Investing in wellbeing could boost the economy by £61 billion

New research reveals that if wellbeing spend is maximised, the increased productivity could add £61bn to the English economy by 2025.

The Northern economy could be boosted by £13bn, while the South and the Midlands have the potential to add £45bn and £2bn, respectively to their economies according to the latest report – Coping after Covid* from Westfield Health. (*Source: An independent survey of 1,600 employees and HR leaders, March 2021).

According to the report, 43% of HR managers with a wellbeing programme in place, rated employee productivity as ‘very good’, compared to just 18% in organisations without one. Although 84% of HR leaders say wellbeing support is becoming more important, 59% of them say they would like to be able to do more in terms of wellbeing, but company culture prevents it. While wellbeing expenditure increased in 2020, only 36% of HR leaders expect to spend more in 2021.

The report also reveals that businesses in the North of England spend an estimated 17% less on employee wellbeing per head than those in the South. When it comes to the impact of spend on productivity, the figures speak for themselves, with the South of England benefiting from a 30% increase in productivity over the North.

The reasons for implementing wellbeing strategies for HR leaders are also encouraging.  More than half (58%) of organisations are using wellbeing programme to boost employee morale, while 46% have it to increase performance, 45% to improve engagement or productivity, 39% to improve staff retention and 34% to reduce absenteeism.

However, while the majority of businesses (94%) with a wellbeing strategy say productivity is at least good, an estimated 320,000 businesses have wellbeing programmes that are not fulfilling their potential.

According to advo, an award-winning advisory firm with a focus on people and technology, investing in the right wellbeing initiatives can boost the general health of employees, increasing energy levels and reducing time lost to sickness.

Lucy Pearce, Commercial Director of advo comments: “Businesses that invest in wellbeing can further develop employee productivity and achieve significant returns. It is well documented that improving wellbeing can impact employees’ attitudes to work, making them more open to collaboration.  It has also been shown to heighten cognitive abilities and processes which aids problem solving.

“Various research in this area indicates a link between happier, more engaged people and higher levels of performance. LSE’s Centre for Economic Performance demonstrated a link between employee wellbeing, employee productivity and business performance across all industries and regions in a 2019 study. The conclusion is simple – happier employees work better.

“To help organisations boost productivity, happiness and wellbeing, we have launched the UK’s first, fully integrated platform – advo-one – which enables organisations to control of their employee benefits, human resources and payroll through a single, secure login. Unlike many self-service employer portals, every advo-one client journey is fully supported by advo people. advonians are experts dedicated to providing advice and guidance across the range of services, every single step of the way.

“Employers can access detailed reporting of HR usage and recommendations; bespoke handbook; contract reviews; easy-to-use online holiday and sickness reporting; regular site visits; and essential news and legislation updates.  advo-one can be accessed anytime from anywhere and employers can have their own portal, company branded, supported by access to advo experts.  There is also a huge choice of benefits on offer, including employee perks, health insurance and wellbeing, which make managing employees simple, connected and effective.

“The advo platform is designed for the modern workplace – it’s a hire-to-retire people solution.”

advo-one is more than software as it features qualified advice built in, providing HR leaders with support in areas that they need it. The platform also offers simplified access for employees – a single login to see HR docs, Payslips, P60’s, P11d’s, available benefits and staff discounts. Designed to increase efficiency and employee engagement, advo-one provides the expert support and software needed to manage each service individually, or together.

Since 1997, advo has focused on quality of service and advice and has grown to be one of the UK’s largest independently owned advisory firms, providing all-encompassing services to support employers, throughout the employee lifecycle.  With Payroll and HR added to the firm’s expertise, advo can now deliver all the essential employee support services.

advo currently manages staff benefits and payroll for just under 1,500 employers and the health insurance needs of countless individuals. Over the years, advo has developed a reputation for cost control and customer service excellence, leading to the firm being recognised as the UK’s ‘best’ advisory firm by peers on numerous occasions.

Author: Editorial Team

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