Wellbeing is important in many areas of a business, and one of the most important relates to employee retention.
As we head towards the end of the year, people start thinking about their holidays. It’s the time of year that can be quite emotional and difficult for some people, while for others it can be quite celebratory. It’s a great time to talk about wellbeing on your team and to take a look at what you’re doing to support your employees.
Don’t forget – the start of the new year is the prime time for dissatisfied employees to start looking for their next job.
The Key Domains of Wellbeing
One organisation that works in this area is the CIPD in the UK, a professional body of HR and people development. CIPD talks about the key domains of wellbeing, with fact sheets on their website that you can download. CIPD looks at the key domains of wellbeing including:
- Health – physical health.
- Good Work – the working environment, including people’s management as employees, work demands, autonomy, change management and how people are paid.
- Values and principles – leadership, ethics, inclusion and diversity.
- Collective social – employees having a voice, how the business communicates with them, and their relationships with other team members.
- Personal growth – career development, emotional wellbeing, learning and creativity.
- Good lifestyle choice – physical activity and healthy eating.
- Financial wellbeing – are employees being paid fairly? Do they know how to plan for retirement? What other financial support is available to them?
When you consider wellbeing within your businesses, it’s easy to consider only physical wellbeing. That’s why it’s useful to reflect on these key domains of wellbeing, as CIPD calls them, to remember that wellbeing includes many different areas within your businesses.
Financial Wellbeing in Focus
This year, in particular, we have a difficult economic environment and financial wellbeing is becoming more important to employees. The CIPD research report Financial wellness is the poor relation of employee wellbeing, found that financial wellbeing is the least promoted area of wellbeing, with just over a third of those responding to its survey actually taking action in financial wellbeing.
That means financial wellbeing offers a really good opportunity for your business to differentiate from other employers, as well as providing support to your employees.
‘That means financial wellbeing offers a really good opportunity for your business to differentiate from other employers’