Employees' well-being can have an impact on the company's performance. Picture: iStock
There are different factors which can impact the quality of results produced by a company, and one of them is employees’ wellbeing.
The well-being of employees has a great impact on the business’ daily operations and its longevity in the market.
Employees’ well-being can affect the number of sick days they take, how they approach their tasks, their willingness to go the extra mile and the quality of work they produce, according to Nomi Nxumalo, head of transformation, people and culture at MiWay Insurance.
She quotes a study by global analytics and advisory firm, Gallup, which says the financial loss associated with decreased rates of productivity and staff turnover amounts to $322 billion globally. The study also says 75% of the medical costs incurred by organisations annually can be attributed to preventable conditions such as burnout.
Nxumalo says studies like this continue to prove that neglecting the personal and professional well-being of employees comes at a cost. She is of the view that when employers invest beyond fulfilling the bare minimum conditions of employment, the company stands to reap dividends in the form of productivity.
According to a study by Gallup, well-being encompasses everything that is important to an individual. The five common elements people need to thrive in their lives, according to Gallup, are career well-being, if you like the work you do every day; social well-being, if you like your social life and have meaningful friendships; financial well-being, if you manage your money well; physical wellbeing, you have the energy to get things done; community wellbeing, you like where you live.
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“Employees who feel like they have hit the ceiling, or who are unable to pursue a promotion or strive towards the next step in their career, often become demotivated and less engaged.”
Employers should consider providing ongoing education and training as part of employee wellness because it gives them something to work towards. When an employer offers employees a learning experience, those who take the offer are usually provided with a sense of purpose. Nxumalo describes it as ‘nothing more powerful and meaningful than having a sense of purpose’.
Nxumalo says a study by Floatplays released in 2022 reveals that 74% of employees were at the time experiencing medium to high levels of financial stress. Due to the financial stress, employees’ productivity goes down and this affects the quality of their work.
It is advisable for employers to bring financial literacy education and training into employee wellness, to give access to resources and tools that can help them manage their money better.
“These programmes may include financial literacy workshops, retirement planning assistance, access to financial advisors, and benefits such as student loan repayment assistance or emergency savings accounts.”
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Nxumalo believes having workplaces that help employees de-stress and engage in some activities that are associated with optimal health will go a long way.
She has seen an increase in the number of companies incorporating fitness facilities into the office, providing employees with an easily accessible space where they can exercise. “Ultimately, these kinds of facilities make working out cheaper, more convenient and more accessible.”
