By Jools Tait, Business Development Director at Ben
Richard Branson, Founder of the Virgin Group, once said “take care of your employees and they’ll take care of your business.”
So let’s look at the reasons why companies should take notice of employee wellbeing.
1. Reduce staff sickness and time off work
According to the Health and Safety Executive, 25.9 million days were lost due to work-related illness in the financial year 2015/16. Similarly, Mind estimates that work-related mental ill health costs the UK economy up to £26 billion each year due to time off work, staff turnover and reduced productivity.
With this in mind, employees who are mentally and physically healthy are likely to have fewer sick days and, therefore, productivity will be higher. Fewer people having time off for illness also reduces the pressure on staff who cover these absent work colleagues.
2. Attract the best talent and keep them
Competition to recruit the best candidates is high, so staff who feel that you are looking after them are more likely to recommend you as an employer of choice. Looking after your employees helps to produce a positive public image and a whole set of advocates for your business.
Promoting employee wellbeing and creating a positive environment to work in makes employees less inclined to leave. A reduction in staff turnover and the associated recruitment and training costs will not only improve your bottom line, but help your staff to grow and develop alongside your company.
3. Increase engagement
Gallup – an organisation that produces analytics – found that US companies with high employee engagement scores also performed better in areas such as productivity, profitability, absenteeism, turnover and safety.
Engage for Success (Wellbeing and Employee Engagement, 2014) found that there is a ‘virtuous circle’ between employee wellbeing and engagement, with healthy, happy staff being in a better position to focus on their jobs.
Staff who are more engaged at work have higher levels of job satisfaction, so are more likely to stay at your organisation and go the extra mile to achieve their goals.
4. Improve morale
People who feel like their company cares about them are less stressed and physically healthier and are, naturally, going to be happier. Happy employees create a positive atmosphere within your organisation, are better at handling adversity and – importantly for companies that rely on sales – provide a better service for customers.
5. Boost productivity
As we have seen, staff wellbeing not only reduces sickness absence, but also helps companies to recruit the best people, improve engagement and create a positive working environment.
According to the Harvard Business Review, positive working cultures result in improved staff relationships and abilities, as well as increasing loyalty to the organisation. It states that positive cultures therefore have higher levels of organisational effectiveness, including financial performance.