Does your employer care about your financial well-being? This is one question that every employee has once asked themselves.
The Indian health and wellness industry is marching towards a more holistic approach, covering every business sectors currently available in our country. Indian employers could be seen doing a little more than covering basics like employee insurance.
But the question to ask is- Is this approach enough?
According to the India Health and Well-Being Study 2018, employers need to do adopt a holistic approach when it's about ensuring the emotional, financial, and physical well-being of employees.
Increasing the Level of Productivity
There is no doubt that an organization success is determined by how its employees are performing. Employees, if working accordingly could elevate any business and vice-versa.
Thus, franchisors could raise the level of employee's productivity by incorporating well-being programs at their company. Employee health and wellness is still an untapped topic in today's India that is slowly beginning to take a more holistic appearance.
A study released by Willis Towers Watson states that "Many companies are looking beyond the physical well-being of their employees and working towards addressing their emotional and financial well-being as well."
Strategy Towards a Structured Approach
Sudesh Shetty, Head of health and benefits, Willis Towers Watson India explains, "A large number of organizations have begun taking action in the areas of health risks management, physical activity and nutrition, and improving the emotional and financial well-being of employees."
The sense of urgency, when compared to the financial well-being of employees, is relatively low as compared to the other health concerns. Realizing the importance of employees well-being, franchisors are marching towards establishing a structured approach, combating the issue.
"As the next step, companies now need to develop a holistic health and wellness strategy encompassing all four aspects of well-being—physical, emotional, financial, and family," Shetty added.
However, organizations are not very familiar with this initiative which is a matter of concern in today's time. Franchisors need to plan and design an articulated health and well-being strategy in order to make this initiative successful.