#78548164@Rawpixelimages| Dreamstime
42% of Companies to Offer New Employee Well-Being Benefits

42% of Companies to Offer New Employee Well-Being Benefits

March 29, 2024
Conference Board survey reveals that 36% of companies feel responsible for employees' well-being.

Company leaders are feeling more positive about the state of workforce well-being, according to the Q1 reading of The Conference Board CHRO Confidence Index. It ticked up to 54 in Q1, from 53 last quarter.

Even with the positive outlook, 42% of companies plan to offer new well-being benefits this year to address continuing mental health concerns.

Part of the reason for the increased program is that 36% of companies feel responsible for employees' well-being. And 62% say they are somewhat responsible. 

“Taking a holistic view of worker well-being can not only improve employee engagement and productivity but also retain your talent—a top focus of both CEOs and CHROs this year,” said Diana Scott, Leader of The Conference Board US Human Capital Center, in a statement.

Here are some highlights from the survey. 

A quarter of CHROs increased spending on employee well-being in 2024.

  • 26% said their well-being budget increased for FY2024.
  • 69% said it remained the same.
  • Only 5% decreased spending on well-being.

Nearly half of CHROs plan to offer new well-being benefits, despite most keeping spending the same.

  • 42% plan to offer new benefits this year.
  • 39% do not plan to offer new benefits.
  • 19% are discussing offering new benefits.

Mental and physical health are the top priorities for new well-being initiatives.

  • Of those offering new benefits:
    • 20% are offering mental health initiatives.
    • 15% are offering physical health and fitness initiatives.
    • 12% are offering financial well-being initiatives.
    • 10% are offering work-life balance initiatives.
  • 35% expect engagement levels to increase—down slightly from 37% in Q4.
  • 20% expect engagement levels to decrease—down significantly from 31% in Q4.

Hiring

The CHRO Confidence Index: Hiring component remained the same as both last quarter and YoY, at 55.

CHROs’ workforce expansion plans remained stable in Q1, with fewer CHROs expecting to increase or decrease hiring in the next six months:

  • 36% of CHROs expect to increase their hiring over the next six months—down from 44% in Q4.
  • 13% expect to decrease their hiring over the next six months—down from 19% in Q4.

Retention

The CHRO Confidence Index: Retention component rose to 53 in Q1 2024 from 51 in Q4 2023. But retention expectations are down YoY from 57 in Q1 2023.

CHRO expectations regarding employee retention ticked up slightly in Q1:

  • 29% of CHROs expect their employee retention levels to improve over the next six months—up slightly from 28% in Q4.
  • 19% of CHROs expect employee retention to decrease over the next six months, down from 22% in Q4.

Engagement

The CHRO Confidence Index: Engagement component rose to 54 in Q1 2024 from 52 in Q4 2023. But engagement expectations are down YoY from 58 in Q1 2023.

Fewer CHROs expect declines in employee engagement in Q1:

  • 35% expect engagement levels to increase—down slightly from 37% in Q4.
  • 20% expect engagement levels to decrease—down significantly from 31% in Q4.
About the Author

EHS Today Staff

EHS Today's editorial staff includes:

Dave Blanchard, Editor-in-Chief: During his career Dave has led the editorial management of many of Endeavor Business Media's best-known brands, including IndustryWeekEHS Today, Material Handling & LogisticsLogistics Today, Supply Chain Technology News, and Business Finance. In addition, he serves as senior content director of the annual Safety Leadership Conference. With over 30 years of B2B media experience, Dave literally wrote the book on supply chain management, Supply Chain Management Best Practices (John Wiley & Sons, 2021), which has been translated into several languages and is currently in its third edition. He is a frequent speaker and moderator at major trade shows and conferences, and has won numerous awards for writing and editing. He is a voting member of the jury of the Logistics Hall of Fame, and is a graduate of Northern Illinois University.

Adrienne Selko, Senior Editor: In addition to her roles with EHS Today and the Safety Leadership Conference, Adrienne is also a senior editor at IndustryWeek and has written about many topics, with her current focus on workforce development strategies. She is also a senior editor at Material Handling & Logistics. Previously she was in corporate communications at a medical manufacturing company as well as a large regional bank. She is the author of Do I Have to Wear Garlic Around My Neck?, which made the Cleveland Plain Dealer's best sellers list.

Nicole Stempak, Managing Editor:  Nicole Stempak is managing editor of EHS Today and conference content manager of the Safety Leadership Conference.

Sponsored Recommendations

Navigating ESG Risk in Your Supply Chain

Sept. 26, 2024
Discover the role of ESG in supply chains, from reducing carbon footprints to complying with new regulations and enhancing long-term business value.

Understanding ESG Risks in the Supply Chain

Sept. 26, 2024
Understand the critical role of ESG in supply chains, the risks for hiring companies, and the competitive edge suppliers gain by prioritizing sustainability.

Best Practices for Managing Subcontractor Risk

Sept. 26, 2024
Discover how to effectively manage subcontractor risk with unified strategies, enhanced oversight, and clear communication for consistent safety and compliance.

Building a Culture of Support: Suicide Prevention and Mental Health in the Workplace

Sept. 26, 2024
Find best practices for setting up an organizational culture that promotes positive mental health and suicide prevention.

Voice your opinion!

To join the conversation, and become an exclusive member of EHS Today, create an account today!