Just two-fifths (39%) of HR decision-makers admitted that they believe their current wellbeing strategy adequately meets the needs of their workforce, according to new research by PIB Employee Benefits.
The benefits consultancy firm surveyed 1,000 senior HR decision-makers to understand the current state of workplace wellbeing initiatives. It found that just under half (49%) of large corporate respondents with more than 250 employees said they believe their wellbeing strategy meets employee needs.
One-third (34%) said they have a proactive and strategic approach to wellbeing, whereas 38% do not have time for a wellbeing programme and 14% agree they have a well-defined wellbeing strategy. Conversely, 34% said they do not have any wellbeing strategy and do not know where to start.
Four in 10 (40%) organisations cited financial constraints as a key challenge in implementing comprehensive wellbeing programmes. If budget was no issue, 52% would support mental and emotional health, including stress and burnout, 44% would help with physical health issues such as exercise and nutrition, and 36% would introduce initiatives with a more proactive focus on the prevention of ill health.
One-quarter of businesses do not use data to measure wellbeing effectiveness, while 46% do not have accurate data to drive decisions.
Only 10% of small to medium (SME) businesses said they have a robust wellbeing strategy in comparison to 22% of large corporates. Just 7% of large corporates do not take a strategic approach to wellbeing, whereas this rises to a fifth of SME businesses.
Suzanne Summerfield, wellbeing consultant at PIB Employee Benefits, said: “Understanding the current landscape of workplace wellbeing is crucial for organisations aiming to support their employees effectively. Our report not only highlights the existing challenges but also makes a strong case for using a data driven approach to decision making to support wellbeing strategy and investment.”
