You’ve heard all about workplace wellbeing right?
It’s a significant business issue which is becoming more prominent in successful organisations. Here, Joe Gaunt, Founder and CEO of hero (www.herowellbeing.com) answers some frequently asked questions which we hope will give you some more insight and information into launching and running your own wellbeing programme.
Why invest in Corporate Wellness?
Great people are at the heart of any world class business. We are seeing more companies with the right intent, (which is great) but we need to see a sustained movement to recognise this as part of the overall business strategy and measure it. A good friend of mine recently wrote in his book release ‘it's not about more free bananas’ (The Rebel Playbook by Glenn Elliott and DC). It's not about a ‘wellness week’ once a year where companies get some fruit and push forced participation or about having a weekly fruit box delivered that only gets shared among senior directors. Companies that don’t invest in this area will soon pay the price as more young people enter the workforce. Millennials and generate Z workers demand more than ever before and they have many non-negotiable expectations of an employer. And those companies who don’t offer what they need will be left behind and ultimately fail.
What is the Value of Wellness in the Workforce?
The average person will spend approximately 90,000 hours of their life working and with added pressures, stresses and strains, poor health and well-being is costing the UK economy up to £57 billion a year in lost productivity.
A direct correlation is now seen between strong employee engagement and wellbeing and a company’s bottom line. Historically the success of any employee programme has been typically measured in ROI but as the sector and indeed businesses shift into an era of wellbeing, aspirations turn beyond monetary values and forward-thinking businesses look at introducing a whole new set of KPIs, also known as value on investment (VOI). VOI helps a business to understand how employee health and wellbeing can interact and affect business outcomes. In time I believe we will see a mix of both these indicators within company reports.