Why companies need to focus on holistic employee wellbeing
Employee benefits were exclusively practised among manufacturing firms with more than 500 employees prior to the implementation of the Employees' State Insurance Act, 1948, under the Ministry of Labour and Employment.
"Previously, employees were not even provided with basic rights such as drinking water and restroom facilities, but things changed for the better with the passage of the Act." "With the advent of new legislation and the engagement of Human Resources, enterprises shifted from not caring to sharing their earned assets with their employees," says Anil Misra, Jio Mart's Chief Human Resources Officer.
Unlike in the past, today's businesses are considering a comprehensive employee wellness programme that extends beyond perks.
It encompasses not just employees' mental, emotional, and physical well-being, but also softer components such as connections with their peers, team members, and colleagues, as well as resources, greater corporate goals, and how it affects people and their job in a variety of ways.
"These days, organisations give wealth-creation chances to their employees in the form of shares, bonds, and ESOPS," adds Misra of Jiomart. Companies feel that if their staff are satisfied, their business too will progress." "They realise that when employees feel a feeling of belonging in the organisation, they will contribute more significantly and truly than when they are working mechanically without being interested or engaged," says the author.
Given the large number of resignations and significant talent churn, it may be considered a pressing necessity. Organizations are increasingly committed to providing their employees with both financial and personal assets.
Employee well-being is becoming a moral and ethical concern for businesses. In recognition and appreciation of their hard work, many people are freely and happily sharing their riches with their staff.
"The welfare and benefits systems are concrete," says Amit Das, CHRO, Bennett Coleman & Co. (Times Group), "whereas employee wellness is broader and involves physical, emotional, and mental health, and is directly related with happiness."
"Welfare programmes and benefits are a subset of wellness in many ways," he says. "At BCCL (Times Group), our goal has always been to improve our employees' Total Wellness Quotient by developing an ecosystem of modern processes and policies that balances their mind, body, and spirit." We use the correct technology to present our employees with consistent, hyper-customized wellness options."
Small steps can sometimes make a big difference. For example, as WayCool has done, a modest initiative of integrating parents or in-laws in employee health insurance coverage might be a terrific progressive step.