants? How do you measure employee wellbeing and what sort of programs can you put in place to improve it?
These are not easy questions to answer but certainly relevant if the goal of your benefits program is ultimately employee wellness.
A recent study by Gallup, in partnership with leading economists, psychologists and other acclaimed scientists uncovered the common elements of wellbeing that transcend countries and cultures. In Gallup’s initial research, they asked people what “the best possible future” for them would look like. They found that when evaluating their lives, people often give disproportionate weight to income and health: across the groups Gallup surveyed, “good health” and “wealth” were two of the most common responses.
After completing a broader study, Gallup’s research revealed the universal elements of wellbeing that differentiate a thriving life from one spent suffering. They represent five broad categories that are essential to most people:
- Career Wellbeing: how you occupy your time — or simply liking what you do every day
- Social Wellbeing: having strong relationships and love in your life
- Financial Wellbeing: effectively managing your economic life
- Physical Wellbeing: having good health and enough energy to get things done on a daily basis
- Community Wellbeing: the sense of engagement you have with the area where you live
The study goes on to point out that if we’re struggling in any one of these domains, as most of us are, it damages our wellbeing and wears on our daily life. Unfortunately, only about 7% of people surveyed are thriving in all 5 areas.
As an employer, you probably offer programs in a number of these areas. For instance, you likely have a talent management system that helps employees manage their career growth and job satisfaction. As a part of your benefits offering, you may provide wellness programs dedicated to improving employee physical and mental health. You may even have initiatives that promote community involvement.
But what are you doing to address employee financial wellbeing? What programs do you have in place that help employees truly solve their financial issues and improve their financial health? Given the economic volatility that has plagued the last few years, shouldn’t this be an area of focus? Interestingly, the financial wellbeing component, while arguably one of the more important aspects, has been largely underserved by employers.
Financial Wellness is the logical next phase when it comes to ensuring the wellbeing of employees. In fact, research and evidence suggests that it is employer investments here that will ultimately be the most productive.
