EMPLOYEES are increasingly looking to their employers for innovative benefits that will help in their daily lives and, likewise, employers are looking for ways to improve productivity and profits whilst engaging, empowering, retaining, and rewarding their employees.

This is where employee wellbeing comes in, making sure the physical, mental, and financial wellbeing needs of employees are being taken care of, and providing easy access to the solutions employees need to plan for their future and support their loved ones.

In recent times, we have seen some unsettling statistics related to a lack of employee wellbeing:

  • Financial stress costs the UK economy £120.7bn each year
  • Four million working days are lost annually because of absence from financial stress
  • Three out of five employers list mental ill health among the top three causes of long-term absence

But it also demonstrated the opportunity here for employers:

  • Supporting employees with their wellbeing has resulted in a 44 per cent improvement in engagement and morale and a 31 per cent drop in absence

So, whilst the overall goal of an employee wellbeing strategy is largely unchanged and retains engaged, happy and productive employees, this is an area that has seen steady evolution over the years and there are a number of different solutions available. This can make it really difficult for employers who are keen to secure those benefits, but who are either looking at this for the first time, or who want to understand whether there are any gaps in their current offering.

As a result, there is a wide range of employer practices available, so a really good place to start is to decide where your company fits within that.

York Press:

Is your company one where employee wellbeing isn’t yet really on the agenda? Perhaps you’re a new business or one in a sector where this hasn’t been a focus to date.

Or is your company one that offers wellbeing initiatives that are a little fragmented and not supported in an integrated way through aligned leadership, people management, and organisational culture?

Perhaps you’ve had wellbeing on the agenda for years and have gradually added tools and solutions to deliver that, but without an overall strategy to tie it all together.

Or is your company one where wellbeing of the workforce is the foundation of the business, with wellbeing considerations being taken into account across every part of the business?

Wherever you see yourself on this scale, whether you need to develop a strategy, deliver a strategy, or assess the effectiveness of your current strategy, knowing what’s available and how that can be tailored to the unique needs and characteristics of the company and its people is going

to be key.

So, it’s worth asking yourself a few searching questions to take this forward:

  • Is the staff pension scheme fit for purpose and competitive?
  • Are we meeting our auto enrolment and ongoing governance requirements?
  • What are the specific and individual needs of the staff from a wellbeing perspective?
  • Are there any key areas for me to focus on, given absence rates, productivity rates, and overall engagement scores?
  • What solutions are already in place and how effectively have they been communicated to/adopted by staff?
  • Is financial stress an issue for my company? What steps have been taken already to better inform people about their financial affairs?

Once you have the answers to these questions, the way forward will become clearer and feel more attainable.

At 1825, we are committed to helping employers of all sizes, and in all sectors, to define and deliver a holistic employee wellbeing strategy that is tailored to your business, and relevant to employees at all stages of their lives and careers.

If you would like a no obligation and complimentary conversation to see how we can help, please visit our website at 1825.com, or call us on 0345 602 1825. Call charges will vary.