Lockton is calling on businesses to adopt a more nuanced and strategic approach to employee wellbeing.
A new report, which includes insights from Morag Fitzsimons (pictured), head of people advisory at Lockton Australia, presents tips that could redefine how businesses invest in their workforce's health and wellbeing.
“In a post-COVID-19 world, employees' expectations of where and how they will work have changed forever,” Fitzsimons said. “We believe wellbeing strategies should take into account modern challenges, such as an ageing workforce and the fact that young employees will have the longest careers of any generation since the first industrial revolution.
“Organisations should consider reinventing benefit programs for mature employees and tailoring initiatives for younger employees that focus on their ability to re-train, refresh, and rejuvenate.”
Lockton emphasised the importance of tackling the root causes behind workforce challenges, rather than merely addressing symptoms.
The report said that a deep dive into operational and structural issues can pave the way for impactful wellbeing interventions, moving beyond temporary fixes to foster lasting improvements in employee wellness.
A significant highlight of the report is the call for data-driven decision-making in the implementation of wellbeing initiatives.
Lockton pointed out the gap in current practices, where many organisations launch programs without solid evidence of their potential impact. By focusing on analytics that reveal the effects of poor employee wellbeing, companies can tailor their efforts to meet genuine needs, enhancing the effectiveness of their wellbeing strategies.
The report urges companies to customise their wellbeing programs according to different life stages of their employees. This approach acknowledges the unique challenges and preferences of various demographics within the workplace, ensuring that interventions are as relevant and supportive as possible.
One of the key challenges identified is the siloed nature of HR and financial planning within organisations, particularly when it comes to securing funding for wellbeing programs.
Lockton advocates for a unified approach, proposing the use of measurable indicators to demonstrate the tangible benefits of employee wellbeing initiatives, thereby facilitating a stronger alignment between HR objectives and financial decision-making.
The report challenged the prevailing view of wellbeing programs as non-essential or peripheral, showcasing how leading organisations integrate these initiatives into their operational strategies.
With compelling evidence linking wellbeing to significant ROI, Lockton argues for a paradigm shift that sees employee wellbeing as a critical driver of business performance.
Lockton also highlighted the importance of evaluating the success of wellbeing programs, pointing to studies that correlate high wellbeing scores with superior financial performance. Such insights underscore the potential of well-conceived wellbeing initiatives to not only enhance employee satisfaction but also drive substantial business growth.
The report advocates for a holistic view of employee wellbeing, considering the entire employment lifecycle. By understanding and leveraging key metrics related to employee engagement and retention, organisations can gain a comprehensive understanding of wellbeing's impact on business outcomes.
Lockton also recently shared tips on securing the most favourable terms for excess of loss renewals amid challenging conditions.
