How to Ensure a Key Company Differentiator: Employee Well-being

While technology has had an impact on the work humans do for decades, recent years have seen the labor world enter a new era defined by new conditions in a hyper-connected world. It is a world in which digitization has introduced elements like speed, multitasking, and  technological innovations that are transforming workspaces and dynamics on a daily basis.

Some sources place this paradigm at the moment when the personal computer merged with the innovation of the internet. From then, nothing was the same, as remote work became a reality, expanding communication channels, promoting an increase in productivity, and greatly facilitating tasks. Email became standard, changing the way people communicate, bridging distances, and reducing the cost of sending messages. This was complemented by advances in the field of telecommunications, such as fax, cellular telephony, digital telephony, and smartphones. Thus, the revolution in communication, business and workforce management reached the current digital era.

Consequently, employees adapted, but their needs, demands, and concerns changed with it. Therefore, emotional well-being in workspaces has become a critical concern, as it responds to the new working conditions in the globalized world, with the emergence of new diseases not only physical, but also psychological, leading the way.

Comprehensive Well-being Key in 2024

Today, the comprehensive well-being of employees has emerged as one of the main differentiators for 3 out of 10 companies in 2024, according to the results of Pandapé’s Market Research 2024 report, based on insights from 1,000 companies in Latin America. In this context, ensuring the comprehensive well-being of employees is one of the four main priorities for companies in the region for this year, in addition to retaining and attracting more talent and reducing unprecedented levels of staff turnover.

One only needs to observe the current job market to confirm that there is a change in priorities for both companies and talent. Younger talent enters the job market with different concerns, often far from what professionals of other generations sought. In addition, society changes, technology advances, and the profiles that companies require also vary.

Therefore, when we talk about comprehensive well-being, we must understand this context. The comprehensive well-being of employees should not only focus on the emotional, but also on the general physical, economic, and social state of the workforce. By making this a priority, HR professionals can change the entire culture of the organization, leading to greater happiness, health, commitment, and productivity.

Benefits: Driving Workforce Well-being

As part of this comprehensive approach, one of the most important strategies is to consider benefits more strategically. Latin American organizations are already offering employees some key benefits to improve their well-being, commitment, and satisfaction. Many of them involve advantages to balance personal and work life.

In order of importance, these benefits are based on ensuring time to attend to personal matters; support for expenses (food and gasoline vouchers); work flexibility, health insurance (major medical expenses/mental health); telecommuting, parental leave; wellness services (gym, financial education, nutritionist); team building events, and a pension plan.

Continuing with the study, two of these measures are crucial in 2024, with organizations committing to offer more time to employees to attend to personal matters and to increase flexibility. As we can see, well-being has evolved beyond just physical health, with a broader focus involving social, cultural, and emotional elements. While this component is critical, its implementation must go hand in hand with an improvement in human talent management through technology.

Tech Adoption for Engagement and Well-being

Currently, there is a notable trend regarding the use of technology in HR management, as 64% of companies in Latin America use technological tools to manage their selection processes, while 49% use them for administrative tasks. In fact, for 66% of HR professionals, implementing an employee engagement strategy translates into an improvement in the work environment and employee well-being. Thus, there is a widespread awareness of the importance of well-being, but there are still key challenges that can be addressed with tech solutions.

This stems from another fact: 24% of organizations do not measure their engagement, and therefore, they also lack valuable information and data on the main factors of comprehensive well-being that may be relevant for the positive transformation of the workforce. The most used tool for measuring engagement in organizations is climate surveys. And while these surveys are valuable tools for understanding the perceptions and emotions of teams, their scope may be limited when it comes to measuring all the aspects that influence employee engagement.

Thus, failing to adapt to the technological revolution in HR means missing out on the benefits that come with the adoption of integrable solutions, such as a decrease in risks and an improvement in well-being based on powerful insights and comprehensive strategies. The right technology can prevent everything from loss of efficiency in talent management to the difficulty of analyzing crucial data for strategic decision-making. It can also impact talent retention and the attraction of new professionals.

In conclusion, promoting the comprehensive well-being of the workforce has become an imperative need for companies. Beyond being just a trend, employee well-being is essential for building resilient and sustainable organizations in an ever-evolving labor world. The physical, mental, emotional, financial, and social health of employees not only affects their individual performance but also impacts overall productivity and organizational culture.

Ultimately, by prioritizing the well-being of the workforce with technology and strategy, companies not only improve the quality of life of their employees but also promote a positive work environment, foster loyalty and talent retention, and position themselves for long-term success in an increasingly competitive and changing market.

Pandapé is the leading HR software in Latin America that optimizes processes to efficiently hire the best talent and facilitate people management, boosting their happiness at work.