In a perfect world of unconstrained budgets, we know that every company would have a comprehensive strategy in place to cater for their employees wellbeing. Though, following a period of high inflation and potential recession looming for the UK in 2024, CFOs are increasingly looking at areas where they can cut budgets. The question becomes, how can we (as people and wellbeing professionals) prove that not only is it the right thing to do for our employees, but the financially prudent thing to do. The answer lies in a small 3 letter acronym. ROI (return on investment).
When it comes to thinking about ROI, there are three key areas we need to dig into. Can we track and measure well-being? Can we create a connection with financial return? Can we optimise this ratio? This is how we at Betterspace solve the conundrum.
1. Tracking and Measuring
It’s impossible to track a metric if you don’t measure it first. We use the six pillars of the wellbeing framework to measure and understand our employees and track changes over time. By taking a broader view of wellbeing, we can get specific and away from vague conversations like “how are you feeling” to more identify more tangible problems and the extent to which they are being addressed over time.
You can have a framework for measurement, but without having enough data, you simply can’t track it. That’s where our Betterspace hub solution fits in. Integrating with your existing solutions to provide you with real time data and insights for your entire workforce across all areas of wellbeing.
2. Connecting Wellbeing to a “Return”
Now you’ve got your data and insights it’s time to create the link to a return. Different companies inevitably want different things, but many of our current clients look at turnover, absenteeism, sick days, and productivity. By having the Betterspace wellbeing hub, with a single dashboard to track data and usage, our clients can now connect between what they have been spending on their employees, and the improvement they’re seeing from a happier and more productive workforce.
3. Optimising your budget
Once you’ve calculated ROI, you’ll want to improve it. There are two ways to boost ROI. Improve the return, or lower the cost. Betterspace helps with both.
By providing you with the data and insights on your entire strategy, Betterspace helps you to eliminate expensive resources which are not being used efficiently by your workforce. We’ve already helped our clients save £‘00,000’s in underutilised resources.
Not only that, we employ a “pay for what you use” approach. In a world where engagement rates are c5% – you often end up overpaying by 20x in hidden unused fees – so that £100k resource you’re paying for, may only require a £5k solution!
The other side of the coin is to improve the return. Betterspace helps here too, by providing hyper-personalised resources for your employees, they are getting help where they really need it. Boosting engagement, improving wellbeing, providing happier and more productive employees!
So here’s the bottom line. We know supporting wellbeing is the right thing to do. We know it makes for happier employees, which makes for more productive employees. And now you can start to prove it.
Contact Charlie Sefton to find out more!