New McKinsey report says that investing in workplace wellness is ‘non-negotiable’
New research from the McKinsey Health Institute, together with the World Economic Forum, has shown that by companies investing in their employees’ wellbeing, almost $12 trillion could be created in global economic value.
And while it might seem cynical to talk about wellness in terms of financial return, the hope is that by focusing on this aspect, more employers might be persuaded to provide occupational health services for their staff.
More than just financial rewards
Companies who have adopted measures to improve their employees’ overall wellbeing report many benefits, including increased productivity and reduced absenteeism, as well as increased staff retention: after introducing ‘Wellness Days’, allowing their staff to take up to 12 days off per year for self-care purposes, IKEA Canada reported an employee turnover reduction from 35% to 24.5%
No one-size-fits-all solution
A key finding of the report was that holistic wellness was intrinsically linked to some key factors – employees who identify as female, LGBTQI+, neurodivergent, younger, or with lower education levels or a poor financial status all tend to report lower health outcomes and put together these groups make up 80% of the work force.
The McKinsey report recommends that employers tailor their occupational health services to meet the individual needs of their staff, so that a company with a higher number of female employees might provide menopause support, or screening for women’s health issues like endometriosis, whilst neurodivergent staff could be helped by ensuring their needs are met – by providing quiet spaces, for example.
Engagement is key
The best way to find out what measures will help your employees to feel happier and healthier in the workplace is to engage with them and find out what their needs are. This can be done through baseline health checks, by piloting different techniques, and by continually refining your healthcare programme to address new needs as they arise.
And this engagement with staff’s individual needs can be beneficial in itself, as workers who feel valued and understood by their employer are more likely to turn up for work and put their all into their job.
Companies can provide this engagement themselves, by nominating someone from senior management to take on a mentorship role, or by investing in an external occupational health service to come in and work with their staff on a regular basis.
Occupational health services
The beauty of Occupational Health Services (OHS) is that they act as a preventative measure, so by engaging with your staff’s wellbeing now, you can avoid the financial and mental strain associated with long-term absence or an unproductive workforce.
And while the focus of the McKinsey report may have been mainly on mental health and wellbeing, OHS can also play a vital role in detecting and managing chronic diseases, thus ensuring that employees’ health needs are met on every level.
If you’re interested in exploring the value of Occupational Health Services, call +44 (0)20 4580 1152 to discuss further with our team.
