We’re always told that staff wellbeing has a crucial part to play in efficient, productive businesses, but to contradict that, there are also cases reported in the media of extremely successful companies that treat their employees poorly.
In recent years, a number of stories have emerged about how Amazon treats its staff, with penalties for sick days and some workers even camping outside a Scottish warehouse to save money commuting to work. But Amazon is the world’s third-largest retailer, so it must be doing something right.
That raises a question: Is it simply a moral obligation to boost employee wellbeing, or is it crucial to the success of your business? Here are four ways improved staff wellbeing can benefit a business…
- Recruitment and retention
A study by Oxford Economics found that it costs an average of just over £30k to replace a team member. An effective way to keep costs down then is to retain employees for as long as possible, particularly those key employees who are difficult to replace. Offering employees perks and additional benefits can help existing employees feel valued and attract the best talent in the industry.
Even something as simple as investing in a regular supply of fresh fruit can have a marked impact on staff wellbeing, with research from Fruitful Office finding that 81 percent of staff felt this perk improved their quality of life at work. This type of positive gesture, although small, can make all the difference to the wellbeing of employees.
- Employee engagement
Employee engagement is quickly becoming one of the most important metrics by which companies are measured. It is not simply a measure of a business’s ‘soft skills’, but also has a direct impact on efficiency and productivity.
The research shows that engaged employees work harder for longer. And it’s not just grand or expensive gestures that improve the engagement of employees. Simple steps like putting an employee suggestion box in place, providing plenty of communal space and encouraging employees to be involved in activities outside of work with their colleagues, such as book clubs and sports teams, can make all the difference.
- Company reputation
Is the company’s reputation important to you? It certainly should be. Making it clear that you care about your staff will show your customers and clients that you are an ethical business that intends to do things well, rather than being completely ruled by your bottom line. Developing a reputation as a business that really cares will help you attract the top talent in the future and make you the type of organisation that people really want to work for.
- Increased productivity
Workers who are stressed and unhappy are unmotivated, unproductive and more likely to be absent from work. There are simple steps businesses can take to improve staff wellbeing and ultimately increase productivity. Things like introducing a flexible working scheme, which gives staff some choice about the hours they work or allows them to work from home one day a week, can have a marked impact on wellbeing and productivity.
What steps have you taken to improve staff wellbeing in the workplace? Was it successful and how did it impact your business? Please share your experiences with our readers in the comments below.