Many companies are still guilty of not having a strategy in place to support the health and wellbeing of their employees. In 2019, Reba Global carried out its annual Employee Wellbeing Research survey, polling 250 companies of various sizes on topics around internal employee support. Of the companies polled, just over two-thirds (68.4%) had a strategy in place, but this was a noticeable increase from the 2018 survey when less than half (45.2%) of responding companies had a defined wellbeing strategy.

Employee wellbeing goes beyond simply providing a listening ear for your staff but ensures programmes and services are in place to help with mental health, informal carers and tackling absenteeism and presenteeism among employees. Employee wellbeing strategies aren’t just in place for your staff but the support of your business as a whole by providing the following benefits.

The Benefits of an Employee Health and Wellbeing Strategy

Reduce Absenteeism and Presenteeism

According to the Office of National Statistic, in 2018 absences due to sickness led to the loss of 141.4 million working days, averaging out at 4.4 days per worker in the UK.

Absenteeism is defined as the regular absence from work without a justifiable reason that exceeds the given annual leave and expectations for personal days such as bereavement leave and family emergencies. It is often caused by low motivation in staff as a result of heavy workloads, unchallenging responsibilities and internal conflicts. Absenteeism can cost the business both in increased workloads on existing staff or the process of replacing the individual.

Presenteeism can be harder to notice, particularly among large departments, but is defined as employees being present in the workplace longer than they need to be or turning up to work when ill or injured. Presenteeism is often a result of insecurity, where effort isn’t recognised in the workplace and support is lacking, making staff feel like they are underperforming in their role. Unmonitored presenteeism can cause a high staff turnover as employees lack direction professionally costing the business in further hiring cycles.

An employee health and wellbeing policy can help reduce absenteeism and presenteeism in the workplace by ensuring staff feel supported and have a clear point of communication for when they are feeling stressed or under/overwhelmed. By having a dedicated health and wellbeing coordinator, staff know their personal worries will be handled confidently and confidentially and the staff and business can work together to find an appropriate solution.

The number of informal carers is increasing and WeAreWeMa is here to help with our dedicated Presenteeism and Absenteeism workplace solutions. Follow the link to learn more.

Greater Control of Budgets

The cost for companies to maintain a health and wellbeing strategy is estimated between £51-£75 per employee.

This is higher than the cost of £1-£26 for companies that don’t have a health and wellbeing strategy in place. However, the cost of not having a policy in place can be much higher when staff go through periods of absenteeism or presenteeism or there is a much higher staff turnover due to lack of support. Companies can save hundreds, potentially thousands in hiring and staff management costs by implementing a health and wellbeing strategy as early as possible.

As health and wellbeing become more important to the majority of staff in the workplace, more individuals are turning away from companies that lack sufficient support in favour for those that do have established policies. By building a health and wellbeing strategy budget into your annual outgoings, you can be better prepared for the staff that need it.

Promote Employee Engagement

Including an hour lunch break and an average daily commute of an hour, full-time workers spend 40% of their lives in the workplace Monday through to Friday.

If staff aren’t engaged with their job or the workplace this is a long time to be spent watching the clock or longing for freedom. The vast majority of workers don’t wish to spend this time simply ticking boxes but they want the ability to seek challenges, learn new things and have the flexibility to be social with colleagues. They also want to know that if they face personal or professional challenges that their workplace has a support system in place to ensure they can still carry out their responsibilities to the best of their ability.

By encouraging employee engagement, businesses will see an increase in productivity, efficiency, employee wellbeing and overall morale of the workforce.

Support Hiring and Staff Retention

An increasing number of candidates are looking beyond the paycheck offered and are making decisions based on companies that have values that align to their own.

To engage potential hires, you need to be putting your company culture and visions front and centre in the job advert. This allows candidates to make an informed decision early on in the hiring process, saving you both time and the company money. Most staff are looking for a reasonable work/life balance and knowing that the company they are applying to has a health and wellbeing policy in place is more likely to favour balanced lifestyles in and outside of the workplace.

Demonstrating to your staff, both new and existing, that your health and wellbeing policies have been carefully considered, and built with the input of staff of all levels, will not only inspire staff to work harder but will show potential hires that you are committed to the wellbeing of your employees.

Whether you have five employees or 500, you could stand to lose hundreds if not thousands of £s when you fail to put the health and wellbeing of your staff at the forefront of your business. Especially in the current climate where both businesses and individuals are feeling the stress of the current pandemic, it is more important than ever to form quality and considerate relationships with your staff. By looking after the employees consistently throughout the year, you not only build loyalty but improve productivity and create a better working environment for everyone.