Photo credit: British Columbia University web site
An SHRM survey recently reveals that employee preferences toward health are fast changing. Employers witness a rapid shift of employee preferences toward gym memberships and subsidies, yoga and dance classes, and health monitoring gadgets. Millennials in the workplace are leading this trend and employers are responding to these by increasing the scope of health benefits to include them as part of an employees’ overall compensation, even though fixed pay scales in the market remain fairly stagnant. While work-life balance has been spoken about for several years, the world is still debating about it. Many argue that the correct term in today’s work environment is work-life integration. Others are still struggling to find the sweet spot where work and life balance each other out. With leaders talking about holistic talent management and about the business of talent more deeply, the answer to the question of work-life balance may finally be revealing itself.
The employer should drive work-health balance- for its own good
As the trend of offering augmented health benefits is still in primitive stages, participation to company-sponsored health programs (such as gym memberships/subsidies, dance classes, fitness competitions) is optional and voluntary in most companies. While the number of employees opting to utilize these benefits has increased, many employees still choose to stay out of them. How many times are we guilty ourselves of justifying why work kept us from visiting the gym or taking the routine evening walk? How many of us have signed up for gym or yoga classes, only to drop out after 2 or 3 sessions because it felt like the investment was just too demanding? Here arises another crucial question, who is accountable for driving work-health initiatives- the individual or the enterprise? Has the enterprise done enough by provisioning these benefits to employees? Research indicates that in order to realize the full benefits of providing health benefits to employees, it makes business sense for an employer to also drive them. Here are some findings that support why an employer should drive work-health benefits for its own good.
- EY research indicates that work-life flexibility is the third highest driver in candidates evaluating a potential job after fixed pay and benefits.
- A survey by Quantum Workplace says that companies with company-sponsored programs have 44% more engaged employees compared to the ones that do not.
- Companies who proactively drive wellness save substantially on employee health costs. For example, J&J saved over $250 million in healthcare costs between 2002 and 2008 since the time the company invested in driving employee wellness among employees.
Change the buzzword: Work-health balance
Companies that change their employer brand messaging to reflect their commitment to employee health and wellness are able to build a much more emotional connection with future and current employees. It sends the comforting message across that the employer cares about each of its employees. Most talent strategies focus on the outcomes from surveys that indicate employee satisfaction. Gallup’s “Customer satisfaction doesn’t count” article indicates that satisfaction is useless without making an emotional connection. Investing in employee health and wellness is about just that- the emotional connection.
Employees too, can stop worrying about how to balance their work and life and instead focus more on balancing work and health. After all, it is always about simplifying life into “the one thing” that makes everything else easy.