Audio Blog: Employee Burnout key Insights from the 2024 Canadian Employer Pension Survey
Employee burnout is a Key insight from the 2024 HOOPP survey. Discover all the other key findings form the 2024 Canadian Employer Pension Survey in this audio blog. The survey of over 750 business professionals from our certified panel, reveals a significant rise in employee burnout impacting productivity, retention, and recruitment.
Listen now to hear key findings:
Quick summary of burnout and other key insights from the survey
Employee burnout is a Key insight from the 2024 HOOPP. Other key insights include a strong correlation between employee well-being and business success, with companies investing in initiatives like flexible scheduling and mental health resources to mitigate these issues. Additional insights demonstrate that prioritizing employee well-being, including financial wellness programs, leads to improved performance and a stronger workplace culture. The findings strongly suggests that supporting employee mental and financial health is a worthwhile investment for long-term business success.
Read about employee burnout and other insights from 2024 HOOPP Canadian Employer Pension survey insights in the transcript below
00:00
All right, everyone, welcome back for another deep dive. Yeah, looking forward to this one. So today we’re going to be taking a look at this really interesting 2024 Canadian employer pension survey. Yeah, I was just reading this. Yeah, and it’s all about burnout and not just like stress burnout, but how it really affects businesses. What’s the actual impact on the bottom line? Yeah, that’s a good point, because people are always talking about burnout, but this actually puts some numbers to it. Yeah.
00:29
And get this, they found that 64% of companies that are actually like hitting their performance targets, you know, they’re doing well. They’re still saying that burnout is a problem. Like it’s dragging them down. So it’s almost like a hidden cost. Yeah. You think you’re doing well. Exactly. But then, you know, there’s this underlying thing. Yeah, you’re not factoring in, you know. The human cost. Yeah. Or the cost of burnout, I guess. Yeah, exactly. Right. So like it’s not just about hitting those numbers every quarter. Right.
00:58
We gotta look at the bigger picture here. The long game, yeah. And another thing that really jumped out at me was that 85% of businesses that are having trouble with productivity, they’re blaming it on burnout. Wow. That’s a lot, right? 85%, that’s almost all of them. Yeah, that’s a huge red flag. Yeah, it’s a sign that something is seriously wrong. And it’s not just feeling tired. Right, like we’ve all been there. It’s way more than that.
01:26
But this survey is talking about a real decrease in innovation. Relationships with clients get strained. And that obviously- Hits your bottom line. It all comes back to money in the end. Yeah, for sure. And I mean, I feel like the pandemic and then having to shift to all this hybrid work stuff, it couldn’t have helped, right? Oh, absolutely not. I mean, the survey actually talks about that, how everyone’s working remotely. The lines between personal life and work life just got completely blurred. Yeah, always on.
01:55
Yeah, you’re always connected and then you add in all the economic uncertainty. Yeah. It was just a recipe for disaster. So not a great situation, but I mean, the survey doesn’t just, you know, tell us all this bad news and then leave us hanging, does it? No, they actually offer some solutions, which is nice. So what are companies doing about this? Well, it seems like a lot of companies are finally starting to get it. They’re realizing that employee well-being, it’s not just some, you know, fluffy perk.
02:25
It’s actually a core business strategy. Yeah, makes sense. Like I said, it all comes back to the bottom line. Yeah, for sure. And I think for a long time, the focus has been on, you know, attracting talent and then keeping people, you know, keeping them from leaving. Retention, yeah, that’s the big buzzword. But the survey is saying, hey, even if you’ve got great people, you gotta keep them engaged. Yeah, keep them happy, keep them productive. And that’s a whole other challenge. Definitely.
You’re halfway through the insights from the 2024 Canadian Employer Pension survey
02:50
And there are different ways to do that. Okay, so tell me more about that. So this survey, it actually breaks down the different types of wellbeing programs and which ones are most effective. Okay, interesting. Like for example, mental health resources. Things like meditation apps or employee assistance programs. They found a direct link between those and reduced absenteeism. Makes sense. And increased project completion rates. So it’s not just a nice thing to do. No, it’s smart business move. It actually saves you money.
03:19
Exactly. And then another thing they talked about was skill development. Okay. So investing in your employees, you know, giving them training, helping them grow professionally. It makes them more valuable to the company, of course. But it also helps prevent burnout because people feel like they’re stagnating. Yeah. They feel like they’re moving forward. Yeah. They’re learning new things. That’s a good point. What about financial wellness? Oh, that’s a huge one. Yeah. I was just thinking about that. Cause I know if I’m stressed about money.
03:46
Totally, it affects everything. Yeah, I can’t focus on anything else. Yeah, so the survey suggests offering things like retirement savings plans or financial literacy workshops, even just being transparent with employees about the company’s finances. So they feel like they’re in the loop. Yeah, exactly. It all helps reduce that anxiety. Yeah, and then they can focus on their work. Exactly. So big takeaway here. I mean, what are we learning? I think the big takeaway is that burnout, it’s not something you can just ignore.
04:15
It’s like ignoring a crack in your foundation. Yeah. It might seem small at first, but eventually it’s gonna cause serious damage. And you’re gonna have to spend a lot more time and money fixing it later. Exactly. So investing in employee wellbeing, it’s not just about being nice. It’s about being strategic. It’s about protecting your business. Yeah, it’s about building a workplace where people actually want to be.
04:41
exactly where they feel valued and supported. Is where they can do their best work. And that’s what leads to success in the long run. Absolutely. So here’s something for everyone listening to think about. How can you go beyond those surface level perks? Yeah, like free pizza. Exactly, and really understand what your team needs. Yeah, like what are their actual concerns? Maybe it’s creating a culture of open communication. Where people feel comfortable.
05:09
talking about their workload or taking mental health days without feeling judged. I like that. Because even small changes can make a big difference. Absolutely. Well, this has given me a lot to think about. Me too. Thanks for breaking it all down. My pleasure. And thanks to everyone for listening and we’ll catch you next time. See you next time. For another deep dive. Bye.
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