2023 employee wellbeing

The recent economic uncertainty has greatly impacted the working world, requiring business leaders to adapt to new circumstances. Wellable Labs conducted its annual Employee Wellness Industry Trends Report, based on data collected from health insurance brokers and wellness consultants, exploring investment trends, decision-making factors, and vendor criteria in the employee wellbeing field. The findings include the following:

Mental health takes precedence. The pandemic has greatly impacted employees' mental health, causing significant stress and loneliness. As a result, burnout and disengagement rates have risen sharply. In response, employers are placing a greater emphasis on mental health in the workplace. Ninety-one percent of employers are increasing their investments in this area.

Companies increasing investment in voluntary digital solutions. Companies are shifting away from in-person interactions and increasingly implementing digital benefits to support employee wellness. These digital solutions are more affordable and better suited for the now-standard hybrid work models.

Managing stress, building resilience. Seventy-seven percent of organizations are investing more in stress management and resilience solutions. With high employee turnover rates, companies are prioritizing retaining their current employees over hiring new ones due to the high cost of finding and training new workers.

Financial wellness makes a comeback. Due to the current economic downturn and extended period of high inflation, it is crucial that companies focus on financial wellness for their employees. Employers are now developing plans to help their employees stabilize and manage their finances.

"The future of business success lies in the well-being of employees. Wellable Labs' Employee Wellness Industry Trends Report reveals the key trends shaping the employee wellness landscape in 2023. Companies prioritizing mental health, stress management, financial wellness, and digital solutions will have a competitive edge in the new normal. It's time for leaders to step up and take a bold approach to employee well-being to build a strong, resilient, and productive workforce." – Geoff Geredien, Chief Growth Officer at Wellable.

SOURCE: https://www.wellable.co/resources/

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