ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Unlocking the Power of Digital Tools for Workplace Wellness

These tools can engage individuals who may otherwise hesitate to seek help for their mental, physical, or financial challenges.
PUBLISHED MAR 22, 2024
Cover Image Source: Workplace Wellness | Unsplash | Photo by Austin Distel
Cover Image Source: Workplace Wellness | Unsplash | Photo by Austin Distel

Research has consistently demonstrated a positive correlation between employee well-being and productivity, performance, and absenteeism rates. However, recent studies paint a concerning picture of rising work stress levels among employees. According to a 2023 study, nearly 50% of employees reported experiencing high daily stress levels. In addressing these challenges, HR leaders and organizations have employed various strategies, including flexible work schedules, enhanced compensation packages, and prioritizing leadership with strong people management skills.

Pexels | Photo by Fauxels
Image Source: Pexels | Photo by Fauxels

Yet, one aspect often overlooked in the well-being equation is the role of digital technologies. While not a cure-all solution, digital tools such as apps, websites, wearables, and communication platforms like Microsoft Teams or Slack offer employees a convenient and discreet means to address their needs.

These tools can engage individuals who may otherwise hesitate to seek help for their mental, physical, or financial challenges.

Pexels | Photo by Andrea Piacquadio
Image Source: Pexels | Photo by Andrea Piacquadio

Deloitte and Workplace Intelligence's "Advancing Workforce Well-Being" study revealed alarming statistics, with 25% of employees reporting deteriorating mental and physical health, and 37% experiencing a decline in financial well-being.

This data underscores a significant disparity between the perceptions of leadership and staff regarding well-being improvement, with nearly 80% of C-suite executives believing in positive progress, compared to only 33% of employees sharing the same sentiment.

Supervising with managing all the other sales and marketing related activities are pretty challenging|Pexels
Image Source: Photo by Pexels | Pexels

In response to these challenges, Marsh McLennan, a leading New York-based professional services firm specializing in risk management, strategy, and human resources, has embarked on a transformative journey to address employee well-being. 

The pivotal step in this endeavor was the launch of a comprehensive global employee listening campaign, aimed at gauging the pulse of the workforce and identifying areas for improvement. This initiative paved the way for the development of the groundbreaking "@Your Best" strategy, centered around a suite of digital tools designed to provide employees with personalized well-being support.

The cornerstone of this strategy is a user-friendly digital app and website, accessible round-the-clock, catering to diverse well-being needs, including mental, physical, financial, and social aspects.

Through a self-assessment feature, employees can pinpoint relevant resources tailored to their specific requirements, ranging from stress management techniques to nutritional guidance and financial planning advice.

Unsplash | Photo by kate.sade
Image Source: Unsplash | Photo by Kate Sade

One of the distinguishing features of the platform is its emphasis on privacy and inclusivity. Employees have the freedom to access these resources privately or engage in collaborative endeavors, such as team activities and support networks, fostering a culture of solidarity and mutual aid.

For those grappling with more severe well-being challenges, the platform also provides access to therapists through an employee assistance program (EAP), ensuring comprehensive support for all individuals.

Companies Embrace Trends for Employee Happiness. Pexels | By fauxels
Image Source: Pexels | By Fauxels

Jacqueline Brassey, a prominent figure at the McKinsey Health Institute, extols the virtues of digital wellness solutions, emphasizing their versatility as a key advantage. "These tools provide unparalleled flexibility, enabling individuals to access support whenever and wherever they need it most," she said.

Support for workplace well-being has become increasingly integral to an organization's employee value proposition. A study by the American Psychological Association reveals that over 80% of employees prioritize mental health when considering future employment opportunities, underscoring the importance of prioritizing employee well-being.

Pexels | Photo by Andrea Piacquadio
Image Source: Pexels | Photo by Andrea Piacquadio

Despite the promising benefits, several obstacles hinder the success of digital wellness tools. One major challenge involves ensuring that resources align with employees' most pressing needs, thus necessitating a thorough understanding of employee preferences through surveys and feedback mechanisms.

To address these challenges, Brassey advocates for robust adoption and engagement strategies, emphasizing the importance of continual promotion and support from employers. 

MORE ON MARKET REALIST
The money from the donation will go to millions of children and will help them be financially secure.
45 minutes ago
Kiyosaki urged people to invest in precious metals and cryptocurrency to be prepared.
18 hours ago
She's not made a lot of public appearances since her mammoth win on the show.
18 hours ago
Despite the cancellation of its contract, Musk believes that DOGE was on the right track.
19 hours ago
Hundreds of shoppers waited in line overnight in the cold, only to be left utterly disappointed.
19 hours ago
Speaking to CNN, Yang talked about how AI will impact communities and what could be the solution
19 hours ago
The move has been hailed by those who already own houses, but those who do not will be in trouble.
19 hours ago
Many believe that the cost of a college degree is a debt they'd want to bear for years to come.
1 day ago
Tim Wu, a Columbia Law School professor, says companies are trying to find power over people.
1 day ago
These young Americans are often condemned for their trading habits, but there is logic to it.
1 day ago
This adds another chapter to the seemingly endless product recalls this year has seen so far.
1 day ago
The new format added an element of unpredictability, which might not have been present earlier.
1 day ago
There was no official announcement or statement by the company about the move.
4 days ago
He also cautioned that investors are ill-prepared for the challenges that lie ahead as the AI cycle enters a "more dangerous phase."
4 days ago
The price point of these passes may come as a surprise to some as prices of necessities are rising.
4 days ago
The contestant did his best but was not able to get the correct answer in his ten seconds.
4 days ago
He tore the President apart in a video on social media, making his disapproval known.
4 days ago
The faulty products could lead to serious harm and may even result in death in the worst case.
4 days ago
The report paints a picture of how the future of work may look like.
5 days ago
Some of the largest Fortune 500 companies across sectors have announced job cuts this year.
5 days ago