The six pillars of wellbeing are the most commonly referenced factors in ensuring employees are valued and retained. With work being such a common cause of stress and financial pressures mounting for many, it is vital that you know how to properly support your team with their needs.
Job Security
Recent years have seen even large and established companies make significant layoffs, some with little notice. This has made employees sceptical about their future with their employer. Even those who remain following a large layoff experience a significant decline in productivity according to Harvard Business Review. Having to let employees go is a regrettable but inevitable part of running a business. However, by undertaking layoffs as a last resort, providing ample notice and fair redundancy pay, and navigating the situation with sensitivity are vital to preserving the reputation of your business and your remaining employees’ morale.
Financial Security
Many UK workers have found their financial positions to be increasingly tenuous since the 2008 recession and subsequent financial crises. With the cost of living rising faster than average employee earnings, now more than ever financial security will be on the minds of your team. You can check if you are paying fair wages by benchmarking salaries against industry averages. If there is a difference, consider offering raises to help keep your team motivated. Identify if there are any disparities along gender or ethnic lines and ensure that they are rectified. By offering opportunities for training, upskilling, and cross-skilling you can increase the earning potential of your employees while making them more productive for your business.
Health
Stay conscious of the physical and mental health needs of your employees. This includes a willingness to accommodate chronic illnesses and disabilities in order to help your team work comfortably. Ensure that your team have access to adequate sick leave to prevent them showing up to work while ill for appearance’s sake. This is called presenteeism and can reduce a worker’s productivity by as much as a third, in addition to creating the risk of infection for other team members.
Mental health is an increasing concern for employees and providing support for these needs can go a long way for improving their wellbeing. According to Mind, sixty per cent of employees would feel more motivated if their employer supported their mental health in the workplace. This is possibly the most difficult pillar of wellbeing for employees to navigate so if you provide the right support and remain sensitive to your team’s needs you could see a significant boost to wellbeing.
Support
Support is a personalised form of wellbeing and will depend not only on the industry your business operates in but also the specifics of your team. Broadly speaking, it covers professional support. This can mean clear and achievable goals, a line manager or head of department to report to, and opportunities for development. It also means providing support on an interpersonal level. Sometimes it can be a simple as being there for someone going through a hard time. But it can also mean providing recourse to report misconduct and inappropriate behaviour or establishing a process for resolving conflicts civilly.
Protection
The exact definition of protection will vary depending on the organisation, and possibly even between individual employees. It can mean protection of employees’ physical health and safety. This is particularly relevant in industries with power tools and heavy machinery, but even in offices and shops you should ensure there is adequate heating and ventilation. Protection from harassment, bullying, or discrimination is also important. Giving employees means to confidentially discuss these issues and find speedy resolution is essential to morale, retention, and wellbeing.
Work-life Balance
Research has shown that for as many as two-thirds of workers, work-life balance is a more important factor in choosing an employer than salary. Check in regularly with your team to ensure that they are happy with their balance and consider making adjustments if they require it. It is now easier than ever to facilitate hybrid or remote working structures. Alternatively, consider offering time in-lieu or different hours to enable your team to work around childcare and other personal obligations.
For help providing your employees with financial security consider engaging the services of Bells Accountants. With our help you can relieve the burden of bookkeeping and other financial management tasks. This can free up time and effort to spend supporting your team with new wellbeing initiatives. To arrange a consultation, call 020 8468 1087 or send an email to .
