The world of workplace wellbeing has been turned on its head over the past two years – with the importance of a happy and healthy workforce becoming ever more apparent in light of the individual and business struggles we’ve all experienced.
Because it’s not just team members who benefit from a focus on physical, mental, financial and emotional health: their employers also stand to benefit from implementing an effective workplace wellbeing strategy.
Here, the team from Paycare – proud sponsors of Motherwell Football Club – share their expert insights, having supported employee health and wellbeing since 1874.
Healthy employees take less time off sick
Sickness leave has been reduced to 3.6 days on average per employee per year – with carefully thought out policies that promote early detection and intervention of illnesses, meaningful support for those with long-term conditions, and assistance in the case of injury having the potential to improve employee health further.
Introducing mental health assistance alone sees sickness absence fall in a third of companies. This is far more preferable than the alternative: creating a culture where employees feel they must come to work even if they are unwell.
While on the surface this approach may look to be beneficial for the company in question, presenteeism has an even more damaging impact when it comes to business revenue: costing the UK economy £15.1 billion each year.
Increased productivity and loyalty
In workplaces where mental health is addressed, productivity rises by 12%, while more than half of companies also see engagement and morale rise. And this translates to visible and substantial benefits when it comes to weighing up the financial costs too. For every £1 a company invests in employee mental health, they can expect to see £5 back in reduced absence, presenteeism and staff turnover.
Companies not yet realising the importance of workplace wellbeing are not only losing good employees to other firms, one in every eight people leaving the labour market does so because of ill health. Those dismissing the importance of healthcare perks might also find themselves missing out on top applicants – a third consider wellbeing benefits as a top priority when considering whether to accept a job offer.
What should a Wellbeing Strategy include?
To prove truly impactive, a formalised Wellbeing Strategy should be implemented to ensure consistency of offering across the business and ease of communication about perks and benefits to existing and potential staff, as well as external stakeholders and clients.
A Wellbeing Strategy should protect the emotional, mental, physical and financial wellbeing of every team member. Naturally, employees should be supported through any specific problems which arise. Still, the strategy should also focus on preventing issues and making health and wellness a priority at all times, not just when a specific team member is experiencing a problem.
As well as covering specific benefits available, the strategy should also focus on the company’s flexible working policy, who employees can approach for support, and whether adjustments can be made in light of long-term conditions.
The bottom line
A well-thought-out strategy offering effective benefits focused around all aspects of employee health – physical, emotional, mental, and financial – has been shown to reduce absenteeism, presenteeism, and absence leave, while simultaneously increasing loyalty, staff retention, and productivity.
An investment in staff wellbeing isn’t just good for individuals. It’s good for business – and it needn’t be a huge investment, as Paycare has proved with its Bundle package.
For just £2 per employee per month, Bundle members have access to three core wellbeing services: round-the-clock virtual access to a GP, confidential telephone support and counselling, and discounts on everything from utilities and sports gear to holidays and days out.
Visit paycare.org/wellbeing-bundle for more information.
