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How can looking after your employees Health and Wellbeing boost your company's profits?

Over recent years there has been an increased pressure on businesses to recognise the importance of positive Health and Wellbeing, in particular amongst their workforce - and now this is more important than ever.

Studies have shown that the business benefits related to the positive health of employees are numerous.

For a lot of companies, this is a vital step towards improving financial and commercial success with many now adopting health and wellness packages and programmes, which if implemented effectively, can reap huge financial rewards.

The benefits of managing your employee’s health and wellbeing

When looking at your business as a whole, there are numerous benefits to introducing such a scheme which all lead to greater efficiency and higher productivity:

Reduced problem of absenteeism

It is estimated that workers in the UK take on average 7.6 days off work per year, which equates to a business loss of nearly £600 per worker per year. That does not take into account other associated losses such as reduction in productivity or customer service levels.

Minor illnesses such as colds, headaches, stomach bugs etc account for 75% of the absences so implementing small changes that encourage a healthy lifestyle could assist your employee’s health and wellbeing could reduce these absences, and thereby improve profits.

Encouraging and rewarding exercise and a healthy lifestyle, and providing the facilities to stay hydrated and follow a good diet when in the workplace can all help towards tackling employee absenteeism.

A decrease in instances of presenteeism

Presenteeism refers to the term used when employees turn up for work but are unable to fully focus on their jobs and the work at hand. The causes for this can vary but mainly includes high levels of stress or anxiety in the workplace or at home.

Health and Wellbeing programs that promote healthy diets, a positive lifestyle and exercise have all contributed to reduced presenteeism amongst employees.

Improved employee engagement and boosted employee morale.

Employees who are satisfied with their work life and are strongly engaged with their jobs and role have been linked to better performance. With greater employee morale comes greater efficiency in the workplace.

Recent studies have shown that organisations that implement a successful health and wellness program were twice as likely to outdo their peers in the Overall Health and Productivity Effectiveness Scale (OHPE). Furthermore, businesses experience a decrease in staff turnover as employees are more likely to remain at a company if they are happy in the workplace.

Positive brand image to attract and retain the best talent

In terms of business reputation, talent acquisition and employee retention, focusing on health and wellness within a business can enhance your brand’s image while boosting the morale and loyalty of those in the company.

Developing the right culture through wellness initiatives can help to attract and retain the most talented people while maintaining a reputation as a caring employer, which is good for business and a valuable perk for those within the company.

When recruiting, many top of the top employees will look for remuneration packages which will consider their health and wellbeing, and having a reputation as an employer which values the wellbeing of its people will make your brand far more attractive.

Integrating Health and Wellbeing as a core strategy

In the UK, only one in ten organisations have a specific wellbeing strategy in place – many others rely on one-off initiatives instead such as like discounted access to a local gym, cycle-to-work schemes or flexible working.

Whilst this is a positive step, to make sure your business’s approach to health and wellbeing has the desired impact and that you reap the benefits, it is important to devise a cohesive plan that can be measured, evaluated, and tweaked to fit your specific workforce’s needs.

Gaining employee input

Although it is important to implement these strategies from the top down within a business and lead by example, it is vital to seek input from your staff during the development stage. Undertaking an initial employee wellbeing survey researching areas of improvement can go a long way in not just making sure you get it right, but also to encourage inclusion and buy in.

Monitoring the results

As with all new strategies and initiatives within business, to ensure success, the results and overall effectiveness need to be monitored. And this isn’t just the take up rate – important factors such as staff illness, absences and personal performance must be recorded on an ongoing basis.

Introducing a simple tracking system such as Breathe can help your business evaluate the effectiveness and realise the benefits of any new initiatives.

Professional support

At Forrest HR, we understand the importance of managing your employee’s wellbeing within the workplace. We have always provided guidance and advice to regarding your staff’s health and wellbeing as part of our standard outsourced HR services, but we have introduced a bespoke service to help you set up and monitor a Health and Wellbeing Strategy that is personalised to your business.

Talk to us today about how we can help, call us on 01892 726060.

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