More and more small business owners are making wellbeing a priority within their businesses. Whether that’s to retain their current team members, to make the workplace a more positive place or to help attract new talent to join the company. The businesses who don’t place an importance on the health and wellbeing of their team could find themselves at a disadvantage, particularly if key members of the team leave the business as a result.
Speaking in The AXA Growth Leaders Report, Charlie Walker, founder of Harmonic Finance, said “From my own experience of running hundreds of recruitment processes, the businesses that don’t invest in health and wellbeing end up with unproductive staff. We see it time and again, with people leaving organisations because of burnout; and businesses having to bring in expensive interim consultants to cover things that haven’t been delivered. When you track it back, this tends to happen in businesses that don’t have any health benefits, don’t offer flexible hours, or where leaders are inflexible.”
What wellbeing benefits do employees want?
Research conducted on behalf of AXA PPP healthcare found that, when it comes to benefits packages, employees placed value on the incentives that may be more beneficial to their long term health and wellbeing, including private medical insurance, with 23% of employees highlighting that this is the most important benefit to them. The opportunities to flex working hours and to be able to work from home were also sought after, with 29% and 27% of the vote, respectively1.
When working out the best benefits package for your team, it’s important to ask them which benefits they would find the most valuable. It can be easy to implement wellbeing strategies that may be what you think your employees want rather than what they may actually want or need. For example, some people may enjoy having access to breakout areas with beanbags and pool tables, whereas others may value the opportunity to change their working hours in order to pick their children up from school. You may not be able to implement all of the health and wellbeing benefits that your team identify as being important, but you might find some common themes within their responses that can help to steer your overall health and wellbeing strategy.