Twenty or so years ago workplace wellbeing was, if anything, a fringe concept but today, spurred on by the relentless pressure organisations and employees face, interest in the subject has grown.
Stepping back, there’s much more to managing wellbeing than simply knowing what makes your team happy. It’s a state affected by a myriad of physical, psychological and social aspects of people’s lives. For example, you may appreciate how one can be affected by cash flow and relationship issues at home or in business, which can lead to stress, anxiety or even depression. Or, perhaps you’re an employee down due to a health concern that’s taken its toll – no laughing matter when a small enterprise is working flat out at the best of times!
The consequences of ill health can be significant for a business, with considerable direct and indirect costs arising from sickness absence – estimated by the HR and people development body, the CIPD,* to cost UK employers £522 per employee per year – and not forgetting the effects of presenteeism, where employees attend work when physically or psychologically unwell and perform below par. And while it may be the case that average days lost per employee per year due to absence is reportedly less for smaller firms than for their larger counterparts (4 days for businesses with under fifty employees compared with 9.4 days for those with 5,000+*) the adverse effect is arguably more acute for SMEs who may not have the resource to readily absorb an absentee’s workload.
Excerpt from Business Zone, read the full article here