FANews
FANews
RELATED CATEGORIES

More than two-thirds of South Africans struggle with workplace stress - survey findings

20 November 2023 YuLife

A new survey by YuLife and IPSOS reveals interesting facts about South African employees and the challenges they face.

A recent survey conducted by YuLife, an insurtech start-up dedicated to transforming the nature of insurance, and IPSOS, found that 85% of South Africans grapple with stress at their jobs but that only 39% of employees find their wellbeing programmes “fairly effective”. Another 32% of respondents found their wellbeing programmes ineffective. The study’s research forms part of an enlightening new ebook from YuLife titled, ‘How to build a winning South African workforce’’, which went live on November 15th2023. By taking a deep dive into employee wellbeing management within organisations and examining how employers can create truly engaging wellbeing solutions, this ebook is set to become the gold standard for local companies looking to build high performing teams.

Jaco Oosthuizen, co-founder and Managing Director of YuLife South Africa says, “Unfortunately, South African employees have some of the worst mental health in the world and are desperately looking for ways to improve that. Employers and HR leaders are trying their best to support their employees but don’t have a lot of concrete data at hand, so we gathered the research to assist, inform and enable employers with understanding what employees in SA value at work.

One of the starkest findings was that only 28% of respondents reported feeling cared for by their employer.. These findings suggest that there are opportunities that employers can take to improve their workplace wellbeing offerings and align them with what employees really need.

It is not all about money.
According to the survey, more workplace benefits like better healthcare or improved pension plans would be enough for 51% of employees to remain with their employer.

While we often think money is many employees' only motivation, the survey shows that most people want to be able to manage their wellbeing better and are likely to choose organisations who help them do that. The survey comes during Mental Health Awareness Month and during a time where holistic wellbeing, particularly mental health support have become a key focus for employers. It also helps shed light on the challenges faced by South Africans grappling with their mental health in the workplace.

YuLife is a new entrant into the insurance and wellbeing space in South Africa and has been transforming the employee benefits market by rewarding employees for healthy living. One of the ways it does this is through an innovative app that supports mental, physical, and financial wellbeing. It uses gamification mechanics, underpinned by behavioural science to encourage high levels of employee engagement.

“By turning these aspects into meaningful and positive behaviours, we have managed to create an app with the highest engagement numbers on the market. We don’t state this to amplify ourselves, but rather to express that we are tangibly helping people set, and stick to small achievable goals that lead to long term wellness benefits,” says Oosthuizen.

How to keep employees happy
The YuLife and IPSOS study clearly highlights the fact that company culture, flexible working conditions, and training opportunities were among the most eye-catching factors for individuals looking for an employer. The ebook goes even further covering trends, how to use wellbeing data to build winning teams, how to get the best out of hybrid workforces and more.

The study found that 36% of employees considering leaving their employer would be persuaded to stay if they got a greater allowance for leave days or more training opportunities; additionally, 179 out of 500 respondents said a lack of recognition would lead them to consider leaving.

“Companies need to rethink how to engage employees’ wellbeing and get meaningful buy-in from their staff which in turn will drive productivity,” says Oosthuizen.

However, it is not all doom and gloom. Roughly 56% of employees say their employers collect feedback on employee satisfaction while just over half of employers collect information about their workforce’s physical and mental wellbeing.

Encouragingly, 72% of employees believe that their feedback regarding improvements to employee wellbeing programmes would likely be taken into consideration. That shows how employers who care are already trying to bridge the gap between themselves and their employees’ expectations. This can be extremely beneficial to businesses and the economy. Given the current economic climate, and the cost of ignoring it, ensuring that employees’ wellbeing is looked after may be one of the few steps that every organisation can take to help contribute to the country’s bottom line.

‘How to build a winning South African Workforce’ is available from November 15. To help give your organisation the edge, click here to get access to the full ebook today!

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now