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 home improvement retailer cut its earnings projections for a third quarter in a row
2 days ago
The President has often made claims that are not entirely true and this seems to be one of them.
2 days ago
The retailer has its own payment service that customers are free to use apart from cash and card.
2 days ago
Claudia Sahm told Fortune that the Fed was stuck in a hard place.
2 days ago
Nela Richardson, chief economist at ADP told Fortune, the granular data shows a shift in job trends.
2 days ago
Shoplifting is a big problem in the country and retailers lose several millions each year.
2 days ago
The two are having a very public falling out and Greene is even going to leave Congress next year.
2 days ago
"She was the worst player/lowest scoring this evening otherwise," a fan reacted.
2 days ago
Jennings went on the greatest "Jeopardy!" run of all time, winning a whopping 74 games.
3 days ago
Clearly, the economy is not in the best shape thanks to inflation and unemployment.
3 days ago
With the cost of Medicare premiums going up next year, things are not looking good for them.
3 days ago
In these uncertain times, people are always looking for options to grow their wealth.
3 days ago
Co-chairman of Oaktree Capital raised serious questions on the impact of AI on jobs.
3 days ago
The fast food chain might have wanted to cut costs but they ended up angering several customers.
3 days ago
The mother of two said that one of her daughters had tricked her by recording an audition tape under the guise of a school assignment.
3 days ago
While skeptics often draw comparisons, the outcome of the AI boom may be different.
4 days ago
The guest said that she did not really care about the item for about 20 years after finding it.
4 days ago
The economist noted that smaller businesses had no choice but to lay people off as costs increased.
4 days ago
Thousands cannot afford to pay so much for groceries and are being creative with what they have.
4 days ago
Customers who might have purchased the product would do well to throw it away or get a refund.
4 days ago