# Why investing in wellbeing can boost your bottom line Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-03-08 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Unlocking Employee Wellbeing: The Future of Work Meta Description: Discover the positive impact of a flexible work policy on staff health and productivity. Invest in a robust wellbeing strategy for long-term business growth. URL: https://financedigest.com/why-investing-in-wellbeing-can-boost-your-bottom-linehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/untitled-design-70-1736838536738-compressed.jpg) _By **[Clare E. Kenny](https://www.clareekenny.com/),** Employee Wellbeing Specialist_ Working through a global pandemic has bumped employee wellbeing up the business agenda. By being forced to abandon the office-based, 9-5 business model we’ve learned that actually, there’s scope to offer employees much more balanced and healthy ways of working – now and in the future. We’ve also learned to listen more to the needs of our employees – the past year has brought into sharp focus the fact that burnout can happen so easily when we’re juggling work life alongside all the unexpected curveballs life can throw our way. Which is why now is the right time to put in place a robust employee wellbeing strategy. By investing in the health and wellbeing of your staff, not only do you pave the way for a more productive, motivated and engaged workforce, you invite the opportunity to boost your bottom line and drive sustainable, long-term [business growth](https://www.financedigest.com/harnessing-the-power-of-super-deduction-for-business-growth.html "Harnessing the power of super-deduction for business growth"). **Out with the old** Wellbeing strategies themselves are nothing new and [traditional wellbeing models](https://www.financedigest.com/insurers-must-reimagine-traditional-risk-models-to-adapt-to-climate-change.html "Insurers Must Reimagine Traditional Risk Models to Adapt to Climate Change ") might have offered relatively ‘standard’ employee benefits, such as access to gym memberships or enhanced healthcare plans. What events of the past 12 months have taught us is [businesses have an opportunity to adopt a much more holistic approach to staff welfare by offering benefits](https://www.financedigest.com/how-choosing-the-right-mtd-for-vat-software-can-maximise-business-benefits.html "How choosing the right MTD for VAT software can maximise business benefits") that can have a positive impact on their life overall – such as flexible working and increased mental health support. **Why [flexibility pays](https://www.financedigest.com/flexible-pay-can-boost-low-productivity-in-the-uk.html "Flexible pay can boost low productivity in the UK") off** With the end of lockdown now in sight, many [business leaders](https://www.financedigest.com/how-business-leaders-can-adapt-or-replace-covid-related-perks-to-the-post-pandemic-world-while-keeping-employees-on-side.html "How business leaders can adapt or replace Covid related perks to the post-pandemic world while keeping employees on-side") will be thinking about how to phase a return to office life. But whether you plan to reopen your office space or not, now is the [time to consider the value](https://www.financedigest.com/automotive-timing-chain-and-belt-market-to-be-valued-at-us-10-20-bn-by-2027-comprehensive-research-report-by-fmi.html "Automotive Timing Chain and Belt Market to be valued at US$ 10.20 Bn by 2027 – Comprehensive Research Report by FMI") of embedding a clearly articulated flexi-work policy into your organisational culture. Offering a more flexible [working approach allows employees to free up time for activities that help keep their wellbeing](https://www.financedigest.com/the-importance-of-wellbeing-at-work.html "The importance of wellbeing at work") in check, such as exercise or counselling, so they are likely to be healthier, happier and work more sustainably. By minimising the [number of days](https://www.financedigest.com/record-number-of-migrants-arrive-in-britain-by-boat-on-a-single-day.html "Record number of migrants arrive in Britain by boat on a single day") staff have to spend in the office, you also cut back on commute time, which can have a huge impact on both physical and mental health and reduce sickness. If you empower employees to set their own [work patterns and control their personal workloads, they can work when they are naturally more productive](https://www.financedigest.com/productivity-and-the-four-day-working-week-in-financial-services.html "Productivity and the four-day working week in financial services"), energised and the least distracted. Employees who are well-rested are also more likely to do their job well. Stress or fatigue can lead to [avoidable