April marks National Stress Awareness Month in the UK, and customer and employee experience (CX and EX) specialists insight6 is reminding employers that investing in the well-being of staff is the best way to retain them over the long term.
Recruiting and retaining a reliable workforce has remained a constant headache and significant expense for many business owners in the last couple of years, so increasing retention rates should be a key business objective.
According to UK Labour Market statistics, vacancies across all sectors remain around 1,161,000 – 29% higher than pre-pandemic figures. ¹ The Chartered Institute of Personal Development (CIPD) estimates the actual cost to a business when filling a vacancy averages more than £6,000, rising significantly for senior roles.
Chris Lowe explains: “Employees are a business’s best asset on the route to great CX, so it’s vital to keep them happy and motivated. Post-pandemic, we have seen a real shift in what employees want from a job and workplace, yet the high vacancies suggest that many employers aren’t yet listening.”
We have seen a real push from many corporate businesses in recent months to get people back to the office; however, many employees want home or hybrid working to become permanent. More than three-quarters of people say it gives them a better work-life balance and almost half said it improves their well-being (ONS, May 2022) ².
Hybrid working isn’t a universal option, with some industries needing staff to be at a physical place of work. This is where businesses need to think outside the box and offer alternative working benefits to support well-being and increase staff retention rates.
Chris continues: “When considering employee well-being in 2023, many businesses need to reassess what their staff actually want and need to enjoy a better work-life balance and positive mental health.”
The 4-day Week Campaign UK pilot, which ran between June and December last year, has seen positive results. Productivity levels remained consistent, and there were improvements in staff retention and well-being, with a 65% reduction in sick days. Importantly, business revenue stayed broadly the same. More than 90% of the participating businesses have opted to continue with the four-day week, with 18 adopting it permanently. ³
Chris concluded: “The only way to really understand what motivates your staff and what would improve their well-being at work is to ask them. And just the act of allowing employees to have their voice heard in a regular, official capacity can instantly enhance engagement.”
“Regularly checking in with staff about their well-being can save a business money through lower staff turnover – a result of remaining agile, visible and empathetic to changing situations within your workforce.”
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