Willis Towers Watson has launched a new index that will allow employers to gain insights into the effectiveness of their employee and wellbeing programs.

The global advisory, broking, and solutions company noted that despite companies investing heavily in wellbeing, employee engagement with programs remain low.

“We saw the need for a tool that would help companies build employee wellbeing and reduce risk, as well as measure and benchmark improvements in workforce productivity,” said Lesley Brown, Asia-Pacific leader of employee surveys and insights. “We have developed our Employee Wellbeing Indicator to support this.”

The tool measures the physical, psychological, social, and financial wellbeing of employees and identifies areas of concern that will affect productivity.

The Employee Wellbeing Indicator, meanwhile, was designed to help companies identify areas of strength and high performance, pinpoint where they need to focus to build employee wellbeing, productivity, and overall business performance, and track progress over time.

“We are looking to go beyond traditional health programs and employee-engagement surveys,” Brown said. “This is an integrated solution that uses consumer-grade software, underpinned by robust research methodologies. Individual company results will also be benchmarked against Australia’s most comprehensive national norm.”

Employers can participate in the Employee Wellbeing Indicator until November 30.