9 December, 2021
Enhance Employee Wellness with R&R Technology
Employee wellness and employee engagement share a symbiotic relationship deep-rooted in the ideology “To win in the marketplace you must first win in the workplace”. The workplace wellness conundrum can be mitigated by the adoption of an apt rewards & recognition platform to incur a feeling of value and appreciation among employees. This blog navigates the salient connection between employee wellbeing and the need for appropriate employee appreciation & recognition in the workplace.
Let’s look at the statistics
- Globally, depression and anxiety disorders cost the global economy US$ 1 trillion each year in lost productivity.
- Depression and anxiety reduces cognitive performance about 35% of the time.
- A 2020 HBR study found that 68% of Millennials and 81% of Gen Z’s have left roles for mental health reasons. 91% of respondents in the survey believed that a company’s culture should support mental health.
In lieu of the above, there has been a subsequent surge in relevant steps taken by organizations worldwide to enhance workplace wellness in order to curb direct and indirect health care costs as well as the consequent ripple effect on organizational growth. The need of the hour is to develop innovative and effective strategies to engage employees while preserving a pleasant employee experience. The adoption of a holistic rewards & recognition platform can help cater to this need.
Leveraging R&R technology to uplift employee wellness
Financial wellness: Financial wellness refers to an employee’s overall financial health and the absence of money-related stress. According to the Society for Human Resource Management (SHRM), financial stress results in a 34% increase in absenteeism & tardiness and employees who worry about money also miss almost twice as many days per year compared to their unstressed colleagues. In other words: if you can take your employees’ financial distress out of the equation, that’s one step closer to a productive and healthier workforce!
R&R solution: An apt platform can indirectly contribute towards a genuine and fair appraisal outcome. For instance, a unified R&R software captures value-based and performance-based achievements objectively which can be tangible inputs for automated incentive computation or appraisal modules. Thus, a fair and righteous financial boost to employees can be achieved by adopting simple practices related to employee engagement and R&R.
Physical & emotional wellness: Physical health is interconnected to mental & emotional wellbeing. Extending personal support and solace to those suffering from personal crises should be the prime priority of employers who want their employees to go the extra mile when the business needs it. Employers that lend an empathetic ear to their employees, be it through employee pulse surveys, or one-on-ones, create higher levels of employee engagement. It is also imperative to note that when it comes to workplace wellness, the benefits far outweigh the effort required. Inculcation of appreciation and implementation of a few simple practices can bring recognition and wellbeing to the forefront of workplace culture.
R&R solution: An organization that uses a digital unified R&R platform can leverage physical health based benefits such as pharmacy vouchers, home-based wellness services, access to mental health support groups, counselling helplines as well as virtual talks by wellness professionals. The employee recognition tool can also include wellness e-cards (‘Get Well Soon’, ‘We’re there for you’ or ‘You got this!’) to personalize and humanize employee experience.
Studies indicate that employee recognition is one of the five key components to a healthy workforce (the others being work-life balance, health and safety, employee growth and development, and employee involvement). Suffice to say, a holistic R&R platform could be a one-stop game-changer that intertwines employee wellness with engagement as a stepping stone to harboring a people-oriented organization.
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