Implementing a corporate wellbeing strategy
October 30, 2014
Bluecrest Wellness is at the forefront of a revolution in the application of corporate health and wellbeing strategies that will drive organisational performance.
It’s now impossible to ignore the importance of a well-defined, ongoing, employee health and wellbeing strategy as demographic factors, such as the ageing population, start to have an impact.
The business case for investing in employee wellbeing is strong. The following drivers are pushing the importance of health and wellbeing at work up the corporate agenda:
|Sickness absence||13 million days a year are lost to sickness absence. The annual median total cost of all absence was £760 per employee in 2010 (CBI survey 2011)|
|Worker Stress||Cost the British economy £4 billion per annum. The single most important cause of long term absence amongst manual and non-manual employees.|
|Presenteeism||Research suggests that the cost of “presenteeism” in terms of reduced effectiveness, are between 2 and 7 times that of sickness absence .|
|Smokers||Cost employers 64 minutes a day each in lost productivity|
|Staff Turnover||Ill health related staff turnover can be expensive; especially if dismissed on the grounds of ill health|
Wider demographics are also playing their part in terms of increasing the importance of implementing an effective health and well-being strategies at work. Life expectancy is increasing – 1 in 5 of the population is now aged 65 or over, with 50% of the UK’s adult population forecast to be over 50 by 2024.
Interestingly, a study of age and employment undertaken by the HSE in 2011 found that chronological age is not a strong determinant of health, cognitive or physical ability, sickness absence, work-related injury or productivity. The study also found that there is no positive correlation between increased age and an increase in work-related ill health or injury; older workers do not take more time off sick and more likely to suffer more work placed accidents.
It appears, given the facts above, that the business case for investing in health and well-being is a strong one and companies that take a proactive approach could potentially leverage a source of sustained competitive.
Some of the positive outcomes that can be achieved through the successful delivery of an effective well-being strategy include:
|Reduced Sickness Absence||The NHS would save £500million per annum if it could reduce its absence level to that of the private sector|
|Reduced accidents at work||Fatigue due to poor sleep is a factor in many accidents at work. Research suggests that fatigue costs the UK employers £200 million a year due to accidents.|
|Improved staff retention||The cost of replacing a worker who leave dues to ill health are significant and can be up to 100% of the individuals salary. There are also the indirect costs associated with staff turnover in terms of lost performance tractions during induction and orientation.|
|Employer Brand Boost||Organisations that demonstrate a caring approach are more likely to attract and retain good people.|
|Higher employee resilience||Workers who are healthy are more likely to embrace change|
There are growing signs of employer interest in the wellbeing field – the latest CBI absence survey cites employee wellbeing as a people management priority.
How can Bluecrest Wellness help?
It is Bluecrest’s mission to enable businesses to optimise their wellness budget via the implementation of health and wellness strategies that meet individual organisational objectives and generate tangible return on investment.
In short, Bluecrest will work with your organisation to:
- Assess your current health and wellness landscape via health and wellbeing screening
- Provide detailed management information to enable you to see areas of opportunity to improve your companies health and performance
- Develop a bespoke programme of initiatives to focus on key areas that will deliver ROI and positively impact business performance in terms of employee engagement, talent retention and productivity gains.
- Undertake further health and well-being screenings to assess progress
- Work in a collaborative way to ensure that we maximise your health and well-being budget; ensuring maximum employee participation
Bluecrest can achieve all of the above at a fraction of the cost of traditional health screening; for the first time enabling this type of provision to be rolled out across the entire organisation. View our packages to find out more.