Employees are an important asset of your business, and their wellbeing plays an important part in the success of your company. A healthier and more productive workforce helps increase efficiency and profitability, reduces costs and puts your business in a better position to meet economic and competitive challenges. Here are 5 ways the Wellbeing of your employees can help your business succeed.
Reducing Absenteeism
According to figures from the Office of National Statistics (ONS), over 137 million working days were lost to absenteeism in the UK, equal to almost 1 week per employee. The effect on your business of excessive absenteeism is a reduction in your productivity, it affects the quality of your services or goods and is poor for morale. By improving the physical and mental health of your employees, a comprehensive Wellness programme can help to reduce absenteeism and the associated disruption to your business.
Increasing Productivity
Wellbeing is not only about improving physical health. Exercise, improved nutrition, sleep and mental health all combine to create a positive mindset. A study by the Social Market Foundation showed that happy employees were more productive. Not only are they more engaged with the business goals of their employers, they are more likely to apply their skills to their jobs and improve their own performance.
Retention and Recruitment
Employers who demonstrate an interest in the health and wellbeing of their employees are likely to receive a greater degree of loyalty in return. This not only reduces your staff turnover and the associated costs of hiring and training a new employee, but it can also help you to attract the brightest and the best talent in the first place.
Injuries and Accidents
As an employer, you have a legal responsibility for the health and safety of your workforce. The Health and Safety Executive (HSE) estimated that work related injuries and ill-health cost almost £15 billion. A wellbeing programme aimed at shaping a healthier more resilient workforce also helps to encourage employees to work with a positive approach to health and safety practices.
Health Insurance Costs
Technology and advancements are continuously developing in the field of medical care, but this comes at a price. With an ageing workforce in the UK, health insurance is an important part of the benefits package for many employees. For businesses, the rising prices of health insurance is an increasingly significant cost, and many companies are already investing in corporate Wellbeing programmes to help defray this expense.
If you are interested in finding out more about a complete corporate wellness solution for your company, with a focus on nutrition, sleep, activity and mindfulness, please contact Jake Adams via email jake@yourwellspace.com to set up a free wellspace trial.
