What is an Employee Wellbeing Strategy?

Employee wellbeing has grown in popularity in the last couple of years, with many employers introducing benefits or wellness activities to support their teams. And it’s easy to see why!

Having a strong wellbeing strategy shows your teams that you care, it can help tackle and prevent employee burnout and reduce turnover and absenteeism. But it needs to be more than just about your employees’ physical health.

As we move into 2022 companies need to take a holistic view of wellbeing, including introducing support for emotional and financial wellness, as well as physical.

But, introducing some benefits here and there won’t be enough to make an impact on your staff. You need a comprehensive wellbeing strategy. Here’s what one is, why they are important and what yours can include…

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What is an Employee Wellbeing strategy? 

To put it simply, it is a way to ensure that your staff’s health and wellness is a priority and that you can work towards a healthy workplace. It needs to focus on three areas of wellbeing: financial, physical and mental.

Mental wellbeing: Poor mental health can lead to absenteeism, lower productivity and work performance. But supporting your teams with their mental wellbeing goes beyond tackling poor mental health, it needs to be about being mentally well and resilient.

Financial wellbeing: this is all about your employees being able to manage their money, plan their finances and be in the position to handle any unexpected challenges. Ways you could support your teams including advice on budgeting and financial planning and helping them save.

Physical wellbeing: When we’re looking after our health by eating well, exercising and sleeping it means we can feel, and perform, at our best. Supporting your teams with their physical wellbeing can look like providing advice on sleep and nutrition and making exercise easier to balance with work.

As well as covering all mental, physical and financial wellness, a truly effective employee wellbeing strategy needs to contain immediate support for poor health as well as long-term preventative approaches.

 

Why is it important to have a strategy?

Having a strategy in place can help you prioritise the wellbeing of your employees today and in the long-term. It’s something that can be continuously developed as priorities change.

An effective wellbeing strategy doesn’t just help your employees, it can have a business impact too! It can increase employee engagement, organisational performance, reduce recruitment and training costs and improve productivity.

Plus, according to Deloitte, for every £1 invested in wellbeing, there’s a return of £5 through reduced absenteeism, presenteeism and turnover.

5 things to consider when creating an employee wellbeing strategy:

Before you create an employee wellbeing strategy, there are 5 things you should consider:

  1. What are your business objectives? There are many goals you could have in focusing on your employees’ health, these include reducing absenteeism, increasing productivity, or showing your employees they feel valued. Once you know what your goals are, you will be able to put in place things to measure to see whether your strategy is working.
  2. Ask your employees what they want: speaking to your teams will help you determine what areas they need support with and how you can help.
  3. Pick one or two areas to start with: after finding out what your teams need, try to choose just one or two areas to begin with. That way you can make changes, learn what works and build on your successes.
  4. Make sure your senior leaders are one board: change starts from the top, and to introduce a new programme it’s important to have your senior managers on board. When your employees see leadership teams engaging with your wellbeing initiatives, they’ll be more likely to be onboard with them too.
  5. Make sure to introduce your initiatives to your teams: from emails to newsletters or videos, you need to make sure to introduce your new wellbeing strategy to your teams to ensure they know everything that’s now available to them. You could try aligning communications and events with national awareness days like Stress Awareness Month or Mental Health Week.

Employee wellbeing strategy examples:

There are many things you can do to improve your employees’ health and wellbeing. Here’s just a few ideas to get you started:

  • Introduce benefits to promote physical and mental health: from an Employee Assistance Programme to support mental health to Health Screenings to look after their physical wellbeing there are many employee benefits you could introduce to support your teams. Don’t forget about helping with their physical health with benefits like a Cycle To Work scheme or discounts on Gym Memberships.
  • Support them with their financial wellbeing: there are many things you can do as an employer to support your teams with their financial wellbeing. This includes offering Discounts and Cashback to help them save on their everyday spending as well as Financial Wellbeing Support.
  • Focus on creating a good working environment: just having benefits available isn’t enough to ensure your employees' wellbeing can improve, your culture needs to reflect a focus on wellness too. You can do this by training your line managers in how to support their employees, reviewing workloads to prevent burnout and looking at introducing flexible working to support work life balance.

How we can help:

If you’re looking at introducing an employee wellbeing strategy, but you’re not sure where to start we can help! Get in touch with our team today and they can guide you through solutions and plans you can put in place to improve your workplace wellbeing.

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