Use Wellbeing to Retain your Employees and Save £28,000

A recent survey has concluded that on average it costs £28,436 to replace an employee. This figure includes costs relating to recruitment, training an new employee to ensure that they have the necessary skills to be able to carry out the job and loss of productivity – the transition between an employee leaving the company and the new employee starting the role.

The focus for 2017 for a number of SME companies is to use health and wellbeing as an employee benefit to retain current employees through reward management.  Ensuring that your employees are fit and healthy can have a positive impact on a business in a number of areas.

For example when recruiting for new employees offering a full benefits package can ensure that you attract a high quality range of recruits. Offering employees benefits such a private medical insurance, dental insurance or group risk can make an employee feel cared for and therefore increase their productivity.

Offering insurance to your employees also means that, as an employer, you know that in the unfortunate event that a member of the team does have to go off work on long term sick that the company can cover the costs involved. From short term replacement of the employee to ensuring that the un well employee will receive a level of sick pay, whilst receiving a best care in order for them to return to work as soon as possible.

Taking part in health related activities can promote team building as well as brand awareness. This could be as part of a charity event where as well as encouraging your employees to work together you can also be raising money for an important cause.

CEO’s, Directors and decision makers of reward and benefits for over 500 UK based companies took part in a poll that put forward their employee benefits strategies for 2017. This concluded in 35% of companies looking to improve their employees work life balance as part of a health and wellbeing programme for 2017. 21% of companies looking to introduce flexible working practices and 19% of companies looking to save business costs through procurement practices.

These statistics emphasise that leading businesses recognise the importance of retaining talented employee’s through wellbeing strategies. Encouraging employees to have a steady work life balance whilst creating a positive environment to build and self-motivate will ensure a loyal workforce, higher productivity, and increased revenue.

To find out how BDHL can work with, and benefit you and your employees through introducing a health and wellbeing strategy for the new year then please do not hesitate to contact the team on +44(0)1892 891900 or email us at look forward to hearing from you.