We love the theme of National Stress Awareness Day on November 4th 2015……
Employee Wellbeing as a worthwhile investment in your business
- Are you responsible for Human Resources or Health and Wellbeing in your organisation?
- Do you see investing in employee wellbeing as worthwhile?
- Do you struggle to get Finance to part with the companies money and invest in wellbeing?
- Would you like help in how to measure the return on investment in wellbeing activities?
We know that you can see the benefits that investing in long term strategic wellbeing programmes would create for your organisation. Translating that into return on investment figures so that you can demonstrate the commercial value of investing in wellbeing programmes can be a little trickier.
Here is our guide to help you create a great business case for investing in employee wellbeing.
- Understand the problem. Use the data that you have to create a clear picture of what the problem is. HR statistics on the cost of absence; absence percentage; reasons for absence; retention figures and employee engagement data can be a great place to start. For example, if you can demonstrate from the data the % of your employees who have been off work with long term stress and at what cost (direct and indirect); in the past 12 months 60 days have been lost to absence owing to stress at a cost of £6,000; that X number of employees have cited stress as a reason they are leaving the company in exit interviews, then you the beginnings of a good foundation on which to base your business case.
- Get clear on your objectives. Wellbeing programmes that work and have clear return on investment (ROI) are the ones with specific objectives for the programme. They understand and are able to translate what they are trying to achieve and why. Linking your objectives with the overall company goals will create a bigger impact and more buy in from senior managements. For example, if you are in the hospitality business, then linking employee wellbeing programmes to guest satisfaction objectives could be a great idea.
- Create the strategic business case for wellbeing. Savvy HR leaders are recognising that employee wellbeing is no longer a ‘nice to have’ and is a significant contributor to creating a high performance working culture that directly influences the bottom line. High performance requires that your employees are operating at their optimum every day. That means they know how to get the best from their mind and their body. Use hard and soft data to show how investing in long term wellbeing programmes will impact bottom line results.
- Create a wellbeing programme that is Fit for Purpose. A one-size fits all approach won’t have the same impact as a programme that has been specifically designed to meet your employees needs. Nor will running the odd wellbeing event deliver you bottom line results. Find out what your people need by working with a wellbeing specialist who understands the field of employee wellbeing and resilience. Based on your research, you may find a programme which delivers short, high impact workshops on a monthly basis covering various topics of how to build resilience works better for your employees. Use your data and do the research to find out what your employees do need and steer away from assuming what they need or you may find attendance (when your business case is signed off!) is poor.
- Measure and evaluate. With clear objectives, it makes it easier to evaluate the impact and ROI of the wellbeing programme. Measurement of ROI can include employees’ levels of engagement and engagement scores; job satisfaction; ability to cope with change; improvement in customer satisfaction and business performance.
Your organisation deserves to have the best people working in it. Employees who know how to get the best from their mind and their body are going to perform consistently better every day than those who don’t.
If you would like more guidance and support in creating a wellbeing and resilience programme perfect for your business then please get in touch. We are happy to provide a complementary business analysis for your organisation to help you create the perfect business case. Simply get in touch at firstname.lastname@example.org