When we measure value in more than money
we recognise much more of it.
There’s no denying it, wellbeing is the hottest thing on the block these days.
Everyone is talking about it and it seems like if you aren’t, everyone looks at you funny at lunchtime.
This might seem a little extreme but there are very good reasons why it’s coming to the fore and why it’s so important to get it right.
Here are 6 of those reasons:
Attract and retain talent.
In the war for talent, if money is your only drawcard then something is missing in your workplace. Countless studies have shown that people prize wellbeing, engagement, and recognition over financial compensation (as long as that compensation is deemed adequate) and will flock to and stay at companies that provide these things over companies that do not. Bolster your EVP with the specifics of HOW you address workplace wellbeing, not just that it’s a vague notion to you, and you’ll get the strongest candidates knocking down the door to join you.
Make and save more money.
This has to be said, because without making money it’s going to be pretty tough to put anything forward as a legitimate business practice. When done right, workplace wellbeing programs cut unplanned absenteeism, worker’s compensation cases and turnover, all of which can be easily measured and expressed as hard ROI figures. They also greatly reduce presenteeism and increase productivity, morale and goodwill, which are harder to measure but can be even more valuable than what can be measured. There are a million good reasons to focus on employee wellbeing and making more money is one of them.
Combat burnout.
There’s no denying it, burnout is on the increase and Australians are amongst the hardest hit in the world.
Microsoft’s latest Work Trends Index found that 62% of Australians are feeling burned out at work, compared to 53% globally (which is still a ridiculously high number). When workers feel burned out they produce less and less work for the same or greater effort until eventually they can’t produce anything at all. This is a trend that must be addressed and focusing on wellbeing is the way to do that.
Increase company culture and goodwill.
Culture and goodwill are those elusive and intangible yet incredibly valuable commodities that you just can’t fake. It’s the way your employees, customers, suppliers and competitors view you and feel about you and how well they think you operate. The better your culture, the better your employees feel about coming to work and the easier everything becomes. The greater your goodwill, the more social and commercial clout you wield, which translates to smoother operations across the board. Companies that truly look after their employees, and are seen to be doing it, create a culture that people want to be a part of and involved in, whether that means giving their time as employees or their money as customers, either way it makes good business sense.
Improve the economy.
Workplace wellbeing is the future of preventative health care and has the power to greatly enhance the economy as a whole through its flow-on effect. If we can proactively improve the health of workers BEFORE they get sick, we increase the amount of working age people staying at work and producing quality output, which means increased productivity, decreased staffing costs, and a greatly decreased burden of disease on the healthcare system. More money in the economy and less money spent on managing preventable diseases also means more money spent on medical research and innovation, which means cures for more unpreventable diseases, which reduces the burden of disease further, which means more money spent on medical research and innovation, and on and on and on. Fix the health issues of workers, fix the economy. Simple as that.
Because it’s right.
If we forget about the money and the benefits and all the rest of it, what improving employee wellbeing comes down to is that it’s the right thing to do. There shouldn’t have to be a business case for taking care of people and you shouldn’t have to show a hard ROI for doing the right thing, but business is business and it just so happens that that business case not only exists but is very compelling, so wellbeing gets the focus it deserves.
When we talk about wellbeing as a ‘value add’ we are talking about so much more than money.
The true value of focusing on wellbeing is the way your people feel when they come to work, how excited they are to turn up and give their best and how proud they are to say they work for you.
That is what true value is and that is why wellbeing, even though it’s having its moment in the sun, will never go out of style.
For more info on this, or anything else health and wellbeing, book in for a chat here or send me an email at [email protected].
Question
What does focusing on wellbeing mean to your company?
