"The ROI of Empathy: Why Investing in Your Workforce's Wellbeing is the Ultimate Business Strategy"
As a business leader, you're likely no stranger to the concept of ROI - return on investment.
You invest in technology, marketing, and hiring, all the time with the aim of seeing a return in the form of increased revenue, productivity, or efficiency. But have you considered investing in your workforce's wellbeing and happiness as a way to reach the same goals?
One of the most frequent questions I get asked as wellbeing strategist is why should I invest when I can't measure a return and as wellbeing is based on empathy, hearts and minds, it's natural to be sceptical about investing in something that doesn't seem to have a clear tangible benefit. But a comprehensive strategy for well-being has many benefits that have been shown over and over again.
Engagement and Productivity
First of all, focusing on the health and happiness of employees can lead to higher engagement and productivity. Gallup found that employees who are interested in their jobs are 21% more productive than those who are not. Also, employees who feel like their boss cares about their wellbeing are more likely to be engaged at work and stay with you for a long time. This translates to lower turnover costs and a more resilient, committed and motivated workforce.
Health and Happiness
Investing in the health and happiness of employees can also lead to lower healthcare costs. A study published in the Journal of Occupational Health Psychology found that employees who participated in a workplace wellness program had significantly lower healthcare costs than non-participants. The difference in costs was $1,500 per participant per year.
Loyalty and Morale
But maybe the best reason to invest in the health and happiness of your employees is that it's the right thing to do. Your employees are your most valuable asset, and putting money into their health and happiness sends a message that you care about them and can lead to increased loyalty, job satisfaction, and overall morale. In a Deloitte survey of millennial workers, 82% said that a company's commitment to employee wellbeing was a factor in their decision to work there, and 61% said they would be willing to take a pay cut to work at a company that values employee wellbeing. Therefore, your company's reputation as a great place to work can improve, making it easier to attract top talent in the future.
Wellness analytics have made it easier than ever to figure out how a company's wellness plan affects its bottom line. In addition to the useful metrics that new wellness software platforms give you, you can connect the dots to see how your investment in employee wellness is paying off by looking at things like absenteeism rates, healthcare costs, employee engagement, and productivity.
It's time to stop debating whether investing in the health and happiness of your employees is worth it. Just like investing in new technology or paying to hire a new employee, a wellbeing strategy is an investment in the long-term success of your business. By putting the health and happiness of your employees first, you can build a more productive, engaged, and loyal team that will help your business thrive for years to come.
And get in touch if you need help getting started. Our team of experts can help you figure out how to make a wellness strategy that fits the needs of your company and aligns with your
business objectives, to start making your workplace healthier, happier, and more productive.
Journal of Occupational Health Psychology study