Making business savings can be done in many ways, but have you ever considered the money-saving effects of employee wellbeing initiatives? Looking after the health and wellbeing of your employees not only helps to keep your turnover low, it can boost productivity that could help increase profits for your business. Want to know how it’s done? Take a look at the following ways you can boost the wellbeing of your employees and save your business money in the process.
Encourage healthy living
According to the Office for National Statistics, around 137.3 million days were lost to sickness absence in the UK last year. While the figure has fallen compared to previous years, it’s still a significant number for employers to have to deal with. Encouraging healthy living amongst your staff is a good way to improve sickness records, as well as help them be more productive and energised during office hours. Initiatives could include discount gym memberships, lunchtime yoga sessions or a healthy snack box in kitchen areas to encourage healthier eating over typical elevenses snacks like cake and biscuits.
Implement a flexible working scheme
More and more businesses are moving towards flexible ways of working. Flexible working allows employees to choose their start and finish times (with core hours that they are required to be in the office), the option to work from home as well as the possibility of home working. Flexible working offers various benefits to employers, including enhanced productivity while also being a good motivator for employees. Flexible working gives employees the option to have a better work/life balance, manage family responsibilities and be able to work around their commute, etc. Provided it’s managed properly, flexible working can be a great development for your business going forward.
Provide beneficial and diverse training options
Employers who offer training to their staff give them the opportunities to need in to be able to progress in their careers, while also being better skilled to carry out business functions more effectively. Training is an ongoing need, and you should aim to provide many different options to your employees from how to use technology better to leadership and management training. Make it mandatory for all employees to complete an annual Professional Development Plan (PDP) to help establish training needs and to make sure they get the chance to learn the skills they need.
Teach financial wellbeing
Concerns about finances can cause stress to individuals, something that can cause them to be off work and make them less productive when they are in the office because their minds are elsewhere. Workplaces that offer employee financial wellbeing benefits show care and consideration for their employees and is a modern example of how businesses can take steps to improve personal as well as working lives. When it comes to working out a benefits package for your employees, consider employee financial wellbeing support to give them easy access to services and advice. You could also offer them ways to help them manage their own savings better by offering money-saving ideas to help make their salaries stretch further.
Taking care of your employees’ wellbeing not only cements your status as a responsible employer, but it also makes your business a more desirable place to work. Think about how you can offer great benefits to your employees to ensure a happier and healthier workplace.