Employee wellbeing: From ‘nice-to-have’ to business imperative

A strategic priority

The holistic well-being of employees is now increasingly at the forefront of corporate strategies. Walk into any major company or corporation's office today, you will likely see ergonomic chairs, designed to ensure comfort and ease employees’ spinal strain. Some even provide on-site gyms and fitness equipment for staff to use at their convenience. And let's not forget that nearly two decades ago, Google turned heads with their innovative policy of offering free bicycles to promote employee health.

Indeed, the significance of prioritising employee holistic wellbeing has surged in recent times. In the Asia-Pacific region alone, corporate investment in this area has surged by 27% since 2020. A 2024 WTW survey further reveals that 21% of businesses currently consider wellbeing a cornerstone of their HR strategy, which is expected to grow to 46% within the next three years.

A wealth of research consistently shows that a healthy workforce leads to reduced healthcare costs and increased productivity, ultimately boosting bottom-line performance. For instance, a study published in the Journal of Occupational and Environmental Medicine found that companies recognised for their employee health and safety programs saw a 115% surge in return on shareholder equity, significantly outpacing their competitors’ 27%. Similarly, a Tower Watson survey revealed that organisations with strong employee health and productivity initiatives outperformed across both financial and human capital metrics, including 11% higher revenue per employee and 1.8 fewer absence days annually. These compelling figures underscore that investing in holistic employee wellbeing is no longer a ‘nice-to-have’ but it is a strategic imperative for competitive advantage.

The four pillars

When it comes to hoslitic employee wellbeing, most of us insitictively think of physical activities. It is often the very first step in any wellbeing journey as a good physical condition lays the foundation for individuals to show up consistently and perform at their peak. Experts reveal that employees who stay physically active take 27% less sick leave than their sedentary counterparts.

For businesses, physical health programs are generally straightforward to implement and widely embraced. From routine health check-ups and supplemental insurance to engaging initiatives like company runs or sports days that double as team-building events, organisations are constantly finding creative ways to encourage movement. At HSBC, for example, we leverage technology like Personify Health - an application that enables companies to run comprehensive wellbeing programs. It helps people build healthier daily habits through guided nutrition plans or friendly step-counting challenges…

Equally vital is social wellbeing, which reflects the quality of employees’ relationships and interactions both within and beyond the workplace. Studies consistently show that strong social connections are linked to improved productivity, stronger collaboration, and reduced turnover. To foster this pillar, at HSBC, we organise a wide variety of initiatives, including volunteer programs involving employees and their families, such as tree-planting activities. In 2022, for instance, we helped reforest over 5 hectares with more than 4,500 trees in the Dong Nai Biosphere Reserve and Cuc Phuong National Park. Beyond contributing to the community, these activities also help strengthen our employee bonds with the organisation, deepen family connections, and nurture teamwork among colleagues.

Another critically important facet of holistic employee wellbeing is financial well-being. Around the globe, financial stress is a heavy burden for employees. Specifically, 59% cite financial worries as their primary source of stress, impacting their productivity, concentration, and attendance. To ease this burden, many organisations offer supportive solutions like financial management workshops or staff loans... In 2023, HSBC Vietnam proudly became the first international bank in the country to roll out a voluntary supplementary retirement programme for all staff. This initiative helps our people better prepare financially for their post-retirement lives.

The final pillar is mental well-being - an area that, frankly, has often long overlooked by both employees and employers. Part of the challenge is that it is hard to quantify or assess, and many employees still hesitate to share their struggles or seek help. Yet, this silently impacts productivity, creativity, and even an employee's decision to remain with a company. In fact, data reveals that 38% of employees are at risk of mental health issues, and over 65% have experienced burnout. A global survey by Ipsos even highlights that mental health has now overtaken cancer and obesity to become the world's leading health concern.

The impact of mental wellbeing extends beyond the individual. The World Health Organisation (WHO) estimates that depression and anxiety alone cost the global economy nearly $1 trillion annually. Indeed, this is no longer merely an individual struggle. If businesses fail to foster supportive environments proactively, the consequences can include plummeting productivity, escalating turnover, and an organisational culture that gradually erodes from within.

At HSBC, we provide a confidential 24/7 mental health hotline, are always ready to listen to employee concerns, and frequently host mental wellbeing workshops. Furthermore, every employee receives a complimentary account for Headspace - an app designed to bolster mental wellbeing through guided meditation, sleep  support, and tools for managing stress and anxiety… Not to mention that, we also have a dedicated team of Wellbeing Ambassadors - volunteer employees who champion and organise holistic wellbeing initiatives for their colleagues.

Another crucial point I want to emphasise is that holistic wellbeing is not just vital for employees, but for their families too. This is why businesses should consider extending these benefits to employees' family members. At HSBC, for example, we offer an accident and health insurance program that covers employees and their loved ones, including spouses and children. Additionally, our Employee Assistance Programme (EAP) is globally available to all employees and their family members and is accessible through various channels like phone, website, and mobile apps. They can choose any convenient method to access support services, including video consultations or live chat with professionally trained experts. The scope of consultation is extensive, covering everything from health, relationships, and general life issues to career counseling, legal support, financial guidance… This confidential service operates 24/7, year-round.

A solid foundation

Given that 82% of employees now expect their organisations to support them in achieving better work-life balance, prioritising holistic wellbeing is no longer just a compensation but a direct reflection of an organization's core values.

Putting people at the center is not just the right thing to do - it is a robust, long-term strategy. When physical, social, financial, and mental needs are addressed holistically, these seemingly distinct pillars converge to form a solid foundation. On this foundation, individuals can truly thrive, and organisations can achieve sustainable breakthroughs.

Because at the end of the day, the steadfast resilience of any business is not solely built on cutting-edge technology, streamlined systems, or optimised processes. It is forged by people who feel heard, understood, and empowered – individuals who genuinely choose to stay, collaborate, and contribute their best every single day.