Why wellbeing?
We have to!
HSE says that employers have a duty to protect employees from stress at work by doing a risk assessment and acting upon it.
It's ethical
Of course it is fundamentally important that people are treated well. In addition a lack of wellbeing caused by autocratic, stressful and hierarchical environments causes both creativity and ethical distinctions to be lost (according to Margaret Heffernan in A Bigger Prize). In other words a lack of wellbeing is a contributing factor in corruption.
In Plain Sight, ACEVO's report into workplace bullying recommends that charities should nominate one trustee and one senior manager to lead on staff workplace wellbeing, in order to create safer workplace cultures.
It makes business sense
What Works Wellbeing says that organisations with a high level of wellbeing out-performed the stock market by 2-3% over a 25 year period. In addition FTSE 100 shareholder return is 10% higher if a company demonstrates best practice in employee health and wellbeing.
Thriving at Work: the Stevenson-Farmer review of mental health and employers found that, in addition to the human costs of mental illness, the ‘economic costs to employers, directly to Government and to the economy as a whole are also far greater than we had anticipated’ (Stevenson and Farmer 2017). The review commissioned new analysis from Deloitte on the costs to employers of mental health illness, which amounts to a cost per employee of between £1,205 and £1,560 per year – between £33 billion and £42 billion a year (Deloitte 2017). This is made up of:
- absenteeism cost: £8 billion
- presenteeism cost: £17 billion to £26 billion
- staff turnover: £8 billion.
The review also recommended that employers
- Produce, implement and communicate a mental health at work plan;
- Develop mental health awareness among employees;
- Encourage open conversations about mental health and the support available when employees are struggling;
- Provide employees with good working conditions and ensure they have a healthy work life balance and opportunities for development;
- Promote effective people management through line managers and supervisors;
- Routinely monitor employee mental health and wellbeing.