mistakes](https://www.financedigest.com/mistakes-to-avoid-while-choosing-a-private-money-lender.html "Mistakes To Avoid While Choosing a Private Money Lender"), which can be costly and damaging to a company’s reputation. By [creating cultures](https://www.financedigest.com/creating-a-positive-and-productive-culture-within-the-workplace.html "Creating a Positive and Productive Culture Within the Workplace") and processes that support employees and their work-life balance you’ll also attract a bigger and more diverse pool of talent – appealing to more to candidates than your less-flexible competitors. Research has shown a direct link between offering flexibility and increased employee engagement, which in turn boosts morale, productivity and retention. A survey of 250 UK businesses by recruitment agency Ten2Two found 83% in favour of flexible working because of the benefits it offered, including the ability to retain valuable employees and boost wellbeing and job satisfaction. The past 12 [months will have given nearly](https://www.financedigest.com/dollar-eases-from-near-1-month-high-as-fed-evergrande-eyed.html "Dollar eases from near 1-month high as Fed, Evergrande eyed") every organisation the opportunity to explore these benefits even further. By having more engaged employees, you’re likely to increase longevity of service, which not only means a more stable and secure workforce, it also [offers greater continuity for clients and the ability to retain knowledge and experience within your company](https://www.financedigest.com/factbox-european-companies-offer-one-off-bonuses-hike-pay-amid-cost-of-living-crisis.html "Factbox-European companies offer one-off bonuses, hike pay amid cost-of-living crisis"). And let’s not forget the cost-savings associated with the need to hire less frequently – from recruitment fees to the reduced loss of [productivity while a new person](https://www.financedigest.com/cosmetic-tubes-market-will-register-4-6-cagr-as-application-grows-in-personal-care-products-packaging.html "Cosmetic Tubes Market will Register 4.6% CAGR as Application Grows in Personal Care Products Packaging") gets up to speed. ![Clare E. Kenny](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/clarekbw-450x354-1736838536393-compressed.png) Clare E. Kenny Finally, it’s worth considering that if [pay rises or bonuses](https://www.financedigest.com/unicredit-to-pay-bonus-replace-850-older-branch-staff-in-italy.html "UniCredit to pay bonus, replace 850 older branch staff in Italy") are out of the question in the current economic climate, offering flexible hours could provide a welcome alternative this year. A survey run by [Investors in People](https://media.drewberry.co.uk/IIP-Job-Exodus-Trends-2017-employee-sentiment-poll.pdf) showed that a third of people would take flexible working arrangements over a pay rise. **Leaders** [lead change](https://www.financedigest.com/how-to-lead-organizational-change.html "How to Lead Organizational Change") [Rapid changes](https://www.financedigest.com/rapidly-changing-fashion-lifestyle-is-expected-to-spur-demand-for-clothes-closets-market.html "Rapidly Changing Fashion Lifestyle Is Expected To Spur Demand For Clothes Closets Market") in workplace culture over the past year have impacted on the mental health and wellbeing of employees across all sectors, with an increasing number now actively seeking emotional support from their employers. All of which means an increasing number of businesses are, in turn, [focused on how they can improve in this area](https://www.financedigest.com/three-areas-of-focus-for-financial-service-cisos-in-2022.html "Three areas of focus for Financial Service CISOs in 2022"). Fortunately, there are many proactive steps employers can take – from training leaders and managers so that they’re able to spot and deal with wellbeing issues, to [investing in platforms and comms strategies that encourage more open dialogue around](https://www.financedigest.com/ford-to-invest-around-300-million-to-build-electric-car-parts-at-uk-plant.html "Ford to invest around 0 million to build electric car parts at UK plant") mental health and promote more open, inclusive and supportive workplace environments. [Businesses should look to build mental health support](https://www.financedigest.com/businesses-seek-better-access-to-data-to-support-environmental-objectives-bright-data-research-reveals.html "Businesses seek better access to data to support environmental objectives, Bright Data Research Reveals") into their leadership culture. Meaningful change occurs when leaders engage with, understand and support staff and create a culture of transparency around subjects that, pre-pandemic, may have felt off-limits. The disruptions caused by the pandemic have given way to much more [open and honest