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by Dean Callaghan, C. Psychol., Ps.S.I, Managing Director at Aon’s Human Capital Solutions
Organisations are increasingly prioritising wellbeing programmes.
Aon plc (NYSE: AON), a leading global professional services firm, published its 2022-2023 Global Wellbeing Survey, which – among other key findings – shows that improving employee wellbeing factors can enhance company performance by at least 11 percent and up to 55 percent. There is a relationship between wellbeing and a sustainable working life, which can impact company performance. The higher an employer’s ratings are in overall employee wellbeing, culture and climate of wellbeing, performance of wellbeing initiatives and funding allocation toward wellbeing, the better their scores are in workforce resilience, agility and belonging, which make a sustainable working life.
Aon surveyed more than 1,100 organisations, finding that employers are increasingly prioritising wellbeing programs, in both recognising the issue and aiming to take action. Nearly two-thirds of respondents reported that wellbeing is more important to their company since 2020, and just under half said that employee wellbeing has increased in priority in that same timeframe.
Eighty seven percent of companies have at least one wellbeing initiative in place, which was flat compared to 2020. However, 83 percent reported having a wellbeing strategy, compared to 55 percent in the 2020 report.
Wellbeing is a key component of an organisation’s workforce strategy. Integrated as a people and performance approach, the framework for wellbeing balances the appropriate resources, opportunities and commitment needed to achieve optimal health, resilience and sustainability for the individual, team, leadership, organisation and community.
Globally, 43 percent of companies say they have increased their investment in wellbeing, while most other companies have left investment the same or refocused their investments. The allocation of funding toward wellbeing varies, with about half of companies allocating 2-5 percent of their benefits funding toward wellbeing.
Additional findings from the global report include:
- Employee wellbeing programs have risen in perceived effectiveness since 2020, with 42 percent rating their programs exceptional or above average – an increase from 22 percent in the 2020 report.
- More organisations are strategically integrating wellbeing into company culture and other business strategies. Eighty percent of employers say wellbeing is fully or partially integrated into their overall business and talent strategy, an increase of 13 percent over 2020. The same number has integrated diversity, equity and inclusion, environmental, social and governance, and total rewards into their wellbeing strategy.
- The level of importance an organisation assigns to wellbeing determines the level of support from leadership, including the C-suite. Only three percent of respondents felt C-suite leaders didn’t support wellbeing initiatives at any level, either actively or passively.
Aon conducted the survey of human resources and benefits leaders from more than 1,100 companies across 46 countries and multiple industries in collaboration with IPSOS, a leading global market research company, from August to November of 2022. Explore findings of Aon’s 2022-2023 Global Wellbeing Survey here.
To learn more about the wellbeing trends in Ireland and what companies are doing to develop their wellbeing offering, including the Wellbeing Council that Aon is setting up in Ireland, contact [email protected]