The working environment has changed drastically since the COVID-19 pandemic. Any workforce now has on-site workers, remote workers, independent contractors, freelancers, etc. Every employee has unique needs, and to support employee well-being, a company must customize plans that best suit its employees. The most important lesson businesses have learned from the pandemic is that the health of their employees is of utmost importance.
The change in work culture, news about the impending recession, job insecurity, personal issues, health conditions, etc., is adding to the stress of the Indian working population. In a recent survey by Rakuten Insight, more than 50% of the workforce between the age group of 24 to 34 have stated that they were more stressed than before in the last year.
Given these facts, employee wellness will be a top priority for HR leaders in 2023. They will want to do all it takes to support employees to achieve a good work-life balance to ensure happiness.
Why it is Important to have a Work-life Balance
Establishing a work-life balance is increasingly difficult for this generation of workers as the line between home and work has blurred. Remote working gives flexibility to employees, but they find it difficult to concentrate on their families because they check work-related messages all the time. 43% of remote workers work more than 40 hours a week compared to onsite employees. Employees want to achieve an optimal work-life balance where they can easily prioritize the demands of their careers and family. The situation could be more difficult for the women workforce who have additional responsibilities towards their families.
Employers must focus on providing good work-life balance because more than 67.2% of the workers believe that work culture plays a big role in achieving work-life balance. Job seekers are increasingly looking at work balance as an important factor when joining a company.
Lowers Stress Levels
There is no completely stress-free job. How an employee manages stress at work is key to achieving work-life balance. At the end of the day, employees should be able to spend some time with friends and family to shake away the work stress. This kind of work-life balance is possible only with a supportive workplace culture. A stress-free employee is more likely to stay with the company and enjoy their work.
When employees are not stressed, anxious, or depressed at work, their productivity increases considerably. 89% of HR leaders found flexible work policies extremely effective in employee retention. Employees prefer remote work as they feel it makes them more productive at work. 91% workers felt that remote working is the solution for achieving a better work-life balance.
Reduced Signs of Employee Burnout
Given the highly competitive nature of most jobs, employers expect more from their employees. More than 77% of employees experience burnout at some point in their professional journey. They are more likely to find another job if the company doesn’t support them. Emotional and physical exhaustion is common when it comes to desk jobs as well. Employers can encourage their employees to take some short breaks, engage in healthy conversations with co-workers and choose flexible working hours to avoid burnout.
Improves Mental Health
About 78% of employees believe that employers are responsible for supporting the physical and mental health of their employees. They are willing to take a 10% pay cut if the employee extends more health benefits through holistic wellness programs. Employees prefer working with a company that cares for its employees’ mental and emotional well-being. Given these facts, companies should provide ample breaks and time off for workers to relax and unwind.
Improves Workplace Relationships
When employees achieve better work-life balance, their productivity improves drastically. A happy employee will boost company morale and improve workplace relationships as well. They can work together as a team when the employer is calm and happy instead of overwhelmed or agitated. This also helps them create deeper bonds in the workplace, in turn ensuring that they are more satisfied at work.
Better Physical Health
Employees that have a good work-life balance are likely to have better health as well. They can handle stress better and spend time focusing on their health. As a result, physical and mental health stabilizes. In the long term. this results in lower absenteeism.
How can you Support your Employees with Comprehensive Healthcare Solutions?
Companies must take the responsibility of supporting their employees to strengthen the employer-employee relationship. Achieving work-life balance ultimately depends on how the worker handles his official and personal responsibilities. Having said that, companies must create a work culture that supports employees and understands their needs.
Financial stress is one of the leading reasons for employees to are unhappy at work. It’s a pity that Corporate wellness plans cover only 15% of the Indian workforce. This makes many workers worry constantly about healthcare bills if they or someone in their family is unwell. As an employer, you are responsible for providing health insurance coverage to your employees so that they can stop worrying about any unforeseen health emergencies.
Finding the right corporate health insurance and wellness program is important. You must choose a plan that is affordable and scalable and in line with your overall business objectives. Further, your employees should get an option to avail of additional coverage and top-up benefits over their existing insurance plans. This will help them take care of their family’s healthcare needs as well.
Currently, only 44% employees are happy with their health benefits package. In a company, there are usually multiple generations working together. The older generation prefers retirement benefits, while the younger generation prefers holistic healthcare benefits. Creating a customizable wellness plan ensures that the unique needs of each worker in the company is met. Employers should also include mental wellness programs to take care of the employees’ mental health. This will also help them focus on personal well-being and achieve better work-life balance.