Navigating Employee Wellbeing in Challenging Times
A report from Employment Hero has revealed how the workplace landscape has undergone a seismic shift in recent years, with global challenges like the pandemic and economic instability leaving lasting impressions on employee wellbeing.
The “Wellness at Work Report 2024”, a comprehensive survey conducted among over 1,000 New Zealand workers, sheds light on the critical state of workplace wellbeing and offers actionable insights for employers.
The Good, The Bad and The Burning Out
Burnout is reaching epidemic levels, with 61% of New Zealand workers reporting feelings of burnout in the last three months, this is an alarming increase from 53% in 2022. Despite these numbers, Kiwis demonstrate resilience, with 69% rating their productivity as high. The ability to power through amidst stress speaks to New Zealanders’ determination but highlights the urgency for employers to address workplace fatigue.
The report reveals a stark contrast in wellbeing across generations. Baby Boomers are the happiest and least likely to experience burnout, while Gen Z struggles the most, with 70% reporting burnout and a significant portion facing financial stress. These findings emphasise the need for tailored support strategies that cater to different age groups.
It’s no surprise that financial stress and the cost of living top the list of stressors, affecting 32% of respondents. Rising costs in essentials like housing and groceries leave employees feeling strained, with less than half (48%) on track with their financial goals. Employers must recognise that financial wellbeing is integral to overall mental health.
What Can Be Done?
To foster wellbeing in the workplace, there are practical examples to implement.
1. Address Burnout and Mental Health: Implement Employee Assistance Programs (EAPs) and conduct regular check-ins to monitor stress levels.
2. Financial Support: Offer financial wellbeing tools, budgeting support, and perks like grocery discounts.
3. Flexibility and Balance: Encourage hybrid work models and promote work-life balance to alleviate stress.
4. Recognise and Reward: Build structured programmes for recognition and ensure employees feel valued.
Why Wellness Matters
A healthier workforce isn’t just a moral obligation, it’s a business strategy. Employees who feel supported in their wellbeing are more productive, motivated and loyal. According to the report, fostering wellness enhances job performance, reduces turnover risk and even decreases sick days by 75%.
While progress has been made in financial wellbeing, there’s still room to grow. Employers who invest in tangible, meaningful support, like tools to boost financial literacy or access to resources that ease financial stress, can make a real difference. When wellbeing initiatives go beyond the superficial, they create a workplace where employees thrive.
Supporting financial capability is one way to show employees they matter. Imagine empowering your team with resources that help them take control of their finances, achieve their goals, and feel confident about the future. It’s a step toward fostering resilience and creating a workplace that truly cares.
Visit Footprint Connect to learn more.
