November 9, 2022
Workplace wellbeing remains a neglected issue for many firms
Two in five businesses have either cut or maintained workplace wellbeing budgets despite growing pressures on their staff, according to a new report. Faced with stressors such as the cost-of-living crisis, political uncertainty, and the ‘return to work’ post-Covid, just 16 percent of directors and risk practitioners said their wellbeing budgets had seen a significant increase. Around 40 percent of businesses had increased their budgets slightly to tackle issues such as mental, physical, financial health, organisational vision, values, culture and working standards, according to the poll by Deloitte, the International Institute of Risk and Safety Management (IIRSM) and the Institute of Directors (IoD).
The majority of organisations believe organisational wellbeing initiatives improve business performance, but are still not sure how to measure it, the survey also found. Only 2 percent of risk practitioners and 1 percent of directors said they asked for organisational wellbeing data to evaluate the ROI of their wellbeing programmes. Half of those questioned (50 percent) did, however, say their organisation’s focus on wellbeing had improved business performance.
Some 30,000 directors and risk practitioners – members of the IoD and IIRSM – were surveyed by management consultancy Deloitte in a wide-ranging investigation into businesses’ response to unprecedented levels of uncertainty and volatility.
Key findings include
- 40 percent of directors and practitioners said their wellbeing budgets had remained the same or decreased
- 16 percent of directors and practitioners said their organisations had significantly increased investment in wellbeing
- 2 percent of practitioners and 1 percent of directors said they ask for organisational wellbeing data to evaluate the ROI of their wellbeing
- 15 percent of risk practitioners and 11 percent of directors said their organisation had no resource dedicated to looking specifically at wellbeing
- 50 percent of directors said their organisation focusing on wellbeing had improved business performance
The findings are analysed in a new report published today, The Future of Wellbeing, which offers a unique snapshot of how organisations are caring for their people.
IIRSM Chief Executive Phillip Pearson said: “How we manage the wellbeing of people at work is now a business-critical challenge for organisations around the world. We’re living and working in such uncertain, turbulent times now. This survey and report offer essential insights into what employers are doing currently, and what progress has to be made to safeguard mental, physical and financial wellbeing in the workplace.”
Sharon Thorne, Deloitte Global Board Chair, said: “Wellbeing is a critical element of inclusion in the workplace, and a company’s wellbeing strategy must consider the needs, interests, concerns, and expectations of a diverse workforce. To get this right, leaders today must recognise the importance of prioritizing a holistic organisational wellbeing approach that is backed up by targets and data, so that employees can thrive both at work and beyond.”