More sense than money: How wellbeing is worth more to your workforce

NatWest Great British Entrepreneur Awards Partner PIB Employee Benefits explain how wellbeing is worth more to your workforce.

We all require a good salary, but today’s employees are seeking out organisations that understand the value of workers’ wellbeing as well as their wages.

It’s no surprise when you consider how busy our lives have become; but devices enabling us to pack more into our time than ever before have blurred the divide between work and home life.

University of London psychologist, Dr Almuth McDowall, feels this ‘digital overload’ is unsustainable, and we are all footing the bill: a recent government labour force survey says work-related stress was responsible for 44% of professionals’ ill health in 2017/18, and 57% of days lost.

On the flip-side, Royal Mail data found health and wellbeing investment of £45m “generated a £225m ROI from 2004 to 2007, while NHS Trusts that perform well on the health and wellbeing index are proven to perform better on a range of different business levels.

At a time when fewer than 8% of UK organisations have a dedicated strategy for the mental and physical health of employees, companies that take more care of their workers can stand out from the competition and build a stronger, happier team.

Here are four steps executives can take to start promoting wellbeing so that a constructive culture develops.

Invest in employee benefits

Just like Royal Mail, “companies that make that investment have better productivity per employee,” says Philip Smith, director in the people and organisation practice.

Employee Benefits can provide much needed financial support for those rainy days where an unexpected event can cause a short, or long term illness. Relieving that stress can help employees focus on the job in hand, knowing they’ve got the backing of their employer, which in turn increases employee loyalty and retention. Along with the financial support, many insurance policies can provide full Employee Assistance Programmes as well as high street discount platforms to help design a full health and wellbeing programme, and create a positive workplace culture. Employee Benefits don’t have to be expensive either, as all can be tailored to suit your business needs and budgets.

A CIPD report finds that more organisations finding success through educating staff of the importance of mental and physical health at work, while providing clear steps for individuals to take in order to improve themselves.

Education and communication

Employees can fall off the pace at work because focus on meeting targets makes them blind to how and why stress accumulates. Remember that the best wellbeing initiatives take hold in a culture of awareness.

Feedback, fairness and clarity

Employees are people, not machines, so respect this by increasing interpersonal contact with managers and co-workers. It’s about giving workers a chance to talk and de-stress by giving them an opportunity to have their voices heard.

This starts with ensuring performance feedback forums exist for individuals and teams alike, not only to identify problems but to issue praise and rewards at the same time.

Simply introducing a monthly business newsletter can be a platform to celebrate success, share positive messages and keep personnel in touch with how the business is performing. You could even have a slot for ‘employee of the month’ to champion those who stand out.

Increased autonomy

Research finds that the need to get work done effectively must be balanced with the provision of a fulfilling working experience for the employee, for sound job design to be achieved.

Bosses need to look for ways to iron out micro-management, because autonomy plays a decisive role in creating workers that are “more engaged and more productive”.

Enfranchising workers into how jobs are carried out and what they entail will lead to individuals having more say in the shape of their daily lives, promoting ownership, responsibility and job satisfaction as a result.

Take action today

When you prioritise the physical and emotional wellbeing of your staff, it can completely transform your business, improve productivity and nurture a positive working environment that attracts and retains the best talent.

But the culture needs to start from the top, so business leaders need to start taking this issue seriously and devote resources to creating a culture that puts workers’ health and happiness first.

David Skinner, Managing Director of PIB Employee Benefits had this to say:

“Employee loyalty, and long term commitment is essential for growing businesses. A disruption by an experienced or key employee leaving the business can be costly and difficult to deal with. We’re seeing that far more employees value health and lifestyle benefits provided by their employer, and no longer focus primarily on pay alone. Employee Benefits help motivate staff, provides support for them and their families, and at the same time brings a workforce together to help drive a positive and healthy culture. Employee’s engage more knowing their employer is also investing in their own future”.

Speak to the specialists

PIB Employee Benefits are experts in this area, delivering innovative products and services across the full spectrum of employee benefits. PIB work with their clients to provide consultancy and tailored solutions with extensive experience in looking after the needs of organisations ranging from Multinationals to smaller owner managed businesses.

They can help with:

  • Workplace pensions
  • Health & Wellbeing
  • Private Medical and Dental Insurance
  • Communications & Engagement
  • Death in Service, Critical Illness and Income Protection
  • Business Protection

From assisting recruitment and retention, to aligning employee behaviours so that they support your business objectives and culture, PIB helps firms to empower their staff to make well-informed decisions that stand the test of time.

Speak to them today to find out how PIB Employee Benefits can take care of your needs, no matter what the size of your organisation.

Get in touch: Employee.benefits@pib-insurance.com