CHRO is the champion of wellbeing initiatives: Aon study
Aon in partnership with IPSOS, has released a survey that confirms the link between employee wellbeing and company performance. Aon’s 2021 Global Wellbeing Survey found that improvements to employee wellbeing within a company directly impact customer satisfaction and retention. While wellbeing performance overall has a direct connection to a strong and focused wellbeing strategy, a series of ad-hoc wellbeing initiatives will have less impact.
Company culture the main driver in addressing mental health, burnout in Singapore
The top five employee wellbeing issues in Singapore are work-life balance, mental health, culture, burnout, and a virtual work environment.
Although 91percent of Singapore companies have at least one wellbeing initiative in place, only 51percent have a strategy, and just 16percent fully integrate wellbeing into their business and talent strategy. The survey also found that overall, 27 percent of wellbeing programs are performing exceptionally or above average.
Company culture was cited as the number one driver in developing a business case for wellbeing programs. Beyond financial resources and investment, almost half of Singapore's companies (44 percent) indicated that being able to measure the return on actions being implemented is one of their biggest challenges in starting or expanding wellbeing initiatives.
Leadership can set the tone for culture and wellbeing. Forty-two percent of Singapore companies agreed that the Chief Human Resources Officer (CHRO) is the champion of wellbeing initiatives, followed by the CEO (21percent).
The survey also found that globally:
- Improving employee wellbeing performance by 3percent increases customer satisfaction and retention by one percent
- Organizations that improve employee wellbeing performance by 3.5percent see a one percent increase in employee satisfaction and customer acquisition; and
- Where employee wellbeing performance improved by four percent, there was a one percent increase in company profit and a one percent decrease in employee turnover.
Tim Dwyer, CEO, Health Solutions, Asia Pacific, Aon, said: “The impact of the global COVID-19 pandemic and a volatile economy has elevated the importance of wellbeing to individuals, organizations, and communities in the region. Companies will do well to ensure that there is top leadership support in creating a culture and a wellbeing strategy that is aligned with their business strategy. This will lead to a resilient workforce that moves forward with confidence and certainty driving business performance.”