Figures from the Chartered Institute of Personnel and Development (CIPD) indicate that employee absence is at its highest level in more than a decade, and the majority of long-term absences are caused by mental health issues. Meanwhile, the cost of living crisis remains a daily challenge for the majority of the population.
Is it any wonder that wellbeing is becoming a strategic priority for many organisations in 2023?
For SMEs in particular, it can be challenging to find the time, resources and expertise to think about employee wellbeing. But a wellbeing strategy will bring benefits, whatever the size of your business. Here are a few reasons why.
- The 2023 CIPD Health and Wellbeing at Work Survey shows that the average employee is now absent from work for 7.8 days per year. This brings a loss in productivity for the employee, and leads to increased costs for the business. Managers spend valuable time reallocating work, and there are the costs of administering sick pay – all of which has a negative impact on the bottom line.
- Employee engagement and employee wellbeing are highly correlated. A focus on wellbeing increases employee engagement, impacting positively on performance and productivity – and therefore on your bottom line.
- CIPD’s research suggests that more than half of employees are experiencing difficulties with paying bills and keeping up with financial commitments. It’s no surprise that employees in this position may be anxious and distracted while at work.
- According to the results of a study by HR and payroll company Remote, employee turnover rates in the UK are expected to rise to 35.6% during 2023. As it costs an average of 26.1% of an individual’s salary to replace them, looking after your workforce’s wellbeing and making them feel valued has never been more important.
- Introducing wellbeing practices and benefits will help you to create a positive working environment where employees feel valued, safe and secure. This not only leads to higher engagement and retention levels, but also feeds into your outward-facing brand reputation.
If you’re interested in taking a holistic approach to wellbeing and supporting your employees – as well as your results – we can help. Give us a call on 01449 708999 or send us an email.