Why it’s time to embrace the wellbeing wave?

Surf’s up, dude!

It’s time to embrace the rising wellbeing wave.

And while we appreciate this wave isn’t the same as nose riding the a-breaks of the Australian Gold Coast, or even Crush’s famous line from Finding Dory, in the ever-changing landscape that is employee benefits, it’s ten times more important.

According to our latest research, three quarters (76%) of businesses have introduced more wellbeing benefits recently, with 66% introducing a ‘Chief Wellbeing Officer’ or equivalent role in response to a rising focus in this area.

That’s fine and dandy (it’s hard not to say like lemon candy after this), but it’s only a small cog in what is a much bigger wheel.

For this wellbeing wave to truly reach its peak, employers across the board need to stand up and be counted when it comes to supporting employees inside and outside of the workplace.

In this blog, we look at why it’s vital for employers to commit to their wellbeing offering, the risks of wellbeing washing and the benefits that are now helping to ‘turn the tide.’

Don’t worry, you can be forgiven for thinking we’ve got the famous old saying round the wrong way.

Supply and demand is one thing, but with the need to ditch the one-size-fits-all approach to employee benefits and personalise your offering to the needs of employees, it’s time to focus on supplying what is being demanded.

Our research shows employees continue to demand more when it comes to wellbeing, with 62% asking for a greater choice in wellbeing benefits, rising to 70% for 18-34 year olds and hitting 80% for workers in the Big Smoke (London to you and I).

And the good news is employers are starting to match the rising calls for more wellbeing benefits, with the top five benefits introduced by employers in 2024 all reflective of wellbeing perks.

• Four day working week – 27%
• Mindfulness programmes – 14%
• Increased Pension contributions / paid mental health leave – 12%
• Professional development allowance / fitness classes – 11%
• Cycle to work schemes – 10%

Just because you’ve joined or are indeed riding the wellbeing wave, doesn’t necessarily mean you’re implementing your initiatives correctly.

It’s great that employers are doing more to help employees with their health, wealth and self, but as their offering continues to grow in the wellbeing department, so does the risk of wellbeing washing, implementing new initiatives while failing to ensure they’re genuinely improving the wellbeing of the employees they’re offered to.

Employers need to practice what they preach.

If they’re offering an initiative on paper, employers must also ensure they’re following and implementing this at every level of the business. You can talk the talk, but it’s important to also walk the walk.

Failing to do so will not only put the reputation of the business at risk, but it also risks damaging the wellbeing of employees. Ultimately, this will have a major knock-on effect when it comes to employee satisfaction, not to mention employee attraction and retention, arguably one of the main reasons employers offer benefits.

Employers may also experience a poor return on investment, with employees experiencing a lower value for money when looking to maximise their reward package. Zest believe employers must not only adopt wellbeing initiatives they’re confident employees want, but also make sure that employees are aware of and can easily access what’s on offer, if they’re to create the ultimate wellbeing offering.

And don’t forget, it’s also important to shout about your wellbeing offering. If you can indeed walk the walk and talk the talk, then let your people know. Why offer something and not shout from the rooftops about it?

It’s important to ride the wave at its highest point. And when it comes to focus, don’t ever let it slip.

Benefits alone are unlikely to keep someone at a job, but by offering them, it can certainly help.

A large proportion of employees admit that they’d be willing to walk away from their current job if another prospective employer offered them a better benefits package. Naturally, this includes wellbeing support, and by ensuring your offering is helping to provide for the physical, financial and mental health of your people, talent attraction and retention will certainly improve.

And there’s no need to limit yourself to particular wellbeing benefits. Where possible, refer back to your demand and supply approach, and continue to use personalised communications to find out what employees want. Time doesn’t stand still, so why shouldn’t you keep up with the latest trends and continue to review and renew your benefit offering?

By keeping your eye on the ball and ensuring your wellbeing approach is continuously up to standard, employee satisfaction will always be healthy.

As an employee benefits software provider, we’re defining how employers of all sizes deliver their employee proposition.

Our Zest Marketplace is the one-stop shop for your wellbeing needs.

Crammed full of benefit providers that support your employees financially, mentally and physically, our Marketplace empowers employers to take charge of their benefits strategy, allowing for a bespoke benefits scheme that perfectly aligns to company values.

If you’re interested in elevating your benefits platform with Zest Marketplace, get in touch with our team today.