Why invest in employee wellbeing?
Employees want jobs with purpose, development opportunities, coaches instead of managers, and work-life balance. They want an organization that helps them improve or maintain their overall wellbeing. Magellan has partnered with Gallup® on an innovative new program that measures individual and organizational wellbeing and helps employees improve in all areas of their lives.
According to Gallup®, 76% of employees experience burnout.
Our Gallup® Wellbeing Survey, with Magellan’s proprietary emotional wellbeing element, calculates employees’ total thriving scores and their wellbeing in six essential areas: Emotional, Career, Social, Financial, Physical and Community. These scores shape a personalized plan with services and resources to help employees thrive in all areas.
The six essential elements of wellbeing
Emotional wellbeing is about your ability to handle daily and major life events.
- 1 in 5 adults will experience a mental illness each year.
- 2 in 10 adults suffer from anxiety.
- Depression is the leading cause of disability in the United States.
- Mental illness costs the economy about $200 billion in lost earnings each year.
- Using non-stigmatizing language, encouraging employees to support one another and providing resources about mental health helps create a healthy workplace culture.
Career wellbeing means doing meaningful work that fits with who you are and that you look forward to doing every day.
- 2 in 10 employees strongly agree that they like what they do every day.
- 3 in 10 employees experience burnout on the job very often or always. These employees are 63% more likely to take a sick day and 23% more likely to go the emergency room.
- When managers add wellbeing conversations to their management practices, it has proven positive spillover effects into other aspects of work.
- Engaged workers report higher levels of happiness and interest in the moment and lower levels of stress and sadness compared with less engaged workers.
Social wellbeing refers to our ability to make and maintain positive relationships and regular contact with others, whether at work or in our free time.
- 1 in 4 adults strongly agree that their friends and family give them positive energy every day.
- 3 in 10 employees strongly agree that they have a best friend at work.
- If organizations doubled the percentage of their employees who have a best friend at work, they would realize fewer safety incidents, higher customer ratings and as much as 10% higher profit margins.
- Contrary to old-school business thinking, friendships increase speed and efficiency.
Physical wellbeing is about managing your health so that you have the energy to do all the things you want to do.
- 75% of medical costs are due to mostly preventable conditions.
- 1 in 3 adults do not get enough sleep.
- 2 in 10 Americans strongly agree that they have felt active and productive every day in the past week.
- Physically healthy employees will get better sleep, leading to more energetic work performance, healthier minds and better overall company culture.
Financial wellbeing is about having enough money to do the things you need and want to do.
- 75% of adults frequently worry about money.
- Almost 50% of Americans live paycheck to paycheck.
- Employees who are troubled by finances are twice as likely to be in poor health as those who declare themselves financially “unworried.” They also report higher stress levels, more absences and lower levels of engagement.
- Offering employees financial advice and resources not only supports engagement, it shows that you care about their wellbeing.
Community wellbeing is about feeling safe where we live and secure about the quality of our water and air. It is also about taking pride in and supporting our communities.
- 90% of people who volunteer feel better emotionally.
- 1 in 3 job seekers say it is extremely important that their organization has positive impact on the community.
- Organizations with better corporate social responsibility reputations outperform their peers on key financial metrics.
- Individuals with high community wellbeing are more likely to be engaged at work.
Thriving in the six essential elements of wellbeing has an additive effect on performance and health.
The more elements people thrive in, the less they suffer from disease, burnout, anxiety and the associated costs. Thriving people are better problem solvers and innovators.
Sources: Gallup® and NAMI