Linking Employee Wellbeing & A Healthy Bottom Line
When it comes to business performance, a good understanding of how things link leads to success.
Just like in dominoes where victory comes down to connecting the dots—literally! The more we understand the links between the various aspects of our company, the better we perform.
So, how does wellbeing fit in all of this? Sure, the link between engagement and wellbeing is undeniable but are there more dots to connect? Could a healthy workforce really contribute to a healthier bottom line?
At WorkScore, we think the answer is a resounding yes, and here are some reasons why:
Wellbeing links to better performance.
According to the Workplace Health Association Australia (WHAA), “in organisations where workplace health is managed well, financial performance increased by more than 2.5 times.”
Of course, it’s not to say that sending your employees to the gym and stocking up on healthy snacks will magically lead to increased profits. Instead, the link lies in productivity and high-performance which, the Integrated Benefits Institute found, related closely to well-developed health.
Wellbeing links to dollars saved.
Savings could come in the form of small wins. For instance, Johnson & Johnson in Japan implemented health and wellbeing programs that discouraged their workers from smoking which led to savings since workers took fewer cigarette breaks.
There are also savings to be had through staff retention. Psychologists have found that stress and poor mental health caused up to 52 per cent of American workers to skip a promotion or leave altogether. And hiring is costly, with employers shelling out nearly three times the salary of the employee being replaced. Meanwhile, organisations with highly engaged workers, enjoy an 87 per cent reduction in staff turnover.
The bottom line might just be a figure in your income statement, but it is linked closely with the wellness of your most important asset—your people
Wellbeing links to competitive advantage.
In this highly competitive business world, standing out through employee wellness is vital. The World Economic Forum found that nearly 66 per cent of companies with effective health programs did better than their competitors. And speaking of standing out, WHAA reported 96 per cent of organisations they considered to be ‘best practice’ have implemented health and wellbeing initiatives.
Gaining the competitive advantage leads to attracting the very best talent. Willis Towers Watson research found that personalised health programs improved talent attraction by up to 63 per cent.
The bottom line might just be a figure in your income statement, but it is linked closely with the wellness of your most important asset—your people. Improve employee wellbeing and see how the dots connect better performance, cost savings and a definite competitive advantage to give you a healthy bottom line.
Now that we’ve connected the dots between employee wellness and business performance, it’s time for you to track it. Let WorkScore help you. Our industry-leading tool gives you real time feedback on wellbeing that you can compare against other businesses. It lets you measure the connection between wellbeing and productivity.
To boost employee health and business performance, visit www.workscore.com.au.