Insights from the Work Wellbeing Report for Success

You'll learn all about employee wellbeing. The 2024 Indeed Global Work Wellbeing Report reveals a downward trend in overall work wellbeing since the pandemic. This emphasizes the pressing need for improved workplace strategies to address employee mental health.

The report also shows a direct correlation between employee wellbeing and a company's financial performance. Happy employees often translate into a healthier bottom line. This fascinating link should be a wake-up call for businesses of all sizes. It's time to create work environments where employees feel valued, supported, and happy.

Decoding the 2024 Indeed Global Work Wellbeing Report

The 2024 Indeed Global Work Wellbeing Report dives deep into the hearts and minds of today’s global workforce, drawing on over 250 million data points from 25 million survey participants in 19 countries. This makes it the world’s most comprehensive study on the subject of workplace well-being. This data-driven approach aims to answer the most pressing questions about the current state of work wellbeing. How can employers, regardless of location, foster environments that cultivate employee growth and happiness?

Collaborating with the University of Oxford Wellbeing Research Centre, the 2024 work wellbeing report focuses on ten specific markets. These markets span countries including Australia, Canada, the UK, and the United States. With such a broad and diverse sample size, this report offers globally relevant insights. It looks into the factors that either make or break employee wellbeing. Think of it as taking a global pulse on the happiness and satisfaction levels of employees from all walks of life.

Key Insights from the Work Wellbeing Report

This year’s work wellbeing report highlights some alarming, yet also hopeful, trends. A key finding is the continued decline in employee well-being post-pandemic. Unlike previous economic downturns where we see a recovery in overall well-being, this time it hasn’t bounced back. This trend emphasizes an urgent call to action for organizations worldwide: It’s time to go beyond superficial fixes. Employers must prioritize their employee's well-being as a fundamental aspect of organizational success. The data confirms this with a direct link between companies prioritizing wellbeing scoring higher in firm valuation and overall profits. Now, let's explore some specific findings highlighted in the report:

Work Wellbeing Decline: One of the most alarming findings was that employee wellbeing has not only failed to recover since pre-pandemic times, but has also continued to decline.

Low Percentage of Thriving Employees: The study indicates that a significant portion of the global workforce (78%) is not thriving in their workplaces.

The Importance of Social Wellbeing: This data tells us that more emphasis should be placed on social wellbeing. Elements of this are a sense of belonging, strong workplace relationships, and feeling valued and included. Interestingly, aspects such as flexible work arrangements and compensation, while still important, ranked lower in their impact on overall employee satisfaction. This finding underscores a fundamental truth about human nature: We crave connection, purpose, and a sense of belonging. When these needs are met, it creates a ripple effect, influencing not only individual happiness but also an organization’s bottom line.

Work Wellbeing By Industry: When analyzing wellbeing across specific industries, interesting patterns emerge. For example, the report uncovered a significantly lower level of workplace belonging in sectors such as Healthcare, Education, and Government. These are all areas that could benefit from companies focusing more on competitive advantage within their industries.

The Work Wellbeing 100

To better understand which companies are prioritizing employee wellbeing, the 2024 Indeed Global Work Wellbeing Report created the Work Wellbeing 100 index. A fascinating trend appears when we compare the stock performance of the companies listed on this index. It showed those companies consistently outperformed major benchmarks such as the S&P 500, proving that prioritizing employee happiness wasn’t just ethical, it was highly profitable. This index showcases a diverse range of organizations leading the charge toward better work environments. You can read more about the Deloitte Insights regarding the companies that are leading the way. The top 10 on the list include industry giants like:

1. H&R Block
2. Delta Air Lines
3. L3Harris
4. Accenture
5. Nike
6. Tradesmen International
7. Disney
8. Addus HomeCare
9. IBM
10. Amazon Flex

Improving Work Wellbeing Using the Report’s Key Drivers

This isn’t just a feel-good initiative; it directly impacts the bottom line. Prioritizing employee well-being isn't about beanbag chairs and ping-pong tables. Here's where things get interesting - the 2024 work wellbeing report goes beyond just presenting the problems. It equips business owners with practical solutions by identifying the 11 key drivers that heavily influence overall workplace wellbeing, providing actionable strategies businesses can use to cultivate more positive and supportive environments. This report acts as a compass, guiding us toward a future of work where everyone thrives.

Here is an overview of the findings relating to three key drivers of work wellbeing that stood out:

Drivers of Workplace Satisfaction

Below are three key drivers of workplace satisfaction, along with actionable insights for fostering a positive work environment.

1. Belonging

Description: Feeling a sense of connection with your colleagues and identifying as a valued member of the team.

Actionable Insights:

• Organize team-building activities to cultivate closer connections among team members.
• Implement mentorship programs that encourage knowledge sharing and support.

2. Energy

Description: Feeling inspired and motivated by the work itself and the workplace environment.

Actionable Insights:

• Provide opportunities for growth by offering training and skill development initiatives.
• Cultivate an environment of recognition where employees are celebrated for their contributions.

3. Inclusion

Description: Feeling accepted and respected for who you are and having a voice within your workplace.

Actionable Insights:

• Foster diverse hiring practices to ensure everyone has equal opportunities within your company.
• Provide regular opportunities for open and honest feedback and promote transparency within leadership.

The Bottom Line

The 2024 Indeed Global Work Wellbeing Report is an invaluable resource for businesses. Those looking to create supportive environments where their teams can thrive will benefit. It underscores that a fulfilling and engaging work environment must consider a holistic view of employee needs. It shows how these impact a company's overall success. With its data-backed insights and actionable strategies, this year's work wellbeing report provides businesses with the necessary tools to build towards a more fulfilling future of work.

See ya next week,