Employees want greater financial wellbeing support, according to WTW research

NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) -- While employers are taking steps to support employees’ physical and mental wellbeing, there is a disparity between the focus of employer wellbeing programs and what employees need the most. This is according to the latest Wellbeing Diagnostic Survey by WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company.

The survey found U.S. employers are prioritizing support for mental (73%) and physical (50%) wellbeing. Yet, employees say that financial wellbeing support is their top area of concern (66%), despite being the lowest priority for employers (23%).

Almost half of U.S. employees (48%) are struggling with moderate or major issues in at least two areas of their wellbeing, according to WTW’s 2024 Global Benefits Attitudes Survey (GBAS). Employees with wellbeing issues show lower productivity (higher absence and presenteeism) and report higher rates of burnout and lower levels of engagement. Over half of employees (56%) have above-average levels of stress, while 37% have reported symptoms of anxiety or depression.

“The mental health crisis has brought employee wellbeing to the forefront of employers’ minds in recent years,” said Regina Ihrke, Health, Equity and Wellbeing leader, North America, WTW. “Companies have been leaning heavily into physical and mental wellbeing to make it a core part of their human capital strategy. We know that these investments have improved employees’ perceptions of the growing initiatives.”

“Organizations that are highly effective at employee wellbeing often report better business outcomes, such as enhanced financial performance and reduced employee turnover. However, there is a disconnect between the wellbeing areas that employers are investing in and what employees are saying they need help with,” said Ihrke.

Indeed, employers are showing to be least effective in the areas where employees need the most help, identifying financial wellbeing initiatives at the very bottom (19%). Only two in five employees (41%), however, feel financially secure and identify that their financial situation is the area of their wellbeing where they face the biggest challenges, according to GBAS.

Employees report mixed feelings about employer initiatives with a net promoter score (a measure of customer loyalty and satisfaction with a company) of –20; however, employers have made significant progress since 2019 when the net promoter score was –45. Companies are committed to seeking additional improvement over the next three years, with 46% striving to embed wellbeing programs and practices into their company culture and effectively communicating its value to employees throughout the year, compared with 33% today.