Well-being at Workplaces

Abhijit Bhaduri, Founder at Abhijit Bhaduri LLC

 

As remote and hybrid work and physical workplaces blur the boundaries between professional obligations and personal life, HR leaders are increasingly championing the cause of workplace well-being. This concerted effort towards nurturing employee welfare is indispensable for fostering workplace resilience.

 

The findings of the Future Workplace 2021 HR Sentiment survey underscore this imperative, revealing that a substantial 68% of senior HR leaders, among whom 40% held the distinguished designation of Chief Human Resources Officers (CHROs), unequivocally identified employee well-being and mental health as paramount concerns. 

 

The exponential growth trajectory of the Indian corporate well-being market, currently experiencing a staggering leap to US$1,299.84 billion between 2020 and 2024, reflects the growing emphasis placed on workplace well-being. It comes as no surprise that HR leaders accord such heightened priority to this domain.

 

“The paradigm of employee well-being has transcended mere physical health to encompass a comprehensive culture of holistic wellness. This holistic approach addresses various facets including physical, emotional, financial, social, career, community, and purposeful well-being. Central to this evolution is the recognition of the growing imperative for flexibility in the arrangements governing the time, location, and manner of employees' work.” 

First Pillar: Physical Well-being

Cast your mind back to 2015, an era marked by the burgeoning trend of corporations prioritising physical wellness, as evidenced by the proliferation of corporate activity challenges within workplaces. Fast forward to today, and the concept of physical wellness has evolved into a multifaceted domain, encompassing not only exercise but also factors such as sleep patterns, overall lifestyle choices, and dietary habits. Forward-thinking companies are now pivoting towards proactive measures aimed at communicating the significance of daily habits in enhancing one's physical well-being.

 

PwC's Be Well, Work Well Habit Bank stands as a testament to this proactive approach, identifying a spectrum of habits designed to augment individuals' physical wellness. These habits range from simple actions such as opting for standing meetings to more holistic practices like prioritising adequate sleep and meticulously tracking dietary intake. As we progress, anticipate witnessing an upsurge in innovative initiatives undertaken by companies to empower their workforce in cultivating and sustaining optimal physical well-being.

Second Pillar: Career Well-being

The ravages of the pandemic exacted a considerable toll on the mental well-being of employees, leading to increased anxiety, depression, and burnout. Surveys indicate that 85% of organisations recognised the link between mental resilience and financial performance, highlighting the crucial role of mental well-being initiatives in cultivating a resilient and productive workforce. The shift to remote working yielded notable dividends in terms of productivity, with a marked 47% increase observed in output, while a majority of 82% of employees expressed a preference for working from home. About 44% of respondents in a recent survey credit remote work with improved mental health.

 

For employers, this seismic shift in workforce dynamics necessitates the implementation of a diverse array of talent retention strategies. These encompass heightened compensation structures, enriched learning and development initiatives, the introduction of novel internal talent mobility avenues, and the provision of online coaching and resilience training. Such measures are instrumental in equipping employees with the requisite tools to navigate the profound disruptions and embrace the evolving paradigms of work engendered by the pandemic.

Third Pillar: Financial Well-being

In a recent survey, a staggering 7 out of 10 employees in India feel they are consistently, frequently, or occasionally underpaid. Additionally, half of the employees regard salary as the paramount aspect of their job.

 

In response to these concerns, organisations are prioritising enhancements to their payroll systems over the next 12 months, focusing on improving accuracy (91%), timeliness of pay (88%), data security (89%), and privacy (89%). These insights are from 'The Future of Pay in India 2024' study by ADP, in partnership with The Economic Times HRWorld. The report also underscores the growing significance of employee well-being in Indian organisations, with 62% emphasising its importance in their HR strategy for 2024. Employers are now placing greater emphasis on employees' financial well-being to enhance productivity and satisfaction. Additionally, there's a rising trend towards utilising AI to enhance payroll processes, with 74% considering its implementation despite concerns about bias and privacy. (source)

Fourth Pillar: Social Well-being

Cultivating meaningful friendships, both within personal circles and at work, emerges as a pivotal determinant of long-term happiness. These friendships serve as a crucial buffer during times of stress and significantly influence various organisational metrics, including absenteeism, presenteeism, work quality, and loyalty.

