There are a lot of factors to consider when running a business… and this includes the people that work for you.
The health and wellbeing of your employees says a lot about your company and can have a big impact on your bottom line.
This is particularly important due to the current pandemic. During lockdown, many were forced to work from home and this greatly affected mental health and physical wellbeing across the population.
If your employees are healthy and happy, your business will be better off for it. Read on for some of the benefits that your business will enjoy when your workers feel supported, valued and well...
Reduced Employee Dishonesty
If your workplace culture is a healthy one, your employees are much more likely to be loyal to the business.
Disgruntled employees may cut corners or do things against the best interest of the business. By ensuring workplace morale is kept high, it decreases the likelihood that they will engage in dishonest or fraudulent behaviour that results in financial loss.
Of course, this behaviour may still occur regardless of what actions you take and can have a significant impact on your business. If it does, you’ll want to be insured.
Less Absenteeism and Presenteeism
If your employees are unwell, physically or mentally, absenteeism and presenteeism is likely to increase.
Absenteeism is more obvious, as people use their leave or take days off when they are unhealthy or unhappy which ultimately results in significantly less work getting done.
However, presenteeism can actually be more detrimental to your business because it is harder to quantify. This is when someone shows up for work, but isn’t productive. Often, this is a result of heavy workloads or job insecurity.
By investing in health and wellbeing initiatives, you’ll be doing yourself a favour by promoting productivity in the workplace and reducing these behaviours... and their costs.
More Money Saved
Research shows that investing in health and wellbeing programs will actually save you money. One study found that these programs can:
- Decrease absenteeism by 25.3%
- Decrease the cost of worker’s compensation by 40.7%
- For every $1 invested into health and wellbeing programs, $5.81 is saved
If you are required to pay compensation or if an accident or disaster occurs that affects your work, Business Insurance is another guaranteed way to save you money. Talk to the experts to find out what cover you should have.