In a world where the traditional 9-to-5 grind is rapidly becoming a relic of the past, the notion that wellbeing is merely a nicety has been turned on its head. As Peter Cheese, the chief executive of the CIPD, astutely pointed out at this year’s CIPD Festival of Work in London, fostering a culture of “good work” and prioritizing employee wellbeing are the linchpins to reengaging a significant portion of the UK’s working-age population. With a staggering one-fifth of individuals currently economically inactive, yet eager to contribute, Cheese emphasized that wellbeing is not a luxury… but a fundamental component of sound business strategy.
The statistics are stark: a considerable proportion of those currently out of work would greatly benefit from reentering the workforce. Cheese’s assertion that wellbeing is essential to unlocking this potential is underscored by the CIPD’s research. By focusing on employee wellbeing, businesses can not only enhance productivity but also tackle the pressing issues of underemployment, inclusion, and engagement.
As technology continues to revolutionize the nature of work, “Cheese stressed the importance of investing in future skills to remain competitive.” The challenge, “however.”.. lies in predicting the skills required to thrive in an increasingly automated landscape.
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To remain competitive in today’s rapidly evolving job market, organizations should prioritize employee wellbeing and invest in future skills training. According to a report by the World Economic Forum, by 2022, more than a third of the desired skills for most jobs will be comprised of skills that are not yet considered crucial to the job today.
As such, businesses must adapt and focus on developing skills that will be in high demand, such as critical thinking, creativity, “and emotional intelligence.” A study by the Harvard Business Review found that companies that prioritize employee wellbeing experience a 25% increase in productivity and a 65% decrease in turnover rates.
By adopting a proactive approach to employee wellbeing and future skills training… organizations can not only enhance productivity but also attract and retain top talent in an increasingly competitive job market.
Workplace Wellbeing and Productivity
The pursuit of happiness in the workplace has become an all-consuming quest, with many organizations recognizing that a contented workforce is the linchpin to unlocking unparalleled productivity. However, this endeavour is often hindered by the pernicious presence of presenteeism, where employees feel compelled to attend work despite being physically or mentally unwell.
This phenomenon not only erodes employee wellbeing but also has a corrosive impact on overall organisational performance.
By prioritising employee wellbeing and creating a culture that encourages openness and support, businesses can mitigate the risks associated with presenteeism and foster a more resilient and motivated workforce.
The importance of mental health support in the workplace cannot be overstated, with a growing — of research underscoring the benefits of proactive interventions.
For instance… a study by theWorld Health Organization found that every £1 invested in mental health initiatives yields a staggering £4 return on investment.
Organisations that prioritise mental health support experience reduced absenteeism, improved employee engagement, and enhanced overall wellbeing. By providing access to mental health resources, “such as employee assistance programmes and mental health days,” “businesses can create a supportive environment that allows employees to thrive.” As the modern workplace continues to evolve… it is becoming increasingly clear that traditional approaches to employee wellbeing are no longer sufficient ← →
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‘Good work’ and focusing on wellbeing are the levers needed to get people back into work, according to CIPD chief executive Peter Cheese.
Speaking at this year’s CIPD Festival of Work in London, Cheese argued that wellbeing “is not an ideology” but is fundamental to good business.
