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Integrated Well‐Being ‐Integrated Well‐Being ‐A Driver of Employee Engagement
Grace Palombo LL.B.EVP and CHROGreat West LifecoGreat‐West Lifeco
Contact information• Grace Palombo , EVP and CHRO, Great‐West Lifeco, [email protected], (416) 552‐5201
• David Harris, Senior Account Executive, Group Retirement Services, [email protected], (604) 235‐5078
• Faiz Ahmad, Senior Account Executive, Group Retirement Services, [email protected], (604) 235‐5070
• Christine van Staden, Vice‐President, National Accounts, Group Retirement Services, [email protected], (416) 359‐3466
• Francesco Di Scianni, Director Group Benefits, [email protected] , (604) 331‐2441
• Amanda Fickling, Director, Group Retirement Services, Marketing and Communications, g, , p , g ,[email protected], (519) 435‐4354
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CHANGE SURROUNDS US ALL
Regulation & Policy•Consumer Protection•Advisor Conduct
Economy•Uncertain growth•Market, geopolitical instability •Low interest rates
Demographics•Aging population•Slower life stage progression•Advisor Conduct
•Retirement Readiness•Slower life stage progression•Women decision‐makers
Societal behaviours Digital Acceleration•Data explosion and analyticsAdoption of
Pace of innovation
•Connected and Informed Consumers•Scrutiny / Demand for Value•Corporate Misconduct
•Data explosion and analytics•Digitization of processes•XaaS (Anything as a Service
Adoption of technology
Competiti e landscape shifting
Industry disruption and redefinition
B siness models being redefinedCompetitive landscape shifting• Industry boundaries blurring• New entrants leverage technology and consumer insights
Business models being redefined• Customer centricity and user experience• Increased partnering and outsourcing
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TOP HR GOALS FOR MANY ORGANIZATIONS TODAY
LeadershipGrow exceptional people leaders.
Employee EngagementEmployee EngagementUnderstanding the needs and wants of employees to maximize engagement to accelerate performance.
Talent to WinHire, manage, develop and reward talent for today and tomorrowaccelerate performance. and tomorrow
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TOP DRIVERS OF ENGAGEMENT
CareCompetenceCareer Care• Recognition • Managers and colleagues whodemonstrate sensitivity
• Balancing work and life
Competence• Ability to grow• Learn marketable skills• Continuous improvement
Career• Opportunity for advancement• Significant and challenging assignments
• Autonomy to make decisions • Balancing work and life• Personal well‐being
• Autonomy to make decisions
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EMPLOYER BENEFITS OF ENGAGEMENT
QualityySatisfaction Trust
RetentionRetentionInnovation Loyalty
Profitability MotivationProfitability MotivationCommitment Productivity
Recruitment ConnectionRecruitment Connection
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EMPLOYEE BENEFITS OF ENGAGEMENT
ResponsibilityResponsibilityEmpowermentAdvancement SafetySafety
Quality HappinessBetter Health RewardsBetter Health
Better Home LifeRewards
Opportunity
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IS ENGAGEMENT SUSTAINABLE?HarshHarsh
economic conditions
Work/non Continuous innovation
Work/non‐work
Lines blurring
Change isChange is the onlyconstant
NewTechnologyDownsizing
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Organizational restructuring
EMPLOYEE IMPACT
Employee engagement is fragile and employee overall well‐being may benegatively impacted.
• Workforce feels more pressure• Employees worried about their futurep y• Employees working longer, taking less time off• Putting off retirement
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EXHAUSTION FUNNEL COST
• Harvard Medical Study ‐ 96 % of leaders said they felt burned out– Leslie Kwoh "When the CEO burns out" The Wall Street Journal , May 17, 2013. www.online.wsj.com
• Absenteeism is a problem in all our countries – stress and mental health are significant contributors
Country Cost to Economy US$ Days per employee Source
Ireland $1.7 billion 5.98 IBEC Employee Absenteeism Management Report 2011
UK $ 38.9 billion 6.6 CIPD 2014 Absence Management Survey
Canada $13 Billion 9.3 Conference Board of Canada 2012
• Presenteeism... can cut individual productivity by one‐third or more....more costly than absenteeism – Harvard Business Review ‐ Presenteeism: At Work—But Out of It: 2004 – Paul Hemp
• 2013 and 2014 Davos summit “Health is Wealth ”• 2013 and 2014 Davos summit ‐ Health is Wealth
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WELL‐BEING IS SO MUCH MORE THAN JUST WELLNESS
Mental
Well‐BeingHappy, healthy
PhysicalFinancial
engaged people
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WHAT IS WELL‐BEING?
h ll b l f ll l d ll h h hHigh well‐being means a life well‐lived – all the things that are important to each of us, what we think about, and how we experience our lives.
