The Conference Board’s Chief Human Resources Officer (CHRO) Confidence Index rose to 54 in the first quarter, from 53 last quarter (a reading above 50 points reflects more positive than negative responses). While retention and engagement expectations improved from last quarter, the survey reveals they are down compared to this time last year, indicating continued concerns about workforce shortages.
The survey also reveals that companies are stepping up their efforts as mental health issues continue to impact workers across the country, with 42% of companies surveyed planning to offer new wellness benefits this year.
In fact, 36% say companies are responsible for the well-being of their employees, and another 62% say they are somewhat responsible. As a result, they are increasing their focus on employee well-being.
“Taking a holistic view of worker well-being can not only improve employee engagement and productivity, but also retain your talent – a major focus for both CEOs and HR directors this year,” said Diana Scott, leader of the Conference Board US Human Capital Center.
The Index, conducted quarterly, was launched in the first quarter of 2023 and consists of three components (recruitment, retention and engagement), as well as special questions included in each survey. Nearly 150 CHROs participated in the first quarter survey, which included additional questions about employee well-being.
For the first quarter of 2024, the Index also surveyed CHROs on employee well-being.
CHROs overwhelmingly agree that organizations share responsibility for the well-being of their employees.
· 62% said that organizations are somewhat responsible.
· 36% said that organizations are responsible.
· Only 2% said that organizations are not responsible for the well-being of employees.
A quarter of CHROs increased spending on employee well-being in 2024.
· 26% said their wellness budget increased for fiscal year 2024.
· 69% said it remained the same.
· Only 5% decreased spending on well-being.
Nearly half of CHROs plan to offer new wellness benefits, even though most continue to spend the same.
· 42% plan to offer new benefits this year.
· 39% do not plan to offer new benefits.
· 19% are discussing offering new benefits.
Physical and mental health are top priorities for new wellness initiatives.
Of those that offer new benefits:
· 20% offer mental health initiatives.
· 15% offer physical health and fitness initiatives.
· 12% offer financial well-being initiatives.
· 10% offer conciliation initiatives.
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