Amid economic instability, layoffs, and increasing burnout, many workers are seeking support from their employers that extends beyond compensation, according to the 2024 Alight International Workforce and Wellbeing Mindset Study. Only 44% of respondents rated their wellbeing positively, a seven-point decline from the previous year, highlighting a pressing need for greater support to enhance overall employee wellbeing.
Key Findings
The findings from this year’s study indicate a decline in all dimensions of workers’ wellbeing, including professional, social, financial, and physical health. Notable insights include:
- Moderate to Severe Stress: Most employees report experiencing moderate to severe stress, with 43% showing symptoms of burnout that affect their work.
- Job Search Trends: Nearly half of the workforce surveyed is actively job hunting or open to new opportunities, with 41% stating they would reconsider leaving their job if offered better benefits.
Insights from Leadership
Rob Austin, head of thought leadership at Alight, emphasizes the opportunity for employers: “Employers must prioritize comprehensive wellbeing strategies to retain top talent and support their workforce.” The study highlights that benefits should be viewed not as expenses but as strategic advantages. Personalized benefits can create a positive employee experience, improve wellbeing, and drive organizational success.
Job Market Dynamics
- Changing Job Loyalty: While job security remains crucial, over a third of workers are reconsidering their loyalty due to potential better benefits, job growth, and flexibility. One in five employees is actively looking to change jobs within the next 12 months.
- Desire for Holistic Support: Many workers feel they aren’t receiving the personalized tools and support needed for a holistic total rewards experience, with less than half reporting access to a personalized benefits website or mobile app.
Decline in Health and Financial Wellbeing
- Financial Concerns: Nearly half of workers feel they are just getting by financially, with Gen X workers expressing the most concern about savings and retirement.
- Healthcare Decision Regrets: Almost 60% of respondents regretted a healthcare decision made last year, with lower confidence reported among younger and lower-paid workers regarding their healthcare plan choices.
Demand for Employer Support
- Impact of Physical Health: One-third of employees state that good physical health, including work-life balance, significantly impacts their mental health.
- Need for Comprehensive Services: A substantial majority (86%) indicate that having a one-stop website for all health, wealth, and wellbeing benefits is important. Supported employees report significantly better wellbeing metrics:
- Positive Wellbeing: 57% of supported employees report positive overall wellbeing versus 42% of unsupported employees.
- Productivity: 81% of supported employees say they are consistently productive at work compared to 68% of unsupported employees.
- Empowerment: 73% of supported employees feel empowered to improve their health and wellbeing, compared to 46% of unsupported employees.
- Retention: 61% of supported employees rarely consider leaving for another job, compared to 46% of unsupported employees.
These insights demonstrate the tangible benefits of offering robust wellbeing programs, personalized websites, and navigation tools to employees. Organizations that invest in comprehensive, personalized benefits can improve employee morale and health outcomes while also strengthening their performance and profitability. Laine Thomas Conway, vice president at Alight, states, “Embracing this shift in benefits strategy can transform how employers are perceived and significantly impact workplace culture.”
