Lack of Wellbeing Data Might Be Hurting Your Business’s Success
Is the financial performance of an organisation enough to determine success?
The statistics shown below present a different picture. Organisations in the Asia-Pacific region are realising that employee wellbeing has been ignored for a long time at the cost of financial success.
With the rise in concerns about the importance of employee wellness and its impact on performance, many organisations have developed policies and adopted strategies to increase their workplace wellbeing.
But does the reality of employee wellbeing match the perception?
Companies worldwide have recognised the importance of employee health and happiness, not just for ethical reasons but also as a driver of productivity and success. However, one significant roadblock on the path to creating effective wellbeing programs is the lack of comprehensive data.
Let's explore how organisations address wellbeing, why it's essential, and where the gaps lie.
Employee Wellbeing Data Gap: Perceptions vs. Reality
In a survey by Deloitte, executives, and employees held differing views on the state of employee wellbeing:
- While over 75% of C-suite leaders believed their workforce's health had improved over the past year, nearly 66% of employees disagreed.
This discrepancy between perception and reality highlights a critical issue. It means that there is often a lack of awareness regarding the underlying problems employees face.
The Deloitte survey highlighted a significant factor contributing to employee wellbeing issues. Job-related stress was identified as a predominant source of employee discontent.
- A staggering 80% of respondents attributed their lack of wellbeing to the pressures associated with their work.
Source: Employee Benefits News
This overwhelming feeling of job-related stress has driven many employees, managers, and C-suite executives to the brink, with quitting their jobs appearing as the sole means of relief.
These insights mark the urgent need for organisations to address the wellbeing data gap and emphasise data-driven decision-making in their HR processes.
With job-related stress taking a considerable toll, well-informed strategies are critical in creating a healthier and more supportive work environment.
How Does Wellbeing Data Gap Affect Businesses?
Let’s first explore the wellbeing data gap further with an example:
- In 2022, 42% of businesses increased their spending on wellbeing.
- However, a concerning fact is that over 56% of employees with access to wellbeing support at work weren’t using it.
This created a gap in wellbeing strategy and Value on Investment (VOI).
In 2023, this gap will continue. Mental health issues are on the rise, but employees aren't engaging with the support offered by their employers.
Source: CEO Monthly
If the wellbeing gap is not addressed, businesses are likely to face multiple challenges. Employees may become less productive, take more sick days, and struggle to perform at their best. High turnover rates could increase recruitment costs, and a negative work environment may harm the company's culture and reputation. There might also be legal and financial consequences.
So, what exactly are employers’ sentiments about wellbeing data gaps? According to a report highlighted by People Management, employers in the UK attributed a lack of data to:
- Limited Data Availability: Employers feel that the limited availability of data is a hindrance to tracking and assessing the effectiveness of their wellbeing initiatives.
- Poor Data Quality: Employers expressed concerns about data quality. They cited poor-quality data as a roadblock to evaluating wellbeing initiatives.
- Lack of Data Analytics Expertise: A lack of expertise in data analytics presented a barrier to effectively proving the effectiveness of their wellbeing strategies.
The above issues highlight that having wellbeing initiatives may not result in improved employee wellbeing.
Without quality data that can be analysed by experts, organisations face a risk of getting zero or negative returns on their wellbeing initiatives.
So what can you do to ensure your organisation gets Value on Investment (VOI) on its employee wellbeing initiatives?
What Does it Mean to Get VOI on Wellbeing Initiatives?
Return on Investment (ROI) is usually associated with the financial benefits a company gets from its investments. This includes saving on absence costs or medical claims.
But there's something else you should know about Value on Investment (VOI). Unlike ROI, VOI isn't immediately about making more money, but it's equally valuable. It's about making your team more productive, engaged, satisfied with their jobs, and likely to stick around— factors that are extremely valuable for a business’s sustenance and reputation.
How to Get VOI on Your Wellbeing Initiatives?
With the CHOYS Admin Dashboard, you can measure the value on investment on your employee wellbeing program.
Contact us now to get a data-driven employee wellbeing program tailored for your organisation!
Rethinking Wellbeing Data Collection
The critical issue here is the lack of comprehensive data to assess the effectiveness of wellbeing initiatives. Many businesses face data gaps that hinder their ability to make informed decisions. To bridge this gap, there's a need to rethink wellbeing data collection.
Here are some steps to consider:
- Comprehensive Data Gathering: Start by collecting a wide range of data on employee wellbeing, not just the basic metrics. Understand their mental and physical health, their job-related stressors, and their overall satisfaction.
- Regular Surveys and Feedback: Conduct regular surveys and seek feedback from employees. Make them a part of the conversation about their own wellbeing. It's an opportunity to understand their needs and challenges better.
- Data Quality Assurance: Ensure that the collected data is of high quality. Poor data quality can mislead and hinder decision-making. Invest in data analytics expertise to maintain data accuracy.
- Data-Driven Decision-Making: Use the data you collect to drive your wellbeing strategies. If you find that job-related stress is a significant issue, focus your efforts on addressing it. Data helps you make informed choices.
- Employee Engagement: Encourage employees to engage with wellbeing programs. Once they see that their feedback is leading to positive changes, they're more likely to participate.
- Wellbeing Impact Assessment: Continuously evaluate the impact of your wellbeing initiatives. See if they are making a difference in employee satisfaction and engagement.
- Importance of Data Privacy: Ensuring the privacy of employee data builds trust among employees and safeguards sensitive information. Addressing data privacy concerns also mitigates fears of intrusive monitoring or the "big brother" syndrome, creating a more positive perception of wellbeing initiatives. Additionally, adhering to data privacy standards also ensures compliance with legal and ethical obligations, preventing potential legal ramifications.
CHOYS, as an independent solution, adds an extra layer of assurance—promising objective data handling, third-party accountability, and adaptability to privacy regulations.
How Can CHOYS Help?
The CHOYS Admin Dashboard provides aggregated actionable data about your employees' health.
This data-driven, technologically supported, and quantifiable wellbeing data helps you identify and address specific wellbeing gaps within your organisation.
By offering reports and analysis with aggregated data on employees' moods, physical activity, and engagement levels, you can enhance your wellbeing strategies and create a healthier and more supportive work environment.
As an employee-tech platform, CHOYS recognises the importance of comprehensive employee wellbeing data to create quality and efficient wellbeing initiatives.
- Deloitte: New Deloitte Research Reveals Employee Well-being Worsening at Some Companies...
- Employee Benefits News: 70% of managers feel incapable of supporting employee well-being
- CEO-Monthly: Fixing the Wellbeing Gap...
- People Management: Lack of data holding wellbeing strategies back...