Well-being strategy, key to talent attraction and rising workplace stress

The impact of the COVID-19 pandemic demands to be felt, moreso in the Philippines as it continues to struggle with containing the pandemic. While industries and businesses continue to cope with the varying government restrictions, it is the workforce that carries the burden of continuing to deliver and maintain productivity, despite the health situation’s impact on their mental health and overall well-being.

Global advisory, broking and solutions company Willis Towers Watson conducted a Wellbeing Diagnostic Survey in 122 companies between October and November 2020 to better understand organisations’ approaches to wellbeing in the workplace.

The survey revealed that the majority of employers in the Philippines are looking at wellbeing programs to differentiate themselves with their competitors when it comes to talent attraction. Additionally, about 83 percent have cited rising stress as the leading well-being concern for the workforce. While stress has always been an issue, this figure has jumped from the 73 percent that was recorded five years ago after being further aggravated by the health crisis, pushing many into isolation, poor health and even unemployment.

“The senior leadership of companies are genuinely interested in the health and wellbeing of their employees and families. Five years ago, over half of the employers in the Philippines indicated that, while they offered various programs, they did not have a formally articulated wellbeing strategy. Today, not only do many employers have a strategy in place, 85 percent plan to use it as a differentiator to compete for talent in three years,” said Susan La Chica, Head of Health & Benefits, Philippines, Willis Towers Watson.

La Chica also added that the focus on mental and emotional wellbeing has also elevated with the enactment of the Department of Labor and Employment’s (DOLE) Mental Health Act in 2017, mandating private sector employers to provide a certain level of support to employees around their mental health.

Well-being needs in numbers

As many companies adjust to place better focus on well-being in the workplace, they are taking a holistic approach by making it a priority over the next three years. This means going beyond physical wellbeing (98 percent) to emotional (98 percent), financial (83 percent) and social aspects (89 percent).

Implementation of effective well-being strategies also come with rising costs for companies, as the survey indicates that 69 percent see this as their top challenge, which coincides with previous studies. It also showed that half of employers cited the lack of data to measure outcomes and behavior change (50 percent), while a third cited the lack of appropriate technology (35 percent).

Dr. Demosthenes Villarin, Jr., Willis Towers Watson’s Medical Director and Head of Business Development, Health & Benefits, Philippines, shared that the pandemic’s impact on the physical and emotional well-being of the workforce is so great that it can extend in a post-vaccine environment.

“Fragmented programs that act as band aids for short-term concerns are no longer sufficient. Many employers are now acting with urgency as they look to take their wellbeing programs to the next level and also address the changing needs and demographics of today’s employees,” said Dr. Villarin.

Strengthening organizational wellbeing

To measure the success of their well-being programs, the survey also found that the 81 percent of employers are adopting employee listening strategies to identify their needs and wants, while 76 percent use claims data to assess utilization of services, drug compliance and gaps in care. Moreover, the percentage of employers who use a value-on-investment approach to measuring success has increased from 11 percent in 2015 to 26 percent in 2020.

“With both costs and employee workforce risks such as stress rising, it’s more important than ever to ensure that the investment into wellbeing goes to the right places. And while there’s still room for improvement, it’s clear that employers understand the need to measure their programs using both financial as well as non-financial metrics. Rather than just measuring the utilization or cost, companies need to know what employees think of their benefits, how they use the tools and materials provided, how engaged they are with programs organized and so on,” added Dr. Villarin.

“The pandemic has created an opportune time for companies to focus on developing a longer-term health and wellbeing roadmap. A proactive and holistic approach to strengthening the health and wellbeing “core” is required to produce a positive business impact,” said La Chica.

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