The words ‘Wellbeing Strategy’ have been ringing in the ears of employers all over the UK in the past year or so. But for some, it’s difficult to know where to start. Today, we’re giving you the answers to some of the most common questions businesses ask when they begin their journey to a wellbeing strategy.
What is a wellbeing strategy?
A wellbeing strategy focuses on the physical, financial and physiological health of your workforce. The aim of a wellbeing strategy is to provide short-term and long-term benefits to employees that will help them to become happier and healthier at work and in life. A wellbeing strategy is important for your people and for your business, and has been proven to increase employee engagement, increasing business productivity and profitability as a result.
What types of companies need a wellbeing strategy?
Every type of business can benefit from a wellbeing strategy. An example of a wellbeing initiative that we like is this one by Gymshark. Gymshark organized a ‘Wellbeing Festival’ for their employees, where they set up yoga classes, mental health classes and even baking classes! Obviously, this type of event would not be possible for all businesses, but it does provide an insight into the strategy of a company who put their employees at the heart of what they do.
Who is responsible for the wellbeing strategy?
Typically, wellbeing strategies are curated by the HR department. More broadly however, all managers are responsible for implementing the strategy – particularly senior managers and line managers.
How do I get started?
So we know what it is and why we need it, but where you we begin? We know it can be overwhelming, but here is a really useful sequence of steps:
1. Develop a plan
Understand your current offerings and where you want to be in the future. Consider your competitors’ strategies and financial capabilities. In this step it’s also worth thinking about the sickness rate of your employees and the main reasons for their sickness. This can help you to better target these issues.
2. Get Approval
Get approval from senior management, ensuring that they understand the plan as well as the reasons behind it. Having them on board will help the strategy to be more successful in the long-run.
3. Develop Metrics and KPIs
Understand how the strategy will be measured and develop any ‘back-up plans’ for issues that may arise throughout the process.
Communicate with employees regarding the purpose behind the strategy, ensuring that they are aware of all the benefits that are available to them.
5. Review and Refresh
Review the strategy and determine its success against the key metrics and KPIs developed in stage 3. Make any necessary changes, ensuring that they are communicated to employees, and re-implement.
Wellbeing strategies can be challenging at first, but they pay valuable dividends in future! If you need more information, get in touch.