Key points:

• Employee disengagement costs Australia’s economy around $2 billion annually, driving companies to focus on enhancing employee wellbeing.
• Flare’s National Employee Benefits Index, a study involving over 1,500 Australian employees, reveals a substantial correlation between emotional wellbeing and productivity.
• Our research uncovers that employee wellbeing encompasses physical, mental, emotional, social, professional, and financial health.
• Promoting a positive work culture, offering mental health resources, and addressing financial stress can greatly enhance employee wellbeing and overall performance.

Workplace disengagement in Australia costs approximately $2 billion annually due to turnover and reduced corporate profits. As a result, businesses of all sizes are focusing their efforts on enhancing employee emotional health and wellbeing. At Flare, we’re supporting Australian businesses by uncovering insights into what emotional wellbeing means for their employees.

The Flare National Employee Benefits Index

In April 2023, we unveiled our National Employee Benefits Index — an in-depth analysis of the work attitudes of over 1,500 working Australians and how various benefits and types of compensation impact overall employee satisfaction, retention, and productivity. 

Our study found a significant correlation between employee emotional health and wellbeing and their overall performance and productivity. This article will explore key insights from our research and offer strategies that employers can implement to prioritise employee wellbeing in their workplaces to ultimately attract and retain high-quality talent.

The multidimensional aspects of employee wellbeing

Workers’ wellbeing extends beyond mere job satisfaction. It encompasses the physical, mental, emotional, and social health of an employee within their work environment. 

Here are the primary aspects of employee wellbeing:

• Physical wellbeing includes factors like healthy working conditions, ergonomic setups, accessible healthcare, and a balanced lifestyle.
• Mental and emotional wellbeing goes beyond the absence of mental illness. It refers to employee ability to manage stress, maintain emotional stability and resilience, and balance work and personal life. According to Flare’s National Employee Benefits Index, 34% of participants identified mental health as their primary stress source, second only to financial stress.
• Social wellbeing is nurtured through a supportive work environment that promotes teamwork, diversity, inclusivity, and a sense of belonging.
• Professional wellbeing involves aspects such as job satisfaction, career development, continuous learning opportunities, and recognition and rewards.
• Financial wellbeing covers fair compensation, financial security, and a wide range of benefits.