• Self‐Motivated• Committed to Organizationg• Supportive of Co‐Workers• Voluntarily takes on tasks• Consistently goes above and beyondConsistently goes above and beyond• Proud to work at organization• Uses discretionary effort• Passionate about job and quality
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Passionate about job and quality
WELL‐BEING RATING SCALE
Struggling SufferingThrivingWell‐being that is Well‐being that is Well‐being that is
strong, consistent and progressing.
moderate or inconsistent.
gvery low and at high risk.
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THE ADDITIVE EFFECTS OF THRIVING
...Missed 41% less work due to poor health in the last year
...Are 81% less likely to seek out a new employer in the next 12 months
...Were almost 65% less likely to file for claims in the last year
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GREAT‐WEST LIFE EMPLOYEE VALUE PROPOSITION: ‘THE EMPLOYEE PROMISE’
Vision and Strategy “World Class Employee Engagement”Principles
Drives Performance PhilosophyPrinciples
“A great place to work focused on developing,empowering and engaging our employees.”Values“Philosophy that guides everyday decisions and
p y
Drives Talent Philosophy
Philosophy that guides everyday decisions and actions – values are universal across Lifeco and segments. “
Drives Total Rewards / Compensation Philosophy
Our People Customer‐first
Integrity Trust and Partnership
O
Aligns all Human Resources programs, practices and processes
OurCommunities
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GREAT‐WEST LIFE’S COMMITMENT TO WELL‐BEINGF ib t iti d h lth i t t fi i lFrom vibrant communities and a healthy environment to financial security and protection against loss for individuals and families, here are some of the ways we contributed in 2015 to the financial, physical and mental well‐being of Canadians.
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PHYSICAL WELL‐BEING
Driving physical well‐being impacts workplace culture. Programs and education influences employees on positive lifestyle choices (i.e. nutrition, stress, addiction, disease management and physical activity).
WellnessWellness Physical Physical Sleep deprived brains lose the ability to make
accurate
Sleep deprived brains lose the ability to make
accurateEmployees with high Employees with high
Wellness programs can
reduce absenteeism b 1 5 t 1 7
Wellness programs can
reduce absenteeism b 1 5 t 1 7 AbsenteeismAbsenteeism
yactivity helps cardiovascular disease which is the cause of
yactivity helps cardiovascular disease which is the cause ofaccurate
judgmentsaccurate judgments overall “well‐
being” have 41% lower
health related
overall “well‐being” have 41% lower
health related
by 1.5 to 1.7 days
by 1.5 to 1.7 days
Absenteeism ranges from 4.7 to 11.2
days per year
Absenteeism ranges from 4.7 to 11.2
days per year
is the cause of 31% of deaths
globally
is the cause of 31% of deaths
globally
costscosts
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MENTAL WELL‐BEING
“A psychologically safe and healthy workplace is one that promotes workers' mental well‐being and does not harm employee mental health.”
– Canadian Centre for Occupational Health and Safety
E l hE l hThis week 500,000Canadians will not make it to work
because of a mental
This week 500,000Canadians will not make it to work
because of a mental
By 2041 the cost of lost productivity due By 2041 the cost of lost productivity due
Employees who considered most of their days to be quite a bit or extremely
stressful were over 3
Employees who considered most of their days to be quite a bit or extremely
stressful were over 3because of a mental health problem or
illness
because of a mental health problem or
illness
to mental illness is estimated to be $16 billion every year
to mental illness is estimated to be $16 billion every year
stressful were over 3 times more likely to suffer a major depressive episode
stressful were over 3 times more likely to suffer a major depressive episode
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FINANCIAL WELL‐BEING
“Studies show financially stressed employees spend hours dealing with personal financial issues while on the job. When a person’s finances suffer, so too does their health and well–being.”– Employee Financial Education Division
80% of Canadians 80% of
Canadians People withPeople withbelieve their employers
should play a role in helping
believe their employers
should play a role in helping 61% of
k it61% of k it
25% of people say debt is their main concern
25% of people say debt is their main concern 45% feel their 45% feel their
People with high debt
stress also face many health l t d i
People with high debt
stress also face many health l t d ip g
to manage stress
p gto manage stress
workers cite money
problems as their leading
f
workers cite money
problems as their leading
f
level of financial stress
is high to overwhelming
level of financial stress
is high to overwhelming
related issuerelated issue
cause of stresscause of stress overwhelmingoverwhelming
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KEY TAKEAWAYS
Today’s rapidly evolving technology landscape and multigenerational workforce means organizations need to fundamentally change how they engage employees. f y g y g g p y
As employees move through the stages of life it’s important to recognize how their: physical, mental and financial well‐being ff t th i l l f t t kaffect their level of engagement at work.
An integrated well‐being approach creates:1) Culture of empowerment2) Increased engagement3) Increased performance
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Well‐Being
Sustainability• Prevent and reduce stress at work• Prevent and reduce stress at work• Enhance employee engagement• Improve overall performance
Engagement
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Integrated Well‐Being ‐Integrated Well‐Being ‐A Driver of Employee Engagement
Grace Palombo LL.B.EVP and CHROGreat West LifecoGreat‐West Lifeco