Employee Wellbeing

Making Employee Wellbeing A Priority As Your Company Grows In The New Year

As companies plan their growth trajectories for 2023 and beyond, employee wellbeing needs to take center stage alongside commercial goals. Providing workplace support ensures personnel can thrive amidst expansion, helping firms build resilient and inspired teams.

With economic uncertainty still looming, anxiety runs high across workforces. However, data reveals only 34% of workers feel that their mental health has worsened from work. As leaders gear up for the year ahead, closing this gap through wellbeing initiatives presents both a responsibility and opportunity.

When employees feel cared for, engagement and retention stand to improve. The right benefits also safeguard personnel health while boosting productivity. As bottom lines get leaner, low-cost efforts spanning emotional, financial and physical wellness help cushion teams during volatile times.

The Case for Prioritizing Wellbeing

With burnout estimated to cost $125 billion to $190 billion annually in healthcare spending in the US, wellbeing drives both social and commercial returns. Beyond health factors too, holistic workplace initiatives give companies an edge.

With employee experience pivotal to customer experience, firms implementing targeted wellbeing drives stand to gain loyal teams and audiences. Leaders who walk the talk on support particularly build reputations as employers of choice.

Strategic investment in people-focused policies generates multifaceted dividends now and post-growth. As pandemic after-effects linger, companies doubling down on care in 2023 can expect to reap returns in engagement, innovation and resilience over the long run.

The Safety Net of Workers’ Compensation

As companies grow, risks associated with operations naturally multiply across departments. An expanding and potentially overworked workforce also stands vulnerable to occupational hazards that can compromise wellbeing.

Data from The Hartford underlines why Workers’ Compensation insurance remains an essential backstop as staff strength increases. Purchasing this coverage is mandatory in most states to financially assist personnel in case of injury or illness arising directly out of work.

For example, the average monthly cost of coverage for a company with less than $300,000 payroll is approximately $81. More hazardous industries and those with prior claims history may pay higher premiums. However, this small, predictable expense safeguards employees against vulnerabilities like:

  • Healthcare costs from medical treatment
  • Income losses from time taken off to recover
  • Rehabilitation and medication expenses
  • Potential death benefits

So while preventive health and safety practices need reinforcement across sites, workers’ compensation delivers a vital final safety net.

The Hartford has a useful video highlighting Vince Valenza, owner of Blues City Deli in St. Louis, who talks about the importance of having workers’ comp coverage from a business point of view.

With personnel catalysts powering operational growth, this backup gives leaders assurance that staff will be cared for if risks materialize. Companies can then uphold wellbeing commitments despite unfavorable events.

Key Pillars of Workplace Wellbeing

Constructing comprehensive employee wellbeing frameworks calls for a multipronged approach spanning several key dimensions:

Physical Wellness: Encouraging activity, preventive care and healthy lifestyles protects personnel health and ability to perform. Measures like gym discounts, nutritious office snacks or standing desks proactively safeguard against illness as operations expand.

Financial Wellness: Growth often coincides with financial stressors like relocated teams or personal healthcare spends. Companies can assist through insurance coverage, retirement planning resources and financial guidance access.

Emotional Wellness: From anxiety to grief, validating experiences and providing support systems promotes coping skills and resilience. Tactics like flexible time-off policies, therapy access and mentorship opportunities are vital.

Social Wellness: Loneliness and disconnection are rising workplace epidemics with over a third of people feeling isolated. Community building initiatives like peer support groups, team events and cultural engagement cultivate connectivity.

Occupational Wellness: Helping individuals align values, strengths and ambitions with evolving organizational needs enhances workplace thriving. Professional guidance around upskilling, leadership development and internal mobility empowers talent.

With infrastructure scaling up, keeping workforce wells filled across these dimensions ensures personnel can meet intensifying demands. Monitoring population needs and co-creating programs based on regular feedback is key.

Now more than ever, leaders need to move from peripherally ‘nice-to-have’ wellbeing offerings to making support central and customized.

The Road Ahead

The path to progress relies heavily on human capital health and performance. While commercial ambitions accelerate into 2023, the foundations laid today determine longer-term thriving.

Companies that merely exhort teams to power through intensifying demands risk impaired productivity from information overload and chronic stress. Alternatively, investing to safeguard personnel wellbeing breeds loyalty and sustainable returns befitting values-driven firms.

With change as the only constant, truly supportive organizations continually re-evaluate policies and measure effectiveness through regular engagement surveys. They also recognize wellbeing as an adjustable journey rather than fixed destination.

Workplace mental health champion Mind Share Partners reveal that mental health symptoms have improved since 2021, but works’ views of overall mental health also declined.

The pressing priority now lies in converting pledges to authentic practice through customized programming. While no one-size-fits-all solution exists, the universal principle remains uncompromised.

The health of both business and employees fundamentally interlinks; and staying invested in this symbiosis remains key to shared resilience and prosperity. Leaders who double down on workforce wellbeing in 2023 stand to redefine their legacy.

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