SINGAPORE, August 21, 2024 – While companies in Singapore are taking steps to support employee’s physical and mental wellbeing, research found there is a disparity between the focus of employer’s wellbeing programmes and what employees need the most. That’s according to the latest 2024 Wellbeing Diagnostic Survey by WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company.
Singapore employers are prioritising support for mental (51%) and physical (49%) wellbeing, in light of declining mental health amongst employees and a quarter of the workforce suffering from poor physical health. Yet, employees say that financial wellbeing support is their top area of concern (53%), despite being the one of lowest priorities for employers (8%), followed by mental wellbeing (42%).
Additionally, close to half of the employees (46%) are suffering with moderate or major issues in at least two areas of their wellbeing. Poor health in any dimension of wellbeing can lead to higher absence, presenteeism and burnout among employees and lower levels of work engagement. The study shows that 50% employees have above average levels of stress, while a third (32%) have reported symptoms of anxiety or depression, and most are untreated. Those aged 40 to 49 years of age are the least likely to get treatment for their anxiety and depression.
Audrey Tan, Head of Health & Benefits for Southeast Asia and Singapore at WTW says, “Mental health is a growing concern in Singapore. Employers can provide communication, manager training and programmes that are geared towards engaging employees on mental health issues, as well as creating social connections that encourage employees to improve their mental health. Lifestyle changes are also effective in helping manage mental health, with those seeking treatments benefitting from counselling and medication.”
The survey also found that companies that are highly effective in their wellbeing programmes are two times more likely to report better financial performance and human capital outcomes. These include higher employee productivity and employee work engagement, lower annual employee turnover and better attraction or retention of key talent.
“Companies see wellbeing as a top priority and aspire to make wellbeing an essential part of their human capital strategy to better compete for talent. Employers here are aiming up as two-fifths (44%) look to make wellbeing a foundational element of their human capital strategy in the next three years compared to only 20% today. However, there is a disconnect between the wellbeing areas that employers are investing in and what employees are saying they need help with,” adds Audrey.
While employee appreciation of wellbeing programmes has improved over the last five years, many report mixed feelings about their employer initiatives and are not yet ready to recommend their programmes to others. The study reveals that although employers think their wellbeing programmes are highly important in supporting employees’ health and the workforce (58%), only 48% of employees agree on the importance placed, prompting interest on how employers can better optimise their support to align with employee needs.
“One way for companies to provide more support to employees is by setting the right wellbeing priorities, evaluate the wellbeing needs of different groups with personalised tools and resources to foster resilience among employees in Singapore. It’s important that employers focus on getting the right programmes in place to support the varied needs of their workforce, as well as creating an enabling environment that promotes the services they make available,” says Audrey.
“The war for talent is no longer just about pay – benefits matter to employees, with higher levels of appreciation seen when they can choose employee benefits that meet their individual needs. As companies in Singapore navigate key operational changes to their human capital strategies ahead including providing opportunities for employees to reskill, policies and practices to support working parents and flexible work arrangements, employers need to also establish a mechanism for prioritising programmes and evaluating ongoing effectiveness versus cost in enhancing their benefits offerings, with choice becoming more widespread. This not only helps to improve retention and engagement of their workforce but for employees, it can have a positive impact on culture, trust and fairness.”
The global 2024 Wellbeing Diagnostic Survey was conducted from March to April 2024. Respondents include close to 100 employers in Singapore working at medium and large private sector companies, representing a broad range of industries.
The 2024 Global Benefits Attitudes Survey was conducted from January to March 2024. Respondents include 1,000 employees in Singapore working at medium and large private sector companies, representing a broad range of industries.
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