Earlier this year, a study by the Confederation of British industry found sick days cost the British economy nearly £15 billion each year. That is money few businesses can afford to waste, let alone small companies and new start-ups, to whom a healthy and productive workforce is essential in order to ensure growth and development.
Providing workplace health services and support isn’t a legal requirement for most companies, but more and more businesses are beginning to realise the value of investing in the health and well-being of their employees. Here’s a look at how employees and smaller businesses can benefit from health service plans and insurance.
Happy staff equals productive staff
It goes without saying that healthy employees play a key role in the success of any business, but ensuring staff are happy and motivated is of equal importance. This is particularly relevant for small businesses, for whom staff retention can sometimes prove tricky. Employees leave jobs for all sorts of reasons, but by investing in the health and well-being of staff, smaller companies can help foster a happy working culture. Going the extra mile to make staff feel valued and appreciated will encourage staff loyalty, which may prove decisive when it comes to retaining valued employees.
That is one of the reasons why more and more businesses are following the advice of occupational health providers and taking steps to boosting staff well- being. Here are some of the main reasons why a healthy workforce benefits both the business and the individual employees:
- Increased productivity: Investing in the well-being of employees helps them feel more appreciated, which in turn motivates them to perform better. The increase in productivity can help them enhance their skills and improve the quality of their work, while increasing the output of the business. Actively promoting the importance of a healthy work-life balance will help minimise stress levels and reduce the risk of burnout.
- Reduction in sick leave: By offering staff health insurance plans, a business can ensure they have a range of cover available to them, which will help reduce sick days in the long run. The financial impact of sick days can be particularly significant to small and medium sized companies, so a healthy workforce is essential to sustaining a successful business.
Explore the options
In addition to health insurance cover, it’s worth considering the various other health service options available. A range of health service providers offer companies external advice and consultations, including how best to analyse staff performance levels. This can help a business form a strategy for improving both performance and well-being.
Taking time to properly assess the specific requirements of your company will enable you to set a long term health and well-being strategy. This could help give you an advantage over competitors, as recent research by Edenred and energiseYou found that only a minority of organisations are ‘strategically committed to employee well-being.’
Here are a few other implementations that could benefit both the business and employee:
- Staff incentives: Added incentives for achieving targets can help create an extra sense of purpose and inspire employees to go that extra mile. Reward schemes are a great way of showing your appreciation to staff who excel themselves, and helps strengthen the sense of togetherness within the company.
- Social events: Promote a healthy work-life balance by encouraging post-work social outings, such as office parties or outdoor activities. A day out of the office can do wonders for morale and is a particularly effective way of ensuring new staff integrate well.
- Little extras: Hire some masseurs for a shoulder massage session during the lunch hour, or set aside a room for yoga. Even the small matter of a new couch in the lunch room can have a positive effect. Remember, refreshed and comfortable staff can only be of benefit to your company.
What do you think is the key to a healthy and motivated workforce?