The Value of Investing in Employee Wellbeing

It has become evident over the last decade that there is substantial value in employee health investment, with increasing numbers of companies implementing workplace wellbeing programmes that include options like flexible working, private health insurance and a wealth of complimentary therapies. Dying are the days when rigid working conditions and factory-like processes were aligned to better productivity. Thanks to the increasing demands of an ageing workforce and fresh expectations of the average millennial, companies of all sizes have had to adjust their policies and think of new ways to not only retain employees, but make the most out of what they have to offer.

Google famously hand out some of the most generous benefits going and were one of the first corporations to radicalise work processes to include the wellbeing of their staff. ‘Googlers’, as they’re so colloquially named, can bring their dogs to work, enjoy on-site chiropractic sessions, eat free healthy snacks in unlimited quantities and make use of a huge spread of on and off-site employee team-building and development opportunities to upskill and branch out. And while we appreciate that Google have more means to do this kind of thing than most companies out there, the principle is what matters. A business of any size can implement its own strategies to make employees happier and healthier. And doing so is incredibly smart. In fact, reports show that 77% of employees are more productive when introduced to new workplace flexibilities and companies report lower staff turnover following the introduction of health incentive programmes. A study on the effectiveness of non-financial incentives in the workplace published in the Journal of Business and Management also demonstrated a real need for employees to be given training and development opportunities, much of which can be achieved through team away days and corporate events.

Millennials have played a profound role in this movement. Surveyed workers born between the mid-1980s and 2000 are more interested than any previous generation in ensuring their skills and interests are made use of by employers, with 60% saying the ability to do what they do best in a role is “very important” to them. Other common expectations include the desire for greater flexibility, a collaborative relationship with management and workplace perks. And given that they’re due to make up 50% of the workforce by 2020 and 75% by 2025, it’s expected that the workplace will continue to evolve in line with trends seen so far. But one critical thing that makes millennials at work stand out from their Baby Booming predecessors is the fact that they’re not afraid to change jobs if the desired criteria isn’t met. In fact, one poll showed that 50% of surveyed working millennials said they were actively keeping an eye out for other job prospects and 35% reported changing jobs in the past three years. This alone should be a motivator for any employer to take positive action…

Given the cost of high staff turnovers (£4 Billion per year UK-wide, or on average £30,000 per employee) and the even larger cost of sickness absences (£16 billion per year UK-wide) it’s only logical that every avenue to maximise employee health and retention should be explored, and no wonder that increasing numbers of businesses are doing it.

But something that nobody wants is a team building or training event that is, essentially, a waste of time and money. Employees don’t want or need to feel that a team building event is merely a façade to tick corporate boxes with very little individual benefit, and neither does a company want to invest in an event that is essentially just a ‘jolly day out’ with little-to-no ROI. That’s why, at Withinnovation, we like to implement a series of stringent measures that are followed-through on and constantly evaluated to ensure every participant at any event gains the maximum value possible. So, whether you’d like to lower your employee turnover rate, reduce employee sick days or improve inter-team relationships, relevant indicators will be examined with a fine tooth comb in advance, so that clear strategies can be established. To discuss the many ways corporate events can improve the health and wellbeing of your overall workforce, get in touch with us at info@withinnovation.co

 

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