In today’s competitive business environment, it’s essential organisations recognise the critical role staff wellbeing plays in future business success.
Analysis by the Institute for Public Policy Research (IPPR) showed the cost of staff absence and presenteeism has reached over £100bn*.
Wellbeing, encompassing the physical, mental, and emotional health of staff, is essential for enhancing employee satisfaction and productivity. This, in turn, significantly impacts staff retention rates, business success, and a positive brand image.
Boosting morale and job satisfaction
When employees feel valued and supported, their morale and job satisfaction improve. Low-cost wellbeing initiatives like flexible working hours, mental health support, and wellness programmes demonstrate that an organisation cares about its employees’ health. This fosters a positive work environment, encouraging employees to stay committed to their roles and the organisation.
Reducing absenteeism and presenteeism
Investing in employee wellbeing can decrease both absenteeism (frequent health-related absences) and presenteeism (working while unwell which leads to lower productivity). Promoting a healthy work-life balance and providing physical and mental health support can help ensure employees are present and performing at their best.
Enhancing employee engagement
Employee engagement is tied to wellbeing. Engaged employees are more motivated, productive, and committed. Wellbeing initiatives that address stress management, career development, and work-life balance contribute to higher levels of engagement. When employees feel supported both personally and professionally, they invest more energy and creativity into their work, benefiting the organisation
Attracting and retaining talent
Organisations that prioritise staff wellbeing have a competitive edge in attracting top
talent. Prospective employees increasingly seek supportive, healthy work environments. By committing to wellbeing, organisations can attract high-quality candidates and retain well-performing existing employees, reducing turnover and associated recruitment and training costs.
Building a positive organisational culture
Prioritising staff wellbeing helps create a positive culture. When employees feel their wellbeing is valued, it builds trust and loyalty. This culture boosts employee satisfaction and attracts individuals who appreciate a supportive work environment. A strong culture focused on wellbeing can differentiate the organisation in the marketplace, enhancing its reputation and success.
Staff wellbeing has numerous influences on the effectiveness of a business. By investing in the health and happiness of employees, organisations can create a positive work environment, reduce absenteeism, enhance engagement, attract top talent, and build a strong organisational culture. Prioritising staff wellbeing is not just a moral imperative but a strategic and financial advantage in today’s competitive business world.
For support with strategies for improving staff wellbeing, the South Midlands Growth Hub can help. We’re connecting to over 70 business partners and our extensive resource library brings you the best programme, toolkits and guidance for all business. Connect to a Growth Hub Business Adviser today to learn how we can support your business > Free business support for the South Midlands | Growth Hub
