There has never been a better time to give your workforce a big old boost in the wellbeing department.
The past year (and counting) has really put things into perspective for a lot of people: our health and happiness needs to be a priority for a meaningful and fulfilling life. With that shift in focus, company culture is fast becoming one of the most powerful tools when it comes to attracting and retaining the best talent.
Businesses are working hard to rebuild after an incredibly tumultuous time, and any savvy employer knows that their success relies on having committed, productive, focused employees who bring their best selves to work.
The thing is, before people can bring their best to any job, they have to feel their best. And you absolutely have a role to play in that.
Expectations around employee wellbeing are changing
A morning fruit basket or Friday night drinks trolley just isn’t going to cut it anymore: people want to see a real commitment from their employer when it comes to prioritising employee wellbeing. It has to be a whole culture shift, rather than token gestures.
And if you’re wondering whether it’s worth your time and money, take a look at the stats:
- Poor mental health among employees costs UK employers £42bn – £45bn each year
- Depression and anxiety cost the global economy US$ 1 trillion each year
- Happy employees are actually 13% more productive than unhappy employees
- Consumers are 83% more likely to be loyal to brands that lead with purpose
- Employers get an average return of £5 for every £1 they invest in employee mental health
- For each employee whose mental health needs are unsupported, the cost to the employer is £1,300 per year
Add to that the fact that mental illness is on the rise after a year of economic uncertainty, ill health, isolation and detachment from society, and it’s not hard to see why wellness is at the forefront of everyone’s minds.
Deloitte’s Global Millennial Survey 2020, carried out before the pandemic, found that 48% of Gen Zs and 44% of millennials feel anxious or stressed all or most of the time. Imagine what those stats would show post-pandemic.
People need support, and more significantly, they expect to get it from a decent employer.
Helping your employees to thrive
When you fail to make employee wellbeing a top business priority, you risk not only the health of your workers, but the reputation of your brand, your ability to retain good people, and your capacity to attract new talent to your organisation. Because in this day and age, people talk – usually online, for all the world to see.
Supporting the mental health and wellbeing of your employees increases feelings of trust, loyalty and commitment, boosts morale, increases engagement and productivity, reduces absenteeism, and calls time on the damaging pressures of presenteeism. In other words, better employee care gives you a better workforce for business.
Of course one of the biggest barriers to effectively supporting employee wellbeing is the stigma around mental health, and the reluctance amongst (particularly corporate) employees to admit when they’re struggling. And this can only change with buy-in from the top.
In the UK, one in four employees said that they fear negative consequences if they make their mental health issues formal. But if leaders evidence commitment to cultural change, it’s a green light to the rest of the company.
When employers introduce personalised wellbeing programmes, like BetterSpace, into their organisations, it takes mental health out of the shadows. When employees are given their own budget, to choose resources that support the unique challenges they might be facing, they feel valued, seen, and heard.
And that’s ultimately all people want.
The post-pandemic crossroads
The world, and the world of work, has shifted irrevocably. There’s no going back. People have changed, working practices have changed, and expectations have changed. And that gives employers a choice: to embrace it, or resist for as long as possible.
There will of course be companies that aren’t ready for the change, with leaders who remain reluctant to embrace their role in improving things for their people, but those employers are unlikely to come out winning in the war for talent.
The businesses of the future; the employers of choice; the success stories will be those that recognise their responsibility for making the workplace better for everyone. Those that want to see their people thrive, rather than simply survive. They are the companies people will want to work for; want to do business with; want to celebrate on social media.
If you’re keen to take your place on the right side of history, get in touch with us today, and learn more about how our employee wellbeing platform creates real cultural change, time and again.
BetterSpace is the employee wellbeing platform putting control where it belongs: in the hands of the individual employee. Our groundbreaking solution has been developed with medical and domain expertise and is aligned to our Six Pillars of Wellbeing. BetterSpace empowers your workforce to understand and fulfill their mental health needs.
This approach has achieved engagement rates of 94%, compared to the average usage rate of 2-18% for Employee Assistance Programmes and 10-40% for points solutions.
Want to know more? Schedule a product demonstration with us today.
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