What are the benefits of taking part in the Workplace Wellbeing Charter?
The Charter helps employers make Health and Wellbeing their business.
Although it is about much more than reducing sickness and absenteeism, the statistics reflect how important the health of the workforce is to the economy. Nationally, the annual cost of sickness and worklessness is more than £100bn. In the Liverpool City Region alone, it amounts to approximately £2bn.
Simple steps can vastly reduce the way your organisation is affected by sickness and absenteeism. They can also help you retain staff more effectively, attract better staff, and maintain the health of staff as they grow older – a key concern in an ageing population, where almost 50% of the population is predicted to be 50+ by 2024.
By addressing issues such as the working environment, work-life balance, healthy living and good communication, you can improve the wellbeing of your workforce. In return, you will see a culture where individual skills are allowed to flourish, increased productivity, loyalty and yes, a reduction in absence. A healthier workforce makes for a healthier bottom line. As well as making good commercial sense, investing in the health and wellbeing of staff is seen by many as part of your responsibilities as an employer.
There is a growing body of evidence to back up the claim that improving health and wellbeing makes good business sense.
For example, British Gas held back care workshops. As a result, back related absence reduced by 43%, and 58% of staff improved their attendance. The return on their investment was £31 for every £1 spent.
Parcelforce Worldwide established a comprehensive workplace wellbeing programme, with a resulting cut in sickness absence of a third, saving £55m. Compensation claims were reduced by two thirds, and productivity increased by 12.5%. An overall £2.25m investment resulted in direct cost savings of £6m.
These examples relate to large businesses – but the Workplace Wellbeing Charter is just as relevant to small and medium sized enterprises, where savings might be even more important.
COMMITMENT This level demonstrates a real commitment by small organisations.
ACHIEVEMENT This is a good achievement for medium-sized businesses.
EXCELLENCE Large organisations should strive for this level.