UK employers are putting people ahead of profit, with a change in corporate priorities since 2020, according to Aon’s latest wellbeing report.
This survey finds that attracting and retaining talent, and employee wellbeing are two of the highest priorities for companies – and are considered more important than meeting financial and shareholder needs.
However Aon’s report found that these may not be mutually exclusive. Its survey showed that improving employee wellbeing can enhance company performance by at least 11 percent and up to 55 percent.
Aon found that the vast majority of large companies now have wellbeing initiatives in place, with UK companies leading the way. In total 87 per cent of global companies have at least one wellbeing initiative, but this figure rose to 92 per cent among UK companies.
Looking at the results from the UK, Aon found that employers’ top three priorities were: ‘attracting or retaining talent’, ‘employee wellbeing’ and ‘profits and financial margins’. This is a significant shift from 2020, where the top priorities mentioned were: ‘meeting financial targets’, ‘evolving market and meeting changing needs’ and ‘meeting customer needs’.
The survey also showed that UK companies are identifying new wellbeing risks, with the ‘financial risk and stress’ of employees now being highlighted as a priority — behind mental and emotional health and burnout. This was not listed as a concern by employers in 2020 and reflects concerns about the toll that the cost-of-living crisis is having on employee wellbeing.
Despite more firms implementing wellbeing initiatives Aon says there is still a ‘wellbeing strategy gap’. Less than a third (29 per cent) of UK companies say wellbeing is fully integrated into their overall business and talent strategy, compared to 41 per cent of companies globally.
Principal strategic consultant for Health Solutions at Aon in the UK, Dr Jeanette Cook says: “It’s encouraging that UK employers are increasingly recognising wellbeing as a high priority, and many are incredibly progressive with strategies to support employees and their organisations as a whole.
“While profits and margins remain vital, there is growing accountability and understanding that managing people – attracting and retaining talent and then ensuring their wellbeing – are considered more important than ever before. Every organisation will have their own pressure points, so understanding context with robust data analysis provides clarity and confidence to make better decisions in this area.”
Senior vice president for Health Solutions at Aon, Stephanie Pronk adds: “Despite companies facing increasing volatility and uncertainty in the form of inflation, a global pandemic, changing workforce patterns and geopolitical conflict, the latest global wellbeing survey demonstrates that employers are still focused on wellbeing, now more than ever.
“Companies are building resilient workforces by increasing their commitment to employee wellbeing both in support and financial investment, which also helps to attract and retain talent. Wellbeing is far from being a niche issue – wellbeing programmes that are designed to address the diverse needs of employees can have wide-ranging beneficial impacts on an organisation.”
Looking at the results from UK companies, Aon found that employers top three priorities were: ‘attracting or retaining talent’, ‘employee wellbeing’ and ‘profits and financial margins’. This is a significant shift from 2020, where the top priorities mentioned were: I ‘meeting financial targets’, ‘evolving market and meeting changing needs’ and ‘meeting customer needs’.
