Holding companies have a unique position as a business entity. Parent companies control interest in the securities and performance of other companies across many industries, products, and services. That being the case, trying to implement an all-encompassing employee well-being strategy that can comprehensively and meaningfully support a great diversity of sectors, roles, and business models can be tricky, but it's possible!
As challenging as it may be to roll out such programs across all subsidiary companies under your umbrella, the evidence is clear that that payoff is worth it. With over 85% of companies now having formal wellbeing strategies in place, organisations, regardless of their size, industry, and structure, are seeing a direct correlation between the well-being of their employees and an increased bottom line.
Given holding companies' unique structure and business model, here are five helpful considerations companies should take into account when vetting and implementing employee wellbeing solutions:
1) Take an all-inclusive approach to workplace wellness.
Now, we're talking about something other than pricing and even the number of providers you collaborate with; we're talking about solutions that provide something for everyone, regardless of individual needs and preferences. A holding company can't rely on one or even a handful of wellness verticals to cater to the diversity of roles, sectors, business models, or regions represented among its subsidiary companies. That means it's essential that their employee well-being solution has programs, resources, languages, and verticals to ensure that each employee finds something to meet their distinctive needs.
2) The more personalised the employee well-being solution, the better.
Holding companies can't necessarily dictate the workplace culture of each of their subsidiary companies. And while this can be a barrier to implementing an impactful employee well-being strategy, with the right solution, it doesn't have to be. With a tool that allows holding companies to easily tailor the programs and even look and feel of the solution rolled out to each subsidiary, the holding company can optimise active usage rate and increase its return on investment. This strategy can be as simple as changing the wording and colour palette of the tool to match that of the subsidiary company or as complex as hand-picking which companies can benefit most from which resources.
3) Implement technology that's easy to use across all company levels.
After all, what good is a tool if whole teams or departments can't use it? Even today, we can't assume that every employee has daily access to a laptop, desktop, or tablet; but we can be reasonably confident that most professionals have a phone. That's why it's essential to choose an employee well-being tool that's accessible and easy to use across all devices. Remember—convenience and accessibility are arguably just as important as the quality of solutions when vetting potential employee well-being solutions.
4) Develop a solution that works well with others.
The last thing you want is a tool rolled out holding-wide that doesn't integrate with any of the other tools used by employees. Not only would it make it more cumbersome for employees to use, thus discouraging them from actually using it, but it would also lead to potential headaches for the subsidiary companies and holding when their pre-existing tools didn't align with new ones. An additional overlooked variable is how seamlessly the holding, subsidiary company and employee wellbeing provider can integrate the new solution; ensure all developers and stakeholders are in the room when discussing details around integration.
5) Be an enabler of work-life balance.
No quick solution can exact meaningful change in employee well-being without leaders across all holding and subsidiary companies giving employees time and space to use it. A successful strategy means creating a culture of well-being where employees are encouraged and incentivised to set boundaries, take care of their mental health, connect, and ask for help. Additional steps you can take to send a consistent message across all subsidiary companies is to host holding-wide virtual and in-person events, challenges, and webinars with leaders as the face of such events. All these strategies combined will send a clear message across all companies within the holding that employee well-being isn't just "nice-to-have" but a must-have that drives success.
Employee wellbeing at holding companies doesn't have to be complicated.
Holding companies need to take a unique approach to implement holding-wide policies and benefits that have a meaningful impact on their subsidiary companies. But by considering the above five factors, any holding will see its investment in employee well-being result in increased productivity and profitability.
