A Business Case for Workplace Wellbeing

In today’s fast-paced and demanding work environment, one cannot overstate the importance of workplace wellbeing. Millions worldwide suffer from work-related illnesses, including stress, anxiety, and burnout. In India alone, the number of individuals experiencing such issues is alarmingly high. According to a survey by an organisation championing mental health, nearly 48% of corporate employees struggle with mental health issues, with women being more susceptible to high mental health risk at 56% versus of men at 41%.

Workplace well-being encompasses various initiatives and strategies to promote employees’ physical, mental, and emotional health. Beyond simply providing a safe working environment, it extends to nurturing a supportive culture that fosters overall wellness. This includes addressing stress management, work-life balance, physical health, mental health, and personal development.

Business benefits of ensuring workplace wellbeing

Deloitte’s Mental Health Survey showed that poor employee mental health costs Indian companies almost USD 14 billion annually in absenteeism, decreased productivity, and employee/staff attrition. Prioritising workplace wellbeing not only improves the lives of their employees but also offers several business benefits. Here’s a look at some of them:

Enhanced Productivity: Research consistently demonstrates that employees who feel supported and valued in their workplace are more engaged and productive. Individuals with access to resources and support systems are better equipped to handle job-related challenges and perform at their best. 

Reduced Absenteeism and Presenteeism: Investing in employee wellbeing leads to a decrease in absenteeism and presenteeism. Employees who are physically and mentally healthy are less likely to take sick leave or come to work while unwell. This, in turn, reduces the impact on productivity and ensures a more sustainable work environment.

Improved Employee Retention: The cost of employing a fresh hire is twice as high as paying for their first year. Companies that prioritise employee wellbeing foster a positive and inclusive work culture. Employees are more likely to feel valued, supported, and satisfied in such an environment, leading to higher retention. This reduces recruitment and training costs associated with high staff turnover. 

Attracting Top Talent: In today’s competitive job market, prospective employees seek organisations prioritising their wellbeing. By offering a robust well-being strategy, employers can attract and retain top talent, positioning themselves as desirable employers.

A strategic approach to workplace wellbeing

Employers should implement a comprehensive wellbeing strategy to create a work environment that supports wellbeing. Here are some key steps to consider while tailoring an approach:

Conduct Needs Assessments: Begin by assessing the specific well-being needs of your workforce. Conduct surveys, focus groups, or interviews to gather insights into employees’ challenges and expectations for support.

Develop Policies and Programs: Based on the needs assessment, develop policies and programs that address the identified areas of concern. These may include flexible work arrangements, mental health support, stress management initiatives, and professional development opportunities.

Foster a Positive Work Environment: Promote a positive work culture that encourages open communication, collaboration, and mutual support. Encourage work-life balance, provide recognition for achievements, and create opportunities for personal growth and development.

Provide Training and Resources: Invest in training programs and resources that promote physical and mental health, stress management, and resilience. Offer workshops, webinars, and online resources to empower employees with the necessary tools to thrive personally and professionally

Encourage Work-Life Balance: Encourage employees to prioritise their personal lives and maintain a healthy work-life balance. Implement policies supporting flexible working hours, remote work options, and vacation time to ensure individuals recharge and rejuvenate.

Wellbeing initiatives at the workplace

Employers should consider initiatives that support, value and empower employees to thrive professionally. For example, a comprehensive group health insurance plan will give employees financial and medical security for themselves and their families. Employers can arrange workshops on work-life balance to help employees manage stress. Regular professional treatment or counselling to care for the workforce’s mental health and control potential issues can help improve their well-being. 

Companies could consider training their employees to learn and advance their skills. Employers can also look at creating programs for employee appreciation, offering incentives, salary sacrifice plans, discounts on fuel-efficient vehicles, yearly leave purchases, and season passes for transportation.

Workplace well-being is not just a matter of employee satisfaction, It is a strategic imperative for organisations. By prioritising employees’ physical, mental, and emotional health, employers can reap numerous benefits, including increased productivity, reduced absenteeism, improved retention rates, and enhanced attractiveness to top talent. The key lies in implementing a holistic well-being strategy that addresses the workforce’s unique needs and fosters a supportive and inclusive work environment. By investing in employee wellbeing, organisations can create a win-win situation, benefiting both the employees and the overall business.