 

A recent survey revealed that a striking 76% of Indian workers expressed dissatisfaction with their stressful work environment. Additionally, 49% reported that their poor mental health was adversely affecting their productivity at work. In the 2022 Deloitte report, it was estimated that poor mental health among employees costs Indian employers around US$14 billion per year due to absenteeism, presenteeism, and attrition.

 

Technology has emerged as a crucial asset in bolstering corporate initiatives aimed at improving employee mental well-being. Telemedicine, in particular, has witnessed substantial adoption amidst the pandemic. This approach enables employees to remotely access healthcare professionals, providing convenience and lowering barriers to seeking assistance. Projections indicate significant growth, with the telemedicine market in India anticipated to reach $5.5 billion by 2025, underscoring the enduring demand for digital health platforms.

Fifth Pillar: Community Well-being

Providing employees with opportunities to engage in their local communities fosters stronger connections to their employer, locality, and the environment. Employees who reported high levels of well-being also experienced higher energy levels and were more likely to be part of a respectful workplace community and environment with supportive managers who facilitated their success. Conversely, those who were not thriving reported high levels of stress (92% of them), although 60% expressed intent to remain in their current job for the next 12 months. Among those dissatisfied with their work well-being, the 12-month retention rate was 75%. (source)

Sixth Pillar: Emotional Well-being

Even before the pandemic, Gartner's research indicated a notable trend towards allocating a larger portion of well-being budgets to mental and emotional well-being programmes at workplaces, reflecting a growing recognition of their importance. Companies are taking intentional steps to destigmatise mental health and are making new commitments to the hybrid workplace. These commitments, centred on well-being, inclusion, and flexibility, underscore a shift in perspective toward viewing work as an activity rather than a physical location.

Seventh Pillar: Purpose-Driven Well-being

Purpose serves as the foundation for organisations, aligning them with a set of values that resonate with employees' personal beliefs. According to Deloitte's 2021 Global Human Capital Trends Report, a significant proportion of Millennials (44%) and Gen Z (49%) have made career decisions based on their ethics in the past two years. This trend is reflected in overall employee engagement, as highlighted by a recent Gartner survey. The survey revealed that organisations addressing contemporary social issues experienced a notable increase in the proportion of highly engaged workers, rising from 40% to 60%.

 

Employees increasingly prioritise working for organisations that share their values, making alignment of values a crucial factor in selecting a new employer. With the talent marketplace becoming more competitive, new hires expect companies to actively engage and express their stance on current cultural debates. Leaders now perceive well-being as more than just an employee benefit; it's seen as an opportunity to provide comprehensive support to employees in both their personal and work lives.

 

The Journey Into Industry

 

Mr Abhijit Bhaduri, currently the Founder of Abhijit Bhaduri LLC, stands as a luminary in the field of talent management, recognised for his transformative impact on organisations and individuals worldwide. He is among the ten most sought-after brand evangelists. With over three decades of experience, Mr Bhaduri has held pivotal leadership positions at top companies including Microsoft, Wipro, PepsiCo, Colgate-Palmolive, and Tata Steel. As the former General Manager of Global Learning and Development at Microsoft and Chief Learning Officer at Wipro, he spearheaded initiatives to foster cultures of innovation, agility, and growth.

An acclaimed author, Mr Bhaduri has penned several bestselling books, including "The Digital Tsunami," "Don't Hire The Best," and the much-awaited "Career 3.0 - Six Skills You Must Have to Succeed," which introduced the term Career 3.0 into everyday language. His insightful writings have been featured in prestigious publications such as Forbes, Harvard Business Review, Wall Street Journal, and more.

Recognised as the "Distinguished Alumnus of XLRI," India's premier Business School, Mr Bhaduri has also been hailed by Forbes magazine as "One of India's most interesting globalists." He has been honoured as the "No. 1 HR Influencer on Social Media" by SHRM, among numerous other accolades and awards for his outstanding contributions to the field of talent management and leadership development. Renowned for his visionary perspectives, Mr Bhaduri is a sought-after speaker and influencer, shaping the future of work with his thought leadership and strong commitment to excellence.

Mr Abhijit Bhaduri continues to empower organisations and leaders worldwide, offering unparalleled expertise in executive coaching, employer branding, communication skills, talent management, and leadership development.