Why Care About Employee Wellbeing?

An engaged employee will be enthusiastic about their work, loyal to the workplace, find meaning and fulfilment in their job and be genuinely aligned with the values of the company. Here we share how businesses can show they truly care about the wellbeing of their employee's.

Yugi the Giraffe - 12 July 2018

The 21st century made our lives much faster, particularly at work. Our roles have become more demanding, technology has blurred the lines between work and home, and our careers have become our main source of ambition, but also our main source of stress.

That's why it's so important to talk about employee engagement. An engaged employee will be happy and enthusiastic about their work, be loyal to the workplace and co-workers, find meaning and fulfilment in their job, and be genuinely aligned with the values of the company. In other words – they will work better, and stick around longer.

But here's the kicker: Studies has shown that 87% of employees are disengaged[1].

Increased wellbeing = increased engagement

When you take care of your employees, they will take care of you. It might sound like a cliché, but it actually works. For instance, 85% of new professionals and soon-to-be college graduates have said that employee treatment and welfare were important to them in future employment[2]. This shows not only how crucial wellbeing is in the decision-making process of prospective employees, but also that employees are actively looking to LOVE their workplace. It's all about reciprocal relationships.

Value your employees

46% of UK employees said they avoid working to their full capacity because they don't believe their hard work will be acknowledged[3]. If you don't make your employees feel happy and valued (which is related to their mental wellbeing), they will just not work as hard as they could. Simples.

But it's not just that disengaged employees play Solitaire every time you turn your head. 76% of employees who do not feel valued are looking for other job opportunities[4]! Just think of all those recruitment fees you could cut by giving a little more focus to employee wellbeing.

Transparency and communication

Open communication between management and employees is among the top five most important indicators of job satisfaction[5], so investing in your transparency and open communication could actually help you meet your business aims, as well as improve your reputation on websites like Glassdoor.

Building relationships

Peer-to-peer recognition was found to be 35% more likely to have a positive impact on financial results than manager-only recognition[6], so make sure your employees get the chance to spend time with each other and celebrate each other's successes. 80% of employees said that friendships with colleagues help them be more productive at work[7], so it's definitely worth your time and effort to create an environment where people connect in a meaningful way.

Hard cash vs. 'soft care'

36% of employees in the US would agree to a $5,000 decrease in salary a year to be happier at work[8]. Yes, you heard us right: apparently, TLC > cash. And when 51% of employers say that health and wellness benefits are important for increasing loyalty to their employer[9], it never hurts to check out some wellbeing packages for your employees – we might be a little biased here at yulife, but you should definitely take a look at what we're offering!

Increased wellbeing = decreased costs

Supporting wellbeing not only makes your employees love you, but it will actually save ££££££. How? We're glad you asked.

Quick turnover – quick loss

The extra time and money linked to rapid staff turnover are brutal.  It can cost between 33% and 400% (!) of an employee's salary to replace them, depending on their level of expertise[10].

But can wellness actually put a dent in these numbers? 33% of senior leaders believe employee loyalty has a direct relationship to profits[11] and a staggering 90% of employees say showing empathy is an important way to advance employee retention[12]. If you value them, let it show.

Saving on sick days

Improved wellbeing can drastically reduce the losses incurred, by reducing the amount of sick days your employees end up taking. A highly engaged business will see a 41% decrease in absenteeism[13], and according to KPMG, a disengaged employee will end up taking 2.3 times the number of sick days their fellow employees take.

UK businesses can save up to £8bn a year by implementing better mental health support[14]. The first stage is increasing wellbeing support in your workplace.

Increased wellbeing = increased profits

Preventing sick days is not the only benefit to taking care of your employees' wellbeing – highly engaged businesses enjoy 21% greater profitability[15], 233% greater customer loyalty, and a 26% greater annual increase in revenue[16]! Now that's what we're talking about.

Work mentality

Stress and mental problems are an (expensive) epidemic. Nearly half of employees report that stress causes them performance issues at work[17], while 75% ranked stress as their top health and productivity concern[18].

Work stress can even cause greater issues, such as 'presenteeism' – attending work while sick. It's associated with anxiety, and the cost to employers via the mental health problems it can cause is phenomenal, at 1.8 times the cost of absenteeism[19].

From fitness to greatness

Keeping active is healthy, we all know that. But physical activity actually has benefits to your mind too! It increases endorphins in your brain (which makes you happier), raises your overall level of energy, and improves your concentration and thinking ability.

By allowing your employees enough time - and even the right platforms - to work out, you could see a bump in their productivity and even your profits.

An engaged employee will be more productive and more likely to collaborate. That's why more and more companies are taking wellbeing seriously.

YuLife offers companies of all sizes an easy way to offer extra financial protection that comes bundled with the health and wellbeing benefits that employees expect.

Click here to get a quote and find out more about how YuLife is working with hundreds of businesses to provide workplace benefits that engage, reward and protect their people.

[1] Gallup

[2] Nielsen

[3] Bupa, 2013

[4] Lifeworks

[5] Society for Human Resource Management, 2008

[6] Society for Human Resource Management, 2012

[7] Peldon Rose, 2016

[8] Ranstad

[9] Metlife, 2017

[10] HR Dive ; ERE Media ; Columbia University ; SHRM

[11] American Management Association

[12] Businesslover

[13] Gallup

[14] Mental Health Foundation, 2014

[15] Gallup

[16] Aberdeen

[17] ARAG

[18] Willis Towers Watson

[19] Sainsbury Centre for Mental Health

Yugi the Giraffe

Yugi is our YuLife mascot. Like all giraffes they've got a big heart – in fact the biggest heart of all land animals.