The Business Case for Well-being at Work
Well-being at work has come a long way in the last few years and it’s certainly no longer the niche area it once was. However, it does still tend to get lumped together with things like gym memberships and yoga classes in the minds of the public and the media.
This means that it’s often still difficult for Human Resources and Occupational Health & Safety professionals to present a solid business case for investing in the psychological well-being of the workforce – that is, ensuring that staff feel good at work, have a sense of purpose and are inspired by their leaders.
At Robertson Cooper, we are always looking for ways to demonstrate the business sense of investing in well-being. A few months ago we released research that showed that the UK economy stands to gain £12 billion in productivity terms if well-being levels in the workplace were to rise by just 7%. We have now followed this up by pulling together information that demonstrates how measurable financial gain can be achieved across key HR-related outcomes by raising levels of well-being in the workplace – something that no other single intervention can achieve.
Research and practice shows that improving levels of psychological well-being can deliver real financial benefits to companies. And the potential gains are significant - for example, the CIPD ‘Recruitment, Retention and Attraction’ annual survey (2007) reports that the cost of labour turnover averages £7,750 per job leaver. Employee turnover in the UK averages 18%, so for a company of 2000 employees that means 360 people leaving each year at a total cost to the organisation of £2.8 million per year.
Our new business case download shows how initiatives aimed at specific issues like retention, absenteeism and performance improvement only impact the single outcome they were designed to improve. It demonstrates that by introducing a well-being initiative you can see the tangible financial benefits on all of these fronts.
Our clients often tell us that knowing where to start with the business case can be difficult, so we are offering half a day of FREE advice to help you build the business case for well-being. Our expert consultants will visit you to take a brief and provide advice and content for your business case. You will also receive a summary report after the visit.
For more information about this unique offer please email Vikkie Buxton
This offer is intended for corporate users and potential new client organisations only.
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