Following our recent publication on the HCM landscape, there continues to be renewed interest in the space, particularly wellbeing, learning & development, compliance solutions and survey/insight communication tools which enhance the engagement with employees.
Towers Willis Watson in its emerging health care delivery report published in April 2020, found that 87% of employers are concerned about the increase in mental health problems amongst staff. This has meant businesses have overhauled their employee benefit offerings, with 75% prioritising improvements in employee benefit provision. Within the next six months, 51% plan to provide more apps to support physical and mental wellbeing.
With delays anticipated to NHS waiting lists, nearly 46% of employers stated they will expand their own healthcare coverage. 90% of companies expect growth in telehealth services, and a further 43% said they would offer remote or online health screenings and assessments.
In fact, recent findings from the AON Global Wellbeing Survey suggest that companies who emphasise employee wellbeing benefits increase business performance. Those that increase wellbeing performance by 4% can expect a 1% growth in company profits and 1% decrease in staff turnover.
The ROI debate at managerial and board level will benefit (no pun intended) from the visibility of these findings and whether to invest in their HCM benefit solutions. The discussion should not be confined to senior level. There are several pulse survey and insight tool providers who can give management immediate feedback on a potential wellbeing solution. Which can be tailored to employee feedback.
Given the investments in the HCM Talent Management space by multiple parties including Trade and Private Equity, there is increasing demand for those offering wellbeing solutions that complement the corporate benefit solutions, this can include but is not limited to;
– Health Screening
– App Functionality providing analysis & lifestyle data.
The data from these apps is very powerful and, eventually, I can see this linking up with commuting/green corporate initiatives and ESG compliance, where using the data, corporates can demonstrate their carbon footprint from their employees’ movements (during the working day of course).
If you would like further information on the HCM space or introductions to engagement/wellbeing/survey solution providers to boost your company’s performance, please get in touch. We would be delighted to support you.
“Leadership support and buy-in are critical factors in creating a culture and a wellbeing strategy that can positively impact workforce resilience and overall company performance.”