Question.4094 - Corporate well being Vs. Corporate Wellness in HRM
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Module 4 Assignment Employee Well-Being John TillarMBA 6500 01W: Strategic Management Dr. Shendorah Fisher Central State University 3 November 2024 Corporate Wellness Vs. Corporate Well-Being in HRM Although the terms corporate wellness and corporate well-being are sometimes used synonymously, they refer to distinct facets of employee happiness and health. From the standpoint of HR management, physical health initiatives are the main focus of corporate wellness (Morrison, 2020). Wellness programs may include services like health exams, exercise and nutrition classes, and gym memberships. These programs seek to lower healthcare expenses, and?employee absenteeism, and promote healthier lives that will ultimately benefit both companies and employees. On the other hand, corporate well-being adopts a more comprehensive perspective, covering not just physical health but also social, emotional, mental, and financial facets. A comprehensive grasp of what workers require to succeed both at work and outside of its linked to well-being (David & David, 2017). Work-life balance initiatives, financial planning tools, and mental health support are examples of well-being initiatives. The objective is to establish a nurturing atmosphere that aids workers in stress management, job satisfaction, and general quality of life enhancement, all of which enhance engagement and productivity. Workplace Well-Being Workplace well-being is being increasingly seen as a strategic goal for organizations as the demands of the modern workplace increase. Workplace well-being initiatives, which are defined as a?proactive approach to supporting employees physical, mental, and emotional health, promote a nurturing environment where employees can flourish (David & David, 2017). Preventing burnout, boosting productivity, and creating a healthy workplace culture are the goals of a well-rounded approach to well-being. Flexible Working Hours: By giving workers more control over their time, allowing them to follow a flexible schedule can greatly lower stress levels. According to research, flexibility can lessen burnout and enhance mental health (Bloom et al., 2015). Employee Assistance Programs (EAPs): EAPs provide services such as financial planning and mental health counseling. These initiatives are crucial for assisting workers in overcoming obstacles in life and are associated with increased productivity and morale at work (Morrison, 2020). Resources for on-site wellbeing: Some organizations have exercise centers, meditation areas, or wellness rooms on their premises. These areas give workers a practical option to unwind or rejuvenate throughout the workday, which can reduce stress and increase concentration. Recommended Social Media Policy Because social media is widely used, companies find it difficult to strike a balance between employee personal use of sites like Facebook and Instagram during work hours and productivity. A clear social media policy is necessary. Companies, should, in my opinion, permit employees to use social media in moderation, particularly during breaks. The policy should be explicit about how much personal use is allowed during working hours to reduce distractions and respect employees independence. Training on productivity standards and recurring reminders could be used to handle enforcement. Although it's crucial to strike a balance between efficiency and employee autonomy to promote trust and morale, organizations may also think about restricting specific social media sites on the workplace network during business hours. This strategy respects individual boundaries while reflecting a culture that values productivity (David & David, 2017). Benefits of a Diverse Workforce Increased Creativity and Innovation: Diverse groups provide a range of perspectives and ideas that can result in ground-breaking inventions. When people from different cultural, educational and personal backgrounds work together theyre more inclined to challenge preconceived notions and approach and approach challenges in novel ways. Workers with diverse backgrounds offer new insights that result in advancements in products and services that cater to a larger market. Better Decision-Making: Compared to individuals working alone, diverse teams produced better business judgments 87% of the time. Teams can discover dangers that might otherwise go unnoticed and make more well-rounded judgments when various viewpoints are taken into account. Enhanced Market Growth and Profitability: Companies with executive teams that are ethnically diverse and in the top quartile are 36% more likely to have above-average profitability than those in the bottom quartile. Diverse organizations have a major competitive advantage since they are better able to comprehend and serve international markets. Workers with diverse backgrounds can assist companies in connecting with a wider range of clients, which is especially crucial in?international marketplaces (McKinsey & Company, 2020). Increased Employee Retention: Diversity and inclusion initiatives support a productive workplace culture where staff members are treated with respect and feel appreciated. Employees are more likely to feel loyal and like where they belong when they find themselves represented at all levels of the organization, which improves job satisfaction and lowers turnover. According to studies, workers who feel included are more engaged, which boosts output and lowers turnovers. Employees who feel included are more engaged, which boosts output and lowers training and hiring expenses (Gallup, 2020). Monitoring Employee Social Media: Pros and Cons Pros Preserving Company Reputation: Negative remarks about a firm can be swiftly amplified on social media. Keeping an eye on employees public profiles can assist in spotting and resolving problems before they harm the companys brand. Some companies decide to keep an eye on public social media activity because employees who divulge private information or voice unfavourable thoughts about the company can damage the companys reputation (David & David, 2017). Improving Data Security: Employees may unintentionally publish critical information on social media, so keeping an eye on activities can also help prevent security breaches. For instance, some workers may post pictures of their workplaces that show private business activities or divulge information that could hamper security. Such occurrences can be detected and prevented with the aid of monitoring. Cons Possible Legal Problems: In certain areas, keeping tabs on workers social media accounts may give rise to legal problems, particularly if the monitoring goes beyond what is openly available or contravenes labor regulations. Effect on Workplace Culture: A culture of mistrust and anxiety may result from excessive monitoring. Employees may be less inclined to express themselves at work together creatively or impulsively if they are aware that they are being watched. This can hinder creativity and have a detrimental effect on the workplace as a whole. Reasons for Phasing Out the COO Position Redundancy in CEO roles: The need for a COO declines as CEOs assume more daily operational duties. Companies can decrease overlap and streamline leadership functions as a result of this change. Savings: By removing the COO position, executive compensation expenses are decreased, freeing up funds for other uses. Simplified decision-making: Companies can become more agile and react to market shifts more quickly when there are fewer levels of management (David & David, 2016). Prioritize Specialized Positions: In response to technology innovation and digital transformation, companies are placing a greater emphasis on positions such as CDO or CTO. Avoiding Vague Terms in Objectives In goal-setting, phrases like increase , minimize , maximize , as soon as possible , adequate , and decrease are vague and imprecise. When goals dont have quantifiable standards, its hard to judge success or development. Strategic goals ought to be time-bound, relevant, quantifiable, feasible and detailed. For instance, a more specific objective would be to grow market share by 10% in the next fiscal year rather than increase market share (David & David, 2017). This accuracy guarantees that everyone involved understands the goals and how to reach to them. References Bloom, N., Liang, J., Roberts, J., & Ying, Z.J. (2015). Does Working from Home Work? Evidence from a Chinese Experiment. The Quarterly Journal of Economics. Forbes Insights. (2018). Global Diversity and Inclusion: Fostering Innovation Through a Diverse Workforce. David, F. R., & David, F. R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts and Cases (17th ed.). Pearson. Gallup. (2020). How Employee Engagement Drives Growth. McKinsey & Company. (2020). Diversity Wins: How Inclusion Matters.More Articles From Strategic Management
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