Are you wasting your money on wellbeing?
There is no doubt that the pandemic has highlighted the importance of wellbeing, for both organisations and employees. North West businesses engaged in employee wellbeing had an increased productivity level, 17.5 per cent higher than the companies that don't currently provide wellbeing support.
Productivity is just one of the KPIs that wellbeing can positively impact, and this has made it an increasingly attractive proposition for organisations looking to get the edge and support their teams in these challenging times. But with this increased awareness comes a number of pitfalls that it is easy to fall into, all of which reduce the benefits and can even be detrimental to your company if not addressed.
Many of the common pitfalls are easy to avoid with a relatively simple step; having a wellbeing strategy in place. But as a recent survey from Aon highlighted, less than half of SMEs have a wellbeing strategy in place. Not having a strategy can cause a number of issues, and research has amplified the fact that, without a strategy, businesses are much more likely to:
- Buy in what is trending, rather than what will be effective
- Fail to set clear outcomes that help to measure wellbeing's impact
- Have difficulties getting employee participation and engagement in activities
- Struggle to make a sustainable business case for wellbeing or measure return on investment
- Forget to connect the six pillars of wellbeing together to compound the benefit
- Not have an offering that is inclusive and accessible to all employees
- Lack clarity on what's not working so you can evolve it
- Gain little traction making embedded wellbeing change for employees
- Not allocate the resources for those who plan, design and champion wellbeing in your organisation
Without a strategy in place, it is easy to do wellbeing and feel like it doesn't make a difference. No business wants to feel like they are wasting their money. And most companies have the desire and intention to ensure their workforces are as happy and as healthy as possible. A small investment in strategic wellbeing can be more effective than spending a sizeable budget without a strategy in place.
Is wellbeing the right thing to do for your business? Certainly, but with one caveat. Just because it is the right thing to do, it doesn't mean that it will work if it's not part of a wider strategy to ensure the benefits are amplified.
Considering getting a strategy in place? We can help you to get the most from your wellbeing.
Essentialise Workplace Wellbeing is your organisation's wellbeing partner. From strategy to delivery, we help you to implement wellbeing that works. Currently, our most popular workshops are "Easing our way back to the workplace" and "Recharging and cultivating our resilience". To get an idea of what we deliver from a mental wellbeing perspective, you can see our brochure here.