Across the world, COVID-19 has, and continues to disrupt the lives of many people, not to mention most organisations as well. An article on People Management notes that the global health crisis has negatively impacted the UK jobs market, amplified uncertainty in all industries, and put the livelihoods of people at risk.
As a response to the disruption brought about by the pandemic, organisations began to offer remote and flexible working arrangements. While this helped today’s workforce and operations cope with the pandemic, this may not be sustainable in the long run as reports reveal how the majority of employees working from home experienced negative mental health impacts, such as loneliness, isolation, and an inability to balance their personal and professional life.
To help employees overcome the challenges they face in these precarious times, it’s crucial that your organisation establishes a wellbeing strategy. Here, let’s take a closer look at the importance of having a wellbeing strategy.
A wellbeing strategy curbs absenteeism
Employee absenteeism has a high cost. According to a study by health insurance provider Westfield Health, UK businesses lost £14 billion in 2020 due to absenteeism. This mostly covers genuine, unplanned absences due to family emergencies, illnesses, and accidents, as well as unauthorised absences that don’t have a genuine reason. With a good wellbeing strategy that covers the physical and mental health of your employees, you can actively curb absenteeism in your organisation. For one, your wellbeing strategy can help you ensure that your workforce remains healthy and is in a state that allows them to perform their best. In addition, having a great wellbeing strategy can also reduce turnover rates and motivate your employees to come to work.
A wellbeing strategy reduces financial distress
Aside from impacting global health and supply chains, the pandemic has also thrown the economy into disarray. The volatility charts from FXCM reveal how quickly the global markets moved as the pandemic ravaged on. This, in turn, has presented various financial challenges on an individual level. For instance, the prices of investment assets such as stocks, ETFs, and real estate have taken a hit, leaving many people anxious for their financial future. In this regard, it is important that you provide your employees relief by having a comprehensive wellbeing strategy that not only covers their mental and physical health, but also covers their financial wellbeing.
Your wellbeing strategy should include aspects of financial literacy that allows your workforce to make decisions that could empower their future. Because many mental health issues are linked to financial concerns, helping your employees improve their financial literacy can subsequently improve their mental wellbeing and become a more productive worker.
A wellbeing strategy uplifts your entire workforce
It’s important to remember that you should cater to your employees individually. Having an inclusive workforce means that you have strategies in place that fully accept your employees, no matter their physical disabilities or medical conditions. Having a wellbeing strategy that allows disadvantaged workers with chronic medical conditions to adapt and cope better can positively impact your organisation. Apart from uplifting such employees, you can also improve employee engagement, improve satisfaction rates, and ensure that your workforce remains productive.
For help in creating the perfect wellbeing strategy for your organisation, speak to one of our experts today.