Prioritising Employee Wellbeing: A Must for HR Executives
By Vinolia Singh, Adcorp Group Chief People Officer
In a world characterised by constant change and rapid evolution, one aspect remains consistently critical for businesses of all sizes: the wellbeing of their employees. But why has wellbeing become a business imperative?
One glaring reason is the enduring issue of the Great Resignation or Quite Quitting. PwC Global Worforce survey data reveals that one in four working adults is actively seeking job changes within the next 12 months. This widespread restlessness within the workforce presents a major challenge for employers.
Moreover, the loss of talent is an expensive affair. It takes a company an estimated 6-9 months of an employee’s salary to replace them. This financial strain can be particularly daunting, especially for smaller enterprises. Not to mention the loss in business momentum and productivity.
However, the most compelling argument for prioritising employee wellbeing lies in its profound impact on business performance. According to a research paper by University of Oxford, companies with robust wellbeing programs tend to have higher profits and command higher valuations. These organisations also exhibit greater resilience during volatile market conditions and perform significantly better in up-market conditions.
Whether you’re at the helm of a nimble startup or steering a large-scale corporation, your team’s wellbeing is not just pivotal for their personal growth; it profoundly influences your organisation’s productivity, innovation, and overall success.
So, what does it mean to foster employee wellbeing in this modern age?
As we delve deeper, you’ll realise that wellbeing is far more than a trendy buzzword—it’s a sustainable, profitable, and pivotal strategy for achieving long-term business success.
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Wellbeing Encompasses More Than Just Physical Health
Employee wellbeing covers a vast terrain. It’s not solely about physical health; it also includes mental, emotional, financial and social health. To ensure a holistic wellbeing program, it’s essential to consider all these facets.
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Workplace Stress: A Silent Threat
Workplace stress is a prevalent issue with far-reaching consequences. However, implementing proactive wellbeing initiatives can significantly reduce these figures, creating a happier and more productive workforce. While most solutions and offerings remain reactive, it is time to shift and provide our workforce with proactive management offerings.
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Investing in Employee Wellbeing Makes Sound Business Sense
The Chartered Institute of Personnel and Development’s Health and Wellbeing at Work Survey suggests a strong correlation between investment in health and wellbeing and overall business performance. Companies that prioritise employee wellbeing report lower staff turnover, decreased sickness absence, improved employee engagement and customer satisfaction.
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Small Changes Can Yield Big Result
Cultivating healthy habits need not be daunting. Making minor adjustments in daily routines can lead to significant health improvements. For example, just 10 minutes of walking every day can substantially lower the risk of chronic illnesses like cardiovascular disease, cancer, and premature death.
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Mental Health: A Cornerstone of Wellbeing
Mental health is a crucial component of employee wellbeing. Addressing mental health issues openly and providing necessary support can lead to a happier, more productive workforce. It is important to equip line managers to identify early warning signs of mental wellness issues so they can provide timeous support to their team members.
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Employee Engagement and Wellbeing Go Hand in Hand
Employee engagement is closely intertwined with wellbeing. Engaged employees are more likely to prioritise their wellbeing, leading to a positive cycle of motivation and performance.
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Flexible Work Arrangements Matter
Flexible work arrangements, including remote work options, have become increasingly important for employee wellbeing. They offer greater work-life balance and reduce the stress associated with commuting during peak hours.
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Wellbeing Programs Yield Tangible Benefits
Companies with comprehensive wellbeing programs observe tangible results, including reduced absenteeism, improved employee morale, and better talent retention.
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Preventative Health Measures Pay Off
Investing in preventative health measures, such as wellness check-ups and screenings, can lead to early identification and intervention for health issues, ultimately reducing healthcare costs and improving overall wellbeing. Offering various financial wellness programmes is also key to assist employees with where they find themselves be it debt management, better savings plans, planning for retirement and having a living will, to name just a few.
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Personalised Wellbeing Matters
Every employee is unique, and their wellbeing needs vary. In todays, workforce we currently have 5 generations and all demand different wellbeing solutions. Hence tailoring wellbeing programs to individual preferences and needs can lead to more significant engagement and positive outcomes.
In conclusion, employee wellbeing is no longer an optional perk—it’s a strategic imperative. Prioritising wellbeing not only benefits your employees’ lives but also drives business success. HR executives should recognise that a thriving, resilient workforce is key to navigating the ever-changing landscape of the modern business world.
About Charisma by Adcorp:
Charisma is a subsidiary of Adcorp, an industry leader in workforce management. At Charisma, we recognise the importance of ensuring a healthy and engaged workforce. That’s why we’ve collaborated with a renowned EAP service provider to introduce an advanced proactive digital wellness support program. This program offers just in time assistance and engagement for employees, all while furnishing employers with valuable insights to drive effective and proactive strategies as their situation and needs require. Charisma is a brand by Adcorp that can assist with your employee wellbeing requirements.