Savvy companies know that taking care of their staff improves their bottom line in so many ways. Let's look at some of the ways you can boost your business case for building wellbeing programmes in your company.
Happier staff save you money
Towers Watsons's Staying @ Work survey looked to quantify financial advantages in developing a happier and healthier workforce. They understood from previous studies that Organisations with highly effective health and productivity programs are doing a number of things differently and that their results outperform their peers.
Specifically, they found:
- Reduced health care costs of more than $1600 per employee
- Fewer lost days due to unplanned leave (3.3 compared to 4 days)
- Reductions in voluntary turnover
Globally, staff who work in companies that have effective workforce health programmes return 34% higher revenue per employee and have market premiums that are 20% higher on average. A telling factor was that participating companies expected to increase participation over the next 2-3 years.
I've spoken before about managing the hygiene factors to build engagement. This survey supported the need to monitor the working environment to ensure you don't have outliers that work against your engagement programmes. However the evidence clearly shows when the company is actively engaged in staff wellbeing, employees are prepared to go the extra mile and the benefits flow back to the bottom line.
Save hiring and retraining costs
Keeping your turnover low is vital to keeping costs down and preventing IP walk out of your building in your the form of your best and brightest staff. A study by flex jobs found a whopping 82% of staff would be more loyal to their employer if they had flexible work arrangements. Given our move to more rostered and part-time work arrangements, it's more important than ever to personalise the work experience for each and every employee.
Get that mix wrong at your peril. Keeping great staff might be a costly challenge, but replacing them is costlier still.
Actual costs to acquire and train new hires vary greatly depending on industry, economies of scale, complexity of role and the businesses approach to onboarding staff, but the following should be considered as potential costs in onboarding
- Hiring - including advertising, staff time spent on interview panels and agency fees.
- Onboarding - including mentor time, internal process training and materials preparation.
- Formal training - course costs, materials, travel and staff time.
- Time in the role spent incorporating training and procedures until working at full output.
Employers need to motivate and stretch teams on multiple fronts to maintain a competitive edge. Building employee support programmes and creating genuine enthusiasm takes time and requires maintenance.
However, having an engaged and happy workforce is one of the best ways you can create an advantage over competitors that's difficult to be copied. A successful programme retains staff and delivers a greater return per person.
Giving staff a say in their work life balance is a great way to help deliver happier staff, higher throughput and lower staff turnover. Making a schedule doesn't have to be time-consuming or difficult. Shiftiez uses co-planning to simplify the scheduling process and create flexible work arrangements. It takes care of recording everyone's preferences, builds the roster and sends it out to your teams.