Bosses urged to invest in worker well-being

Many employers are failing to take account of new workplace trends post-Covid as vacancies continue to pile up, according to Sutton Coldfield business experts.

Investing in employee well-being is the best way to retain workers over the long term and is critical to building resilience, according to Shaun Cremins, Sutton Coldfield-based customer and employee experience (CX and EX) specialist.

He said recruiting and retaining a reliable workforce had remained a constant headache and a significant expense for many business owners in the last couple of years, and 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 per cent higher than pre-pandemic figures. 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.

Shaun Cremins (pictured), CX Director at insight6, said: “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. ”

He said many employees wanted 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).

“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 per cent reduction in sick days.

Meanwhile, business revenue stayed broadly the same. More than 90 per cent of the participating businesses have opted to continue with the four-day week, with 18 adopting it permanently.

Shaun added: “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. ”

Shaun can be contacted on [email protected] or 07599 293836.