It was recently reported by the World Health Organisation that up to 12 billion working days are lost to depression and anxiety each year.
The cost of this lost productivity is estimated at $1 trillion . Many corporations are now realising that the best way to address this global issue is to monitor employee wellbeing and to take all necessary measures to address concerns.
What is employee wellbeing?
Employee wellbeing is defined as the mental, physical, emotional and economic health of a business' workforce. When employees enjoy a fair salary, are provided with a safe and hygienic environment in which to work, are supported by peers and management and have access to the tools, training and processes that they need to thrive, their wellbeing tends to be good.
Conversely, employees that are regularly expected to do more with less and subjected to micromanagement are more likely to suffer from stress and anxiety, take more sick leave and be less productive.
This blog will focus on the significance of monitoring employee wellbeing and the positive impact that it can have on workplace dynamics when carried out correctly.
Why monitor employee wellbeing?
There are many reasons why it is necessary to regularly check employee wellbeing.
1. Increased employee engagement
When an organisation monitors employee wellbeing, it is able to identify potential issues and take early action to address them before they escalate. Employees who feel that their wellbeing is valued are more likely to engage in their work and be more productive. This translates into reduced staff turnover, reduced levels of absenteeism and increased employee satisfaction.
2. Proactive risk management
Employers that regularly check employee wellbeing is at satisfactory levels can anticipate and mitigate risks relating to health conditions. By identifying these risks early, they can implement strategies to address them. These include better workload allocation, extending deadlines or providing additional training. Engaging with the workforce in this manner promotes a healthy work environment.
3. Employee attraction and retention
Prioritising employee wellbeing is fundamental to attracting and retaining talent. 52%  of job seekers report that a good work life balance is their main priority when seeking their next opportunity and companies that prioritise a positive workplace culture are seen as desirable workplaces.
Focussing on employee wellbeing offers many benefits to businesses, yet many still mistakenly believe that implementing wellbeing strategies is a costly and time-consuming exercise.
The easy and cost effective way of improving employee wellbeing
Employee wellbeing programs are designed to encourage and reward employees for demonstrating desired behaviours. It is estimated that a carefully planned and implemented employee wellbeing program will deliver up to a 150% return on investment  in terms of increased productivity and reduced absenteeism.
There are many ways in which an employee wellness program can be targeted to the specific needs of your organisation. One of these is setting wellbeing challenges in which employees compete, either by themselves or in a team with their co-workers, to achieve a corporate target.
Conducted in a virtual environment, employees can check their progress at a time that is convenient for them, collaborate with other participants and review live scoring on a leaderboard. The goal is to create a supportive environment in which staff work together to achieve a common aim.
When staff work effectively together in this virtual environment, this improved collaboration and communication translates directly into their day-to-day work, creating healthy habits that outlast the challenge.
The importance of wellbeing check-ins
It is essential that regular checks are carried out to ensure that the program is delivering the desired benefits. Employee wellbeing check-ins can be conducted via the challenge, through surveys, one-to-one meetings or even anonymously through an online feedback platform. Staff that feel able to share their honest opinions with no fear of reprisal feel more valued by their employer.
When staff feel valued, they focus more on their tasks and want to achieve the results that the business is seeking. This leads to improved performance and greater productivity and efficiency within the workplace.
Teams that are encouraged to collaborate tend to have higher morale, so by fostering an environment in which communication is actively encouraged, a supportive work culture is established, and employees benefit from a sense of belonging.
Terryberry employee wellbeing programs
Many businesses fear implementing a wellbeing program, believing that gaining participant buy-in will be challenging, and that managing personal data will become overwhelming.
When you partner with Terryberry, we handle all elements of data privacy and confidentiality, ensuring complete compliance with data protection regulations, and communicating to staff the manner in which their data will be handled, anonymised, stored and analysed.
We will also help you to tailor your program to maximise staff takeup. We will understand the issues that your business is facing, and develop a bespoke package that addresses these issues, appropriately rewarding staff for engaging, and motivating them to participate.
To find out how Terryberry's wellness programs can help your business to thrive, contact us today.