Workplace wellbeing - why is it so important?
Wellbeing in the workplace is something that came to the forefront for many businesses during the pandemic, but as the threat from Covid-19 recedes, it seems that the importance of employee wellbeing is worryingly dwindling away too.
Key Wellbeing share 3 reasons why your people’s wellbeing and mental health must remain a KEY priority and become an embedded part of your organisation’s work culture:
It will come back to bite you
First and foremost, no employer wants to be the cause of a staff breakdown, right? But it will happen if the right support isn’t in place.
If employees don’t feel fully supported within their working culture or comfortable to speak up if they’re struggling, then they’re more likely to hide it from their employer.
Whether that’s through consecutive sick days, for example, a recent survey by Direct Line Group found that nearly one in three tradespeople have taken around five days off work over the last 18 months because of their mental health. Such absenteeism can lead to understaffing issues and affect team morale.
Or, some workers continue to show up to work feeling stressed, anxious or burnt out which in turn negatively impacts work performance and progression towards company goals.
To keep tight hold of talent
Failing to understand the importance of putting your people first at work, is likely to result in your business being left behind in the current Great Resignation movement.
Wondering what the Great Resignation is? It’s a buzzword you’re likely to have seen a lot over the last 12 months, and is used to describe the record number of people leaving their jobs since the onset of the pandemic.
The Labour Force Survey found that In the space of just 3 months (between July and September 2021) a whopping 1.02 million people moved jobs. And chances are, that figure has doubled, if not more since with predictions that 1 in 4 UK workers are planning to quit within the next year.
But, why is everyone quitting their jobs? In a nutshell, employees now expect a real commitment from employers in supporting them to thrive. They now know what they want and deserve in terms of wellbeing support at work, flexible work policies and maintaining a healthy work-life balance and are actively seeking companies and job roles that support the lifestyle they aspire to.
You can’t afford to ignore it
Investing in employee wellbeing solutions can be daunting, especially when money’s tight thanks to the current cost-of-living and doing business crisis. But, ignoring your people’s mental health can be even more unnerving. Ready for some eye-opening figures?
Recent research has revealed that the cost of poor mental health for employers has increased to £56 billion a year, while absenteeism from staff burnout is costing businesses £700 million annually - eek!
It may sound contradictory but to keep these costs down the best thing that organisations can do is invest in employee wellbeing support (and there’s research to back it!). Deloitte suggests that for every £1 spent on employee wellbeing, businesses can expect a £5 return with savings realised through less sick days, greater retention rates and better employee engagement across the board - pretty worth it if you ask us!
All in all, implementing a workplace wellbeing strategy that builds a mentally-aware and highly supported workforce is one of the BIGGEST performance gains that employers can make right now and should be at the top of every organisation’s to-do list.
If you’re looking for a simple solution to make your employees healthier, happier and more productive at work, check our Key Wellbeing: www.keywellbeing.co.uk or drop the team a message at: hello@keywellbeing.co.uk
Written by: Hannah Draboczy, Marketing Lead, Key Wellbeing
