WTW are most popular:
- in Africa
Global employers are increasingly prioritizing employees' social and financial wellbeing
- 73% of employers say employees' social wellbeing is an important priority over the next three years
Today
- 64% foster social connections virtually or in small groups through regular events
- 60% provide and communicate a diversity, equity, and inclusion (DEI) strategy
Other actions employers are taking to improve employees' social wellbeing
| Action taken | Planning action for 2023 | Considering action for 2024 or 2025 | |
|---|---|---|---|
| Implement DEI initiatives | 59% | 18% | 7% |
| Sponsor volunteer activities in local communities |
59% | 13% | 8% |
| Include wellbeing as part of the organization's corporate social Responsibility strategy |
53% | 17% | 11% |
| Match charitable contributions | 52% | 5% | 6% |
- 67% of employers say employees' financial wellbeing is an important priority over the next three years
- 21% of employers report that they are effective in driving desired wellbeing outcomes
- 38% of employers are concerned about poor financial wellbeing of their employees
Employees living paycheck to paycheck are less engaged (+1.8 days lost per year due to presenteeism) and 2x as likely to experience burnout, depression, anxiety or loneliness.
Today
- 47% offer an employer paid life and disability plan
- 37% provide financing or loans for education
Other actions employers are taking to improve employees' financial wellbeing
| Action taken | Planning action for 2023 | Considering action for 2024 or 2025 | |
|---|---|---|---|
| Offer financial wellbeing webinars that educate on various financial issues employees face |
34% | 23% | 11% |
| Access to employer sponsored savings products that allow employees to save directly from their pay |
25% | 6% | 9% |
| Offer one-on-one financial counselling on short-term financial issue |
24% | 14% | 12% |
- 65% of employees say their retirement plan meets their needs, but 69% say they save less for retirement than they think they should*
- 49% of employees think financial apps should be a core part of their employer's benefits*
*Excludes U.S and Canada
Actions to take now!
- Regularly communicate with employees about the importance of their wellbeing, sense of belonging, and available resources
- Use employee listening strategies to identify the consistent and diverse needs of your specific population
- Build a social wellbeing strategy that connects stakeholders across your organization to form benefits, talent, DEI, and manager effectiveness
- Train managers to identify employees who may be feeling lonely, disconnected, or are actively withdrawing
- Identify and implement solutions to improve the financial health of employees
- For help in developing a wellbeing strategy or refreshing your current approach, contact WTW.
About the surveys: 35,549 employees participated in the 2022 Global Benefits and Attitudes Survey. 974 employers participated in the 2022 Global Wellbeing Diagnostic Survey (respondents employ three million workers).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
