In January last year, Indeed’s Work Happiness Score found that 36% of people in the UK are unhappy in their jobs.
What is Employee Wellbeing and Why is it Important?
Employee wellbeing encompasses the overall mental, physical, emotional and economic health of employees. In a nutshell, it’s all about how an employee’s job role impacts their life; is their job having a positive or negative effect on them?
As an employer, looking after the overall wellbeing of your employees is important as it improves employee retention, improves workplace productivity, fosters the growth of team relationships, and encourages collaboration.
Key Findings from Indeed’s Work Happiness Report 2022
- 38% of respondents believe they aren’t paid fairly for their work
- 26% are not satisfied with their job
- 25% feel stressed at work most of the time
- 23% don’t feel happy at work most of the time
- 88% believe stress at work can significantly decrease quality of life
- 91% believe how we feel at work matters
- Out of those who report having a higher level of ‘wellbeing’ at work, 87% said they were likely to stay at their current employer for the next 12 months, compared to just 28% of those who reported a low level of ‘wellbeing’ at work
Components of Employee Wellbeing
The notion of employee wellbeing essentially recognises that when it all comes down to it, money isn’t everything. Salary is certainly a component of employee wellbeing, as those being paid insufficiently for their work may feel underappreciated and also experience financial strains.
However, there are many other components that make up whether an employee feels happy in their job role.
The CIPD has identified seven key ‘domains’ of employee wellbeing:
- Health- physical health, physical safety and mental health
- Good work- working environment, food line management, work demands, autonomy, change management, and pay and reward
- Values and principles- leadership, ethical standards, inclusion and diversity
- Collective and social- employee voice and positive relationships
- Personal growth- career development, emotional, lifelong learning and creativity
- Financial wellbeing- fair pay and benefit policies, retirement planning and employee financial support
For specific examples of each of these components, you can head to the CIPD’s website.