Probably the most compelling reason to look at workplace wellbeing is profitability and its impact on the bottom line. That’s what has catapulted wellbeing into the top 5 boardroom issues in the UK. Here’s how wellbeing can help your business challenges:
1. Improving staff retention
Disenfranchised staff are costly – they put less effort in, affect the motivation of those around them and then they leave. If your rate of staff attrition is holding your business back, perhaps it’s time to look at the wellbeing agenda. Would better focus on professional support, working environment, rewards and benefits and company culture keep your staff engaged and working for you for longer?
2. Driving productivity
Most businesses are trying to do more with the resources they have – in this instance wellbeing and motivation has real commercial gain, but professor Carey Cooper warns that ‘wellbeing initiatives will be poorly perceived if employees feel they are merely a justification to ask them to work harder.”
A US study revealed that the majority of the 2000 employees surveyed were not working at their full potential or productivity because they did not feel engaged or that their efforts were valued. Fix that and the workforce would become stronger. Problem solving becomes quicker, focus and willingness to tackle challenges goes up and output increases too. Greater focus on wellbeing increases discretionary effort – something that can quite literally transform productivity overnight.
3. Reducing sick days
Even though the average employee is only off ill for 4.4 days per year (a sizeable drop on the decade before) sick days are costly. According to the Confederation of British Industry, only 25% of UK employers calculate their absence costs and those that do tend to only focus on salary costs, failing to take into account the cost of business disruption, management time and increased workloads for others.
By taking a look at the reasons for and patterns of staff sickness you could identify simple wellbeing measures that will reduce the number of sick days AND the temptation.
4. Boosting customer satisfaction
For many firms the only real point of differentiation is their people. Better employee wellbeing can increase effort and performance without employees even being aware of it. Businesses wanting to improve customer satisfaction scores or ratings can use improved wellbeing measures as a means to get there, after all, the best customer service comes from those that care.
To find out more about workplace wellbeing and how to write a wellbeing agenda, download our Workplace Wellbeing whitepaper, which is full of guidance and advice: