The disruption to traditional workplace practices in the wake of the COVID-19 pandemic has created an evolving series of interconnected risks for organizations. Employers can no longer rely on wellbeing strategies that don’t meet the complex and shifting demands of employees and their operations.
An organization is only as resilient as its people, and employee resilience is being tested. To navigate these pressures, protect revenue and hit growth targets, leaders need to focus on workforce resilience and their people strategy – explore more in our Guide to Workforce Resilience.
Earlier this year, Aon named Rachel Fellowes as Chief Wellbeing Officer, a newly created role to address all aspects of the importance of wellbeing for both Aon colleagues and clients. Aon’s decision to create this role was in part borne from the pandemic and other global events – like the war in Ukraine and natural catastrophes - that have taken a dramatic toll on wellbeing. Part of Fellowes’s approach will be to focus on data-driven strategies. Through data, Aon can measure not only how employees are feeling – but also how to point them to the best and most personalized resources. Read more on the growing need for chief wellness officers here.
“This has to be a long-term view, a long-term journey,” says Fellowes. “This is not a one-off measurement. It’s a ritualizing measurement and learning year on year from that and progressing the agenda again and again.” Hear more from our Chief Wellness Officer on her new role in this HR Executive article.
Further, Aon’s 2021 Global Wellbeing Survey, with responses from 1,648 companies across 41 countries, looks at the direct link between employee wellbeing and business performance. For example, increasing wellbeing performance by 4 percent leads to a 1 percent increase in company profit. The survey identified the top wellbeing risks impacting company performance were stress, burnout and anxiety. The report highlights the key finding that spend on wellbeing is close to ineffective unless supported by a robust strategy that optimizes that spend to increase productivity and workforce resilience. 87 percent of companies have wellbeing initiatives in place, but only 55 percent have a strategy.
According to Mina Morris, partner in Aon’s Human Capital Solutions, “We’re seeing a very interesting dynamic emerge between what employers are thinking and what talent in the workplace, particularly younger generations, consider important. A lot of folks are leaving jobs right now, and many others are evaluating what they want from their jobs and careers.” Read more in Aon’s The One Brief about the great resignation and employee burnout.