At the onset of the first quarter of 2024, there was a noticeable engagement dip of three to thirty percent among both full-time and part-time employees. This significant decline translated to a staggering 4.8 million fewer engaged employees, marking the lowest level of engagement reported since 2013.
Despite a decline in engagement levels, CHROs are actively considering new well-being benefits for 2024, according to The Conference Board’s CHRO Confidence Index. While employee engagement has seen a slight decrease, well-being budgets remain largely stable this year. This indicates a continued commitment to employee welfare, with CHROs recognizing the importance of addressing well-being concerns even amidst other challenges. The latest Q1 survey involved nearly 150 CHROs, with additional inquiries focusing on employee well-being. Here’s what’s going on.
The latest CHRO Confidence Index revealed stable hiring intentions, with 36% of CHROs planning to increase hiring over the next six months, down slightly from the previous quarter. Meanwhile, only 13% anticipate a decrease in hiring, showing a positive outlook overall.
Employee retention expectations saw a modest improvement, with 29% of CHROs foreseeing better retention levels. Conversely, only 19% expect retention to decline, indicating a more optimistic sentiment compared to the previous quarter.
In terms of engagement, the index shows a slight increase, with 35% of CHROs expecting engagement levels to rise. Additionally, there's a notable decrease in the proportion of CHROs anticipating a decline in engagement, down to 20%.
A special survey on employee well-being highlights that most CHROs believe organizations are responsible for their employees' well-being. Notably, a quarter of CHROs have increased spending on well-being initiatives for the fiscal year, with mental and physical health being the top priorities for new well-being programs.
Additionally, despite most organizations maintaining their well-being budgets, nearly half of CHROs plan to introduce new well-being benefits this year, emphasizing a continued focus on employee welfare.
The findings suggest that businesses are actively addressing mental health issues among their employees by implementing new well-being benefits. There is a growing awareness among companies about their role in supporting employee well-being, with a significant portion acknowledging at least partial responsibility. 42% of the companies surveyed aim to roll out new well-being benefits this year.
Moreover, there is an increasing acknowledgment among businesses of their responsibility to support employee well-being, with 36% recognizing full responsibility and an additional 62% admitting partial responsibility. As a result, there is a concerted push to prioritize employee wellness, with a quarter of companies planning to increase spending on well-being initiatives alongside the introduction of new benefits.
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