Global managed service providers (MSP Company) are currently facing a challenging scenario as a result of the ongoing worldwide epidemic. Tech businesses have had to adjust to a fundamentally changed professional landscape, where one necessitates all hands on board to guarantee that remote working solutions run effectively for their customers. Businesses require MSPs to provide work computers, phones, and applications to protect data and remote workers.
An essential step in enhancing employee productivity and health and potentially reducing the total cost of employer-provided health care is creating and overseeing an employee wellness initiative. Employers can gain from wellness initiatives by:
- Reducing the cost of healthcare.
- Lowering absences.
- Increasing staff productivity
- Lowering expenses associated with workers’ compensation and disabilities.
- minimizing injuries
- Enhancing the loyalty and morale of employees.
Employers want to think about developing a well-thought-out wellness program that improves worker health and the bottom line in light of the rising costs of health insurance and the significance of employee health.
Four facets of holistic well-being
To improve MSP staffing and employee engagement, we think an integrated strategy that considers employee well-being’s physical, financial, emotional, and social aspects is essential.
- Emotional well-being
To be emotionally balanced, a person must be self-aware, in excellent mental health, resistant to controlling stress, able to deal with both negative and positive emotional impulses, able to handle life’s crises, and able to retain stability while being unwell or injured.
- Physical well-being
To flourish physically, one must be aware of, take charge of, and manage their health. They must also take the necessary preventative steps, make necessary improvements to their health status, manage chronic problems, and effectively navigate and recover from acute sickness or an unforeseen accident.
- Social well-being
The ability to connect with people, embrace diversity, be tolerant, know how to help and work with each other, manage disputes successfully, and adapt to progress are all aspects of social employee well-being. Being linked affects one’s relationships with family, friends, coworkers, and the greater community.
- Financial well-being
Being financially secure requires being able to manage financial obligations, fulfill financial objectives, guard against risks, prepare for unexpected expenses or long-term requirements like retirement or college, and handle financial shocks.
The differences and connections between each dimension are distinct. When people attain integrated well-being, it spreads throughout their companies, families, and the greater society. The ideal well-being situation includes being economically solvent, psychologically balanced, physically well, and socially adept. Therefore centers on the worker and is thoroughly integrated throughout all four dimensions.
How are these four aspects of employee well-being connected?
According to our numerous encounters with them, employers genuinely feel that improving employee well-being is vital and will boost financial success and talent retention. They are shifting away from condescending aspects of total compensation, such as perks. More personalization is being offered, such as a defined contribution model (as opposed to an employer-mandated defined benefit model) where employees may select the well-being programs suitable for individuals from a catalog, much like they can with healthcare or retirement plans.
These seven steps can help empower MSP Company to develop a more individualized, comprehensive approach to employee well-being:
- Engage staff members via campaigns, instruction, continuing dialogue, and the introduction of customized solutions. Utilize your company’s website to promote pictures and stories of staff engagement in events, for instance, or use social recognition techniques like naming regional leaders for neighborhood efforts.
- Create your wellness plan. Think of instructional and decision-support aids for each of the significant aspects. Consider using decision support systems, for instance, to assist staff in locating the best centers for mental health care or emotional well-being programs.
- Analyze your MSP Company’s present position concerning all four components of well-being mentioned above. Take into account the viewpoint of the employees and your leadership. Whenever it pertains to physical well-being, for instance, your business may incorporate workplace safety & well- being strategies and programs. Still, it might not be offering programs or trials that target specific ailments or high-cost instances employees seek.
- Put procedures in place to manage vendors and monitor progress. As an illustration, demand data sharing from suppliers for integrated reporting and employee recommendations. Utilize single sign-on software to make it simple for employees to contact many suppliers through a unified benefits portal.
- Establish targets and goals to help fill the gaps in your evaluation, and create guiding principles for the planning and prioritizing of your approach. For instance, if you notice that these programs aren’t being used to their full potential, you could wish to design and monitor specific metrics for economic staff well-being programs at key financial decision nodes. And then provide one-on-one counseling at employees’ crucial turning moments.
- To implement the programs you believe are required over each aspect, take into account vendor solutions & software applications. For instance, tracking one’s nutrition and exercise for physical needs, financial planning consultations for retirement, emotional support through worker assistance programs, eLearning portals to support a pleasant working culture, and diversity programs for social needs.
- The importance of mental health: Employees should feel at ease addressing mental health because it is no longer a taboo topic. As a manager, don’t hesitate to inquire about your staff’s mental and emotional well-being. If things get too much to handle or spin out of control, your workers shouldn’t be deterred from asking for assistance. Your team probably lacks interpersonal contact, especially in the Covid era.
Several businesses that are leading by example include:
- Innocent Drinks– They have a variety of programs in place to foster an atmosphere that empowers employees’ wellness, including a 24-hour help service that enables employees to communicate privately and training sessions that encourage a more excellent knowledge of mental well-being.
- Unilever– To “help workers to become the best that they could be,” Unilever strongly emphasizes both physical and mental health. This is to ensure that every employee can sustainably feel good and perform as a “complete person.” Additionally, it offers the Lamplighter program, which acknowledges the significance of mental health, particularly during transition or ambiguity.
- Ernst and Young– Private healthcare, complimentary health screenings, and occupational wellness and rehabilitation consulting are just a few of the services Ernst & Young (EY) provides that are expressly geared at fostering healthy workplace wellness. To reduce stigma, senior leaders regularly share their experiences, speaking openly about their challenges with prevalent mental health issues. This encourages staff members to ask for assistance whenever they feel like it. Employees and their families can access EY’s free online health evaluation and round-the-clock counseling services.
Moving away from catchphrases and gestures in favor of ideas that can reach employees exactly where they signify a holistic approach to staff well-being. It entails developing a culture that value and respects workers as unique people. It also entails making plans for your workers’ whole careers rather than just the upcoming ones. Their demands will vary over time. Therefore you must create programs that can adapt to such changes.
The state of your workers’ well-being affects their productivity and where they choose to work. It eventually affects productivity and financial outcomes. Additionally, a prospering, secure, balanced, and connected workforce may benefit not just from this but also from the rest of the globe.