The latest Employee Wellness Industry Trends Report has identified key employee and workplace wellbeing trends for 2023.
The report from wellbeing platform Wellable Labs, showed that employers will be investing more in mental health (92%), stress management/resilience (78%), mindfulness/meditation (75%), financial wellness (66%) and telemedicine (66%) this year.
With mental health being a major concern, three of the top five benefits are closely related to this area. Employers are also investing in telemedicine to improve access to affordable healthcare. Notably, financial wellness is making a comeback on the list, indicating that employers are proactively addressing their employees’ concerns about the uncertain economic situation.
The survey identified 23 different wellness programmes and strategies, such as stress management, reimbursement for gym memberships, and telemedicine, that employers may be considering investing in during 2023. Respondents were asked if they expect their employer clients to invest less, the same, or more in these programmes. On average, 64% of respondents plan to spend more on these programmes in 2023, 35% plan to invest the same amount, and fewer than 1% of respondents plan to invest less.
PRIORITISING EMPLOYEE WELLBEING
“The future of business success lies in the wellbeing of employees. Companies prioritising mental health, stress management, financial wellness, and digital solutions will have a competitive edge in the new normal,” stated Geoff Geredien, Chief Growth Officer at Wellable. “It’s time for leaders to step up and take a bold approach to employee wellbeing to build a strong, resilient, and productive workforce.”
The recent economic uncertainty has greatly impacted the working world, requiring business leaders to adapt to new circumstances. Wellable Labs’ annual report, based on data collected from health insurance brokers and wellness consultants, explores investment trends, decision-making factors, and vendor/supplier criteria in the employee wellbeing space.
KEY WELLBEING TRENDS
The report revealed the key trends shaping the employee wellness landscape in 2023. They include:
- Mental health takes precedence for employee wellness trends in 2023: The pandemic has greatly impacted employees’ mental health, causing significant stress and loneliness. As a result, burnout and disengagement rates have risen sharply. In response, employers are placing a greater emphasis on mental health in the workplace. In fact, 91% of employers are increasing their investments in this area.
- Companies are increasing investment in voluntary digital solutions: Companies are shifting away from in-person interactions and increasingly implementing digital benefits to support employee wellness. These digital solutions are more affordable and better suited for the now-standard hybrid work models.
- Managing stress and building resilience is still a key concern for companies: Interestingly, 77% of organisations are investing more in stress management and resilience solutions. With high employee turnover rates, companies are prioritizing retaining their current employees over hiring new ones due to the high cost of finding and training new workers.
- Financial wellness makes a comeback during time of economic uncertainty: Due to the current economic downturn and extended period of high inflation, it is crucial that companies focus on financial wellness for their employees. Employers are now developing plans to help their employees stabilise and manage their finances.
Check out the full report here.
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