Now that the pandemic has been a fact of life for more than a year, we’re beginning to see stronger confirmation of its effect on employee wellbeing. Aviva’s latest report, Thriving in the Age of Ambiguity, reveals the full extent of this effect, and will prompt fresh conversations on how advisers can work with employers and insurers to respond to it.
The report showed employee life satisfaction falling by 10% since the pandemic began, from 67% in February 2020 to 57% in March 2021. A further key finding was that almost three in five are neglecting physical health due to work.
There was also confirmation that financial wellbeing is declining. Half of respondents said they didn’t know how much to save for retirement. And 29% disclosed they’ve had to borrow to replace lost income, with 30% concerned their money will run out.
All of which would suggest that anxieties and dissatisfactions have increased over the duration of the pandemic. But this research didn’t begin with the pandemic and reflects some issues that certainly won’t end with it.
It’s not all about the pandemic…
Aviva has been tracking employees’ changing experiences since before COVID-19 first struck. Research conducted in February 2020 was repeated in August and again in March 2021, as the pandemic accelerated pre-existing changes in workplace culture. ‘Ambiguity’ reflects the blurring of work-life boundaries which has brought welcome flexibility for many, but often at a cost of more ambiguous employer-employee relationships. Consequent uncertainty has put a growing strain on the balance between work and home life, employment and retirement.
But there is some good news. Researchers found most employees (61%) believe their
employers to be genuinely concerned about their wellbeing. And more are now likely to agree their employer understands what motivates them – 44% in March vs 36% in August.
This said, advisers have an important role to play in helping employers to turn goodwill into action. Wellbeing needs to remain firmly in focus as the pandemic abates.
Workplace benefits providers need to support advisers in this work. Debbie Bullock, Aviva wellbeing lead, makes the point that support must be closely matched to individual needs:
“By promoting healthier habits and incremental shifts in attitudes and actions, we can empower people to make informed, balanced and positive career and lifestyle choices. However, one size does not fit all when it comes to employee support, and it’s vital businesses speak directly to peers to uncover and address individual concerns by offering tailored support.”
How can we offer the right kind of support? Advisers form a crucial link in the chain that brings businesses together to benefit from diverse experiences. They can collate and share insight based on input from the multiple businesses and individuals they serve. In doing this, they also need to draw on the support of providers offering wellbeing solutions based on close understanding of the modern workplace and its pressures.
At Aviva, for example, we’ve enhanced the holistic support we offer, inspired by feedback from intermediaries. As well as focusing strongly on wellbeing, it’s important to consider delivery. Digital channels may be more appropriate, not just where absence or self-isolation is prevalent, but also to connect with remote workers.
A wellbeing smartphone app can provide easily accessible support on topics from weight loss, fitness, diet and sleep to financial wellbeing. Similarly, a provider offering training to help managers identify signs of poor mental wellbeing – or participatory wellbeing events – should be able to adapt face-to-face sessions to a virtual environment.
A similar approach could be taken to help employees access professional care. At Aviva,
we’ve enhanced the services available through our clinical wellbeing app, which brings 24/7 access to GP video calls. Providing a stress- counselling helpline can also help protect mental wellbeing, offering employees guidance from trained counsellors.
Aviva’s research suggests that financial confidence can have a major impact on mental health. Again, employers should be able to access financial education services from providers. Sessions covering issues such as retirement planning can deliver short-term results, as well as obvious long-term benefits, in building resilience and reducing anxiety.
In the pandemic and beyond, a collaborative approach to wellbeing is increasingly what’s needed to help employees not just to survive in this new age of ambiguity, but to thrive in it. Advisers can be the catalyst for successful communication of positive actions from one business to another.
You can download a copy of Aviva’s Thriving in the Age of Ambiguity Report here: www. aviva.co.uk/age-of-ambiguity/