conversations around the struggles we all feel at times](https://www.financedigest.com/isnt-it-time-open-banking-delivered-for-businesses.html "Isn’t It Time Open Banking Delivered for Businesses?") to maintain wellbeing and work-life balance. Smart businesses are the ones taking this unprecedented [opportunity to strengthen their mental health support offerings and lay the foundations for a future](https://www.financedigest.com/blood-thawing-systems-market-analysis-growth-opportunities-future-demand-and-leading-players-updates-by-forecast-2030.html "Blood Thawing Systems Market Analysis, Growth Opportunities, Future Demand and Leading Players Updates by Forecast 2030") of happier, healthier employees. **The true cost of wellbeing** It’s worth at this [point considering](https://www.financedigest.com/three-points-to-consider-when-getting-engaged.html "Three Points To Consider When Getting Engaged") the true cost of not looking after your staff. For example, how much money does your organisation lose to absenteeism? According to health insurer [Vitality’s annual Britain’s Healthiest Workplace study](https://www.vitality.co.uk/business/healthiest-workplace/), it cost British businesses and the economy an estimated £91.9bn in 2019, a more than £10bn increase on the previous year. Studies have also shown that a proactive approach to wellbeing and preventative [healthcare can lead](https://www.financedigest.com/healthcare-information-systems-market-2021-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Healthcare Information Systems Market 2021 Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027") to a reduction in absences. By opening up conversations around wellbeing and mental health with employees, you increase the opportunity to spot and [resolve issues](https://www.financedigest.com/apple-says-issues-with-imessage-facetime-resolved35792.html "Apple says issues with iMessage, FaceTime resolved") before they have an impact on your business. This in turn has the potential to lower your company’s healthcare [costs by reducing](https://www.financedigest.com/simple-ways-to-reduce-business-costs.html "Simple Ways to Reduce Business Costs") the number of claims against healthcare providers. If the positive long-term benefits of a [proactive wellbeing strategy](https://www.financedigest.com/closing-the-door-before-the-horse-bolts-developing-a-proactive-network-detection-and-response-ndr-strategy.html "Closing the door before the horse bolts: Developing a proactive network detection and response (NDR) strategy ") alone aren’t enough to convince you, take a closer look at direct savings to your organisation. A systematic review by the [CPSTF](https://www.thecommunityguide.org/findings/worksite-health-assessment-health-risks-feedback-ahrf-change-employees-health-ahrf-plus-health) found that for every dollar invested in health intervention, employers recouped between $1.40 and $4.60 in avoided medical costs and loss in productivity. This suggests that typically, a [company will save more on productivity loss and medical costs than they would spend](https://www.financedigest.com/analysis-u-s-companies-spend-billions-on-stay-at-home-tech-boding-ill-for-office-properties.html "Analysis-U.S. companies spend billions on stay-at-home tech, boding ill for office properties") on a wellbeing programme. So not only does it benefit employees, company culture and productivity, it could also positively affect your [bottom line](https://www.financedigest.com/how-high-performers-can-increase-a-bottom-line.html "How high performers can increase a bottom line"). When you weigh up the pros and cons, the question shouldn’t be whether you can afford to implement a wellbeing programme – but rather can you afford not to? [_Clare E. Kenny_](https://www.clareekenny.com/) _is an experienced change management and employee wellbeing specialist, and an expert on the issues affecting leadership, management and workplace culture today. Clare works with organisations of all sizes, helping them to [develop and embed wellbeing strategies](https://www.financedigest.com/yves-mirabaud-says-we-are-on-track-with-our-development-strategy.html "Yves Mirabaud Says “We are on track with our development strategy”") that lead to happier, healthier and more productive workforces. Prior to founding her own business, Clare led a 40-strong team as [head of client operations at the global](https://www.financedigest.com/hybrid-theory-promotes-ines-martins-to-global-head-of-product-names-sean-badlishah-managing-director-of-apac-region.html "HYBRID THEORY PROMOTES INÊS MARTINS TO GLOBAL HEAD OF PRODUCT; NAMES SEAN BADLISHAH MANAGING DIRECTOR OF APAC REGION.") leadership strategy firm, YSC._ _www.clareekenny.com_ --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---