Prioritising Employee Wellbeing

The start of a new year often brings challenges for employee wellbeing. For many employees, January means increased financial pressures after the extra costs of Christmas, compounded by early December paydays making the wait for January’s salary feel even longer.

January is also a time of reflection and change. Employees may be seeking a fresh start, and exploring new job opportunities, while employers are setting annual goals and planning for the year ahead.

The workplace is evolving, and so are the challenges employees face. To attract and retain top talent, businesses must prioritise financial well-being, mental health, and career development. Let’s explore how your organisation can address these areas to build a thriving, loyal, and productive workforce, promoting genuine employee wellbeing.

Financial Wellbeing: A Growing Concern

Did you know that one in four UK workers ran out of money before payday in 2024? According to Ciphr, younger employees (aged 18-24) have been hit hardest, with many relying on loans or moving back home to make ends meet. Worryingly, over half of this age group have worked while unwell due to fears about lost wages.

Employers can make a real difference by addressing financial well-being. Here’s how:

1. Offer meaningful benefits that promote health and financial stability.
2. Enable flexible working to help employees manage illness or financial struggles.
3. Foster a supportive culture that alleviates stress about taking time off.
4. Pay fair, liveable wages to reduce financial pressures.
5. Develop a financial wellness programme, which might include:
6. • Hardship loans or earned salary access.
   • Employee benefits to lower living costs.
   • Financial education to encourage saving and planning.
   • Debt counselling and support services.
6. Communicate support regularly, using diverse channels to normalise discussions about financial challenges.

Why it matters: Helping your employees manage their finances fosters loyalty and boosts productivity.

Recognition and Goal Setting: Keys to Retention

Everyone loves to feel appreciated. Recognition boosts morale and helps retain your best people, while clear goals give employees a sense of purpose and direction. It’s a win-win.

Here’s how to build recognition and goal setting into your culture:

• Celebrate achievements—big or small—in team meetings, newsletters, or casual shoutouts.
• Use employee surveys or 1 – 1’s to discover how your team prefers to be recognised.
• Collaborate with employees to set meaningful goals that align individual aspirations with business objectives.

By creating a culture of appreciation and ambition, you’ll create a workplace where people thrive and deliver exceptional results; positive employee wellbeing.

Poor Mental Health: A Business Priority

Poor mental health affects one in six British workers and costs UK employers up to £44 billion annually. Prioritising mental health isn’t just ethical; it’s smart business.

The government’s Thriving at Work review recommends creating a Mental Health at Work Plan focused on:

1. Promoting wellbeing:
2. • Raise awareness through training and campaigns.
   • Encourage work-life balance and learning opportunities.
2. Addressing work-related mental health issues:
3. • Train managers to recognise and address mental health concerns.
   • Ensure a healthy physical work environment.
3. Supporting employees:
4. • Provide access to mental health services and peer support.
   • Normalise open discussions about mental health.

The CIPD further advises:

• Embed workplace wellbeing across all levels of leadership.
• Train line managers to manage workloads and build trust-based relationships.
• Provide early access to occupational health and other specialist resources.
• Tailor policies to meet organisational and employee needs.
• Conduct risk assessments to identify and mitigate work-related stress.

Feeling overwhelmed? We can help you craft a mental health strategy tailored to your business that will genuinely improve employee wellbeing.

Why Employees Leave and How to Keep Them

According to Harvard Business Review, employees leave for four main reasons:

1. To escape negative experiences or roadblocks in their current role.
2. To regain control by seeking predictability and flexibility.
3. To realign their skills and experiences with meaningful work.
4. To grow through career advancement opportunities.

How you can respond:

You can have an impact on employee wellbeing by:

• Conducting early interviews to understand employee motivations.
• Creating realistic job descriptions reflecting actual responsibilities.
• Partnering with HR to design roles that align with employee goals and organisational needs.

Turnover is costly. Investing in employee wellbeing saves money and builds a stronger, more engaged workforce.

Using Employee Surveys to Drive Change

Employee surveys are your secret weapon for informed decision-making. They help you:

• Understand employee challenges.
• Identify trends in morale and productivity.
• Develop strategies to improve retention and workplace culture.

To maximise the impact of surveys, work with experts who can help you design, analyse, and act on the results.

Conclusion: The Path to great employee wellbeing

Financial well-being, recognition, goal setting, and mental health aren’t just boxes to tick—they’re essential to your team’s success. By taking proactive steps, you’ll create a supportive, resilient, and productive workplace.