If you're considering investing in a stress management programme for your team or implementing a workplace wellbeing protocol across your whole organisation, you may be wondering how to track ROI from your investment. And, if so, you're certainly not alone. In fact, a lot of business owners and managers are asking this very question right now as many organisations that I work with are reporting that workplace stress is at an all-time high, particularly in the UK.
Of course there are many other costs that businesses are evaluating right now as business expenditure is a valid concern for organisations of all sizes and across all sectors. But before we get into the pros and cons of workplace wellbeing, let's take a step back and define what we're talking about.
Simply put, workplace wellbeing is the term used to describe programs and initiatives designed to improve the physical, mental, and emotional health of employees. While there has been a long-time trend for organisations to offer employee fruit baskets, desk yoga tutorials and dress-down Fridays - is this really enough of a commitment to emotional and mental wellbeing in today's workplace?
And if modern working life is stressful itself, with increased productivity expectations, the increased numbers of people working in isolation or from home, and wages meeting fewer of life's needs and expectations - is it time for organisations to consider more closely their duty of care the the mental and emotional wellbeing of their teams?
What Is Workplace Wellbeing?
You may have heard the term "workplace wellbeing" thrown around a lot, but what does it actually mean? Quite simply, workplace wellbeing is the term given to the physical, mental and social health and well-being of employees in the workplace.
It's not just about having a healthy workforce – although that's certainly a key factor. Workplace wellbeing also encompasses creating a positive work environment that supports employees' physical and emotional needs, fostering productivity and creativity, and reducing stress levels.
The Benefits of Investing in Workplace Wellbeing
When it comes to the bottom line, many employers see investing in workplace wellbeing as a no-brainer. After all, the benefits are clear: improved productivity, reduced stress and anxiety, and decreased rates of absenteeism and turnover.
But making the case for workplace wellbeing can be harder than it seems. It's not always easy to quantify the benefits in concrete terms, and some employers worry that investing in wellbeing will be seen as a luxury they can't afford.
The good news is that there are plenty of resources available to help you make the case for workplace wellbeing. A growing body of research shows that investing in employee wellbeing is not only good for employees, but also for employers. And with the right tools in place, you can create a workplace culture that supports wellbeing and makes it easy for employees to get the help they need.
Challenges of Implementing Workplace Wellbeing
When it comes to workplace wellbeing, there are some challenges that need to be taken into account.
For one, it can be difficult to get everyone on board. Some people may see it as an unnecessary expense, or they may not feel that they need it. It can also be tough to change the culture of a workplace and get people to buy into the idea of taking care of themselves.
Another challenge is making sure that the wellness initiatives are effective and relevant. If people don't feel that the programs are worth their time, they're unlikely to participate. And finally, it's important to keep track of the return on investment so that you can justify the cost of workplace wellbeing initiatives.
Evaluation Metrics for Measuring Impact of Workplace Wellbeing
Are you wondering how you would even measure the impact of workplace wellbeing? Luckily, there are a few ways. Here are some factors you can take into consideration:
Employee health: This includes physical, mental and emotional health. To get a handle on this, you could survey your employees or do a health risk assessment.
Engagement and satisfaction: You can measure this by looking at things like employee turnover, voluntary resignations, engagement surveys and performance reviews.
Productivity: This one is a little trickier to measure, but you could look at things like output per hour, number of sick days taken, error rates and project completion rates.
There's no one-size-fits-all solution when it comes to workplace wellbeing, but hopefully, this gives you a better idea of where to start.
Examples of Successful Workplace Wellbeing Initiatives
So what does a successful workplace wellbeing initiative look like? An example of a company that's doing workplace wellbeing right is Google. The tech giant offers on-site health services and wellness programs to their employees, with the goal of reducing stress and promoting healthy lifestyles. As a result of these initiatives, Google has seen a decrease in employee health care costs, as well as an increase in productivity.
Another strong example of workplace wellbeing in action is the British Airways-backed program called ' Avios for Health,' which allows employees to earn rewards points that can be redeemed for travel when they meet certain fitness goals. This program encourages employees to be more active and has resulted in a decrease in sick days taken by participants.
These are just two examples of workplace wellbeing initiatives that have been successful in improving employee health and productivity. So, if you're wondering whether or not workplace wellbeing is worth the investment, the answer is a resounding yes!
How to Get Started With Employee Wellbeing Programs
If you're thinking of introducing employee wellbeing programs at your workplace, there are a few things you need to keep in mind. First, you need to think about what your goals are and what you want to achieve with the program.
Are you looking to improve employee productivity? Or reduce absenteeism? Maybe you want to improve employee morale, or create a healthier workplace environment. Whatever your goal is, make sure you have a plan in place to help you achieve it.
Once you know what your goals are, you need to decide what type of program is right for your workplace. There are a lot of different options out there, so it's important to do your research and find something that will work for your specific needs.
Finally, once you have a program in place, make sure you promote it and get employees on board. The more buy-in you have from employees, the more successful your program will be.
It's worth pointing out that workplace wellbeing isn't about fixing people who are struggling. It's about creating a workplace where people want to be, and where they feel supported in being their best selves.
When it comes to the bottom line, workplace wellbeing makes sense from a financial perspective, too. According to one study, for every dollar invested in workplace wellbeing, there's an average return of $3.80 in terms of reduced healthcare costs, increased productivity, and reduced absenteeism. And the costs are strikingly similar across the UK.
So, what do you need to know about workplace wellbeing? It's an investment that can have a positive impact on your business, your employees, and your bottom line. And if you want to understand more about how your particular business could benefit from a renewed focus on employee wellbeing - a Discovery Call is a great place to start. Completely free, no obligation - book 30 minutes with Craig here.
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