A 2018 study revealed that ill-health costs UK businesses £61 billion a year with factors such as mental health, lifestyle choices and stress relating to three-quarters of this cost. It’s clear that the cost of employee ill-health far exceeds the potential investment in corporate health and wellbeing. As workplace health and wellbeing becomes more of a priority for employees, companies must begin to consider whether they can afford not to invest in workplace wellbeing.
Many companies have already begun to recognise the importance of investing in welfare - the companies with the best results in the 2018 study shared characteristics such as ‘embedding a culture of health’ through high awareness and participation in health and wellbeing schemes. Investing in rest spaces is one very practical way in which companies can embed a culture of health into workplaces. Rest spaces can help tackle issues relating to ill-health by promoting sleep health and relieving stress and fatigue by providing rest facilities for workplaces.
There are many advantages to investing in the welfare of employees, through rest spaces or otherwise, including significant financial benefits, a few of which are outlined below.
Why should we invest in the health and wellbeing of employees?
As stated, poor well-being has a high financial cost. If we isolate mental wellbeing, the total annual cost to UK employers was £32 billion, according to the 2018 study. Of which, £17.2 stems specifically from workplace stress, which is a factor that companies can help elevate through wellbeing initiatives.
A workplace attitude that promotes wellbeing helps retain talent and may reduce turnover, and the associated costs. Employees with low levels of well-being are likely to leave their jobs so wellbeing investments may decrease turnover. For diverse talent, who are more likely to face health inequality and therefore ill-health, this shows a commitment to those employees.
Investing in wellbeing positively affects your brand. With an employer brand, poor wellbeing culture can lead to the company being seen as less attractive of a place to work with. Of course, investing in well-being increases the employee and customer trust in a brand.
Improving and maintaining employee wellbeing boosts productivity in the workplace. Employees are likely to be more productive, motivated and produce better work when their health and wellbeing is supported by employers. When employees can concentrate better, as a result of improving their wellbeing, there tends to be a reduction in incidents and costly mistakes.
How can Rest Space help?
Rest Space offers a solution to the high cost of ill-health through the product - a fully enclosed, private, clean and stackable place to recharge, rest or nap. Rest spaces are innovative solutions to workplace wellbeing and follow the sleep science behind fatigue, stress and productivity. The high financial costs of fatigue and stress, through sick days, burn out and high turnover, can be evaded through investing in rest spaces. The health and safety risks associated with sleep-deprived employees can also be avoided.
Not to mention, the financial benefits of more productive employees producing better, more creative work, with fewer mistakes. Rest Space is an investment that saves companies money in the long run, as we cut costs on the loss associated with the ill health of employees, without sacrificing employee wellbeing.
Employees spend at least a third of their time in the workplace and their physical and mental wellbeing must be regarded as important. In addition, the financial cost of not investing in corporate health and wellbeing exceeds the cost of employee ill health. If you’re interested in investing in employee wellbeing and rest spaces - get in touch today.