Companies Focusing On Holistic Organisational Health Outperform Their Peers: Global Study
- By ADMIN |
- Nov 08 2021
The Josh Bersin Company has released a global study on the factors involved in creating a holistically "healthy" organization. The research emphasizes the importance of transitioning from the traditional focus on employee benefits to one that encompasses job and work design, management, rewards practices, a demonstrated commitment to psychological safety and fairness, and a culture of employee listening.
Companies that take such a holistic approach see significant business benefits. According to the research, healthy organizations are 2.2 times more likely to exceed financial targets, 2.8 times more likely to adapt well to change, and 3.2 times more likely to retain employees, as well as seeing dramatic drops in absenteeism and health insurance claims.
"Our research clearly shows that merely investing more dollars into wellbeing-related benefits isn't enough," said CEO Josh Bersin. "In order to attract and retain talent and sustain financial success, the time is now for companies to embrace a corporate-wide focus on organizational health at all levels."
The study examines 91 practices and programs in five different categories: physical health, mental wellbeing, financial fitness, social and community connections, safe workplaces, and healthy business practices.
Only 15% of companies are at the highest level of maturity, where the biggest gains are seen. Strikingly, 57% are at the lowest two levels; these companies focus primarily on basic employee safety and more traditional wellbeing benefits.
The study also found that leadership behaviours and actions have an outsized impact on every performance outcome measured. For example, companies with leaders who engage in regular dialogues on health and wellbeing are four times more likely to outperform their peers.
However, the study shows only about a third of companies actively encourage leaders to engage in such conversations. Fewer than 20% of people managers focus on ensuring employee workloads are manageable and fewer than 50% assess and simplify work processes regularly.
Healthy organizations also implement practices that go beyond company walls. Such practices include organizing community give-back activities, giving employees paid time off to volunteer, and choosing supply chain partners demonstrating a commitment to environmental sustainability. Measurable benefits include higher levels of customer satisfaction and loyalty, better ESG ratings, and an employer brand reputation of being a great place to work.
When it comes to employee wellbeing, technology can be a double-edged sword. With the corporate wellbeing technology market set to reach $70 billion in 2021, there's almost no limit to the variety of tools, offerings, and services employers can present to employees and candidates. Two things matter most when it comes to making wellbeing technology "sticky" enough to have an impact: simplicity and transparency. When companies implementing wellbeing technology strive for simplicity and transparency with both the employer and employee in mind, they score consistently higher in a variety of outcomes and are two times more likely to see a decrease in insurance costs.
Is your organisation post-COVID-ready?
Trending
-
SBI General Insurance Launches Digital Health Campaign
-
CredR Rolls Out 'Life Happens' Leave For Its Employees
-
Meesho Announces 30-Week Gender-Neutral Parental Leave Policy
-
Microsoft Unveils Tech Resilience Curriculum To Foster An Inclusive Future
-
60% Indian Professionals Looking For Job Change Due To COVID: Survey
-
SpringPeople And Siemens Collaborate For Digital Transformation Push
-
86% Professionals Believe Hybrid Work Is Essential For Work Life Balance: Report
-
Almost 1 In Every 3 People's Personal Life Affected Due To Work Stress
-
Meesho Rolls Out Reset And Recharge Policy For Employees
-
80% Of Talent Leaders & Academics Say Pandemic Changed Skill Needs For Youth: Report
-
Hero Electric Rolls Out 'Hero Care' Program For Employees
-
Human Capital In Collaboration With ASSOCHAM Hosts Virtual Conference
-
IKEA India, Tata STRIVE Collaborate To Create Employability And Entrepreneurship Opportunities
-
SAP India, Microsoft Launch Tech Skilling Program for Young Women
-
DXC Technology, NASSCOM Collaborate For Employability Skills Program
-
Lenskart To Hire Over 2000 Employees Across India By 2022
-
Mindtree Launches Learn-and-Earn Program
-
Tata AIA Extends 'Raksha Ka Teeka' To Its Employees
-
Swadesh Behera Is The New CPO Of Titan
-
NetConnect Global Plans To Recruit 5000 Tech Professionals In India
-
Hubhopper Plans To Hire 60% Of Indian Podcasters By 2022
-
Corporate India Needs More Women In Leadership Roles: Report
-
Aon to Invest $30 Million and Create 10,000 Apprenticeships by 2030
-
Tech Mahindra Launches ‘Gift a Career’ Initiative for Upskilling of Youth
-
40% Women Prefer Flexible Working Options in Post-COVID World: Survey
-
3 out of 4 companies believe they can effectively hire employees virtually: Report
-
Vodafone , CGI and NASSCOM Foundation launch digital skills platform
-
Odisha: Bank, postal employees to deliver cash for elderly, differently-abled persons
-
Skill India launches AI-based digital platform for "Skilled Workforce"
-
Hiring activity declines 6.73% in first quarter: Survey
-
70% startups impacted by COVID-19 pandemic
-
Bajaj Allianz Life ropes in Santanu Banerjee as CHRO
-
Over 70 Percent MSMEs look at cutting jobs to sustain businesses
-
93 Per Cent employees stressed about returning to office post-lockdown
-
Johnson & Johnson India announces family benefits for same gender partners
-
Indian firms turning friendly towards working mothers
-
Welspun India names Rajendra Mehta as new CHRO
-
Wipro partners with NASSCOM to launch Future Skills platform
Human Capital is niche media organisation for HR and Corporate. Our aim is to create an outstanding user experience for all our clients, readers, employers and employees through inspiring, industry-leading content pieces in the form of case studies, analysis, expert reports, authored articles and blogs. We cover topics such as talent acquisition, learning and development, diversity and inclusion, leadership, compensation, recruitment and many more.
Subscribe Now
Comment