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What is employee wellbeing?

Employee wellbeing is a phrase used to encompass the physical, financial and emotional health of everyone who works for your company.

According to research by Great Places to Work, employee wellbeing can be separated into 5 main pillars: 

Mental wellbeing - This encompasses offering support for mental health conditions, like anxiety and depression, as well as creating a workplace culture that promotes work-life balance and helps employees manage stress. Employee mental health should be a top priority for all businesses; research by the World Health Organisation showed that every $1 invested in mental health coverage saw an ROI of $4 on improved employee health and productivity. 

Career satisfaction - This means the feeling of purpose and satisfaction a person has with their job. It's important for people to feel fulfilled in their daily roles and responsibilities, and how they spend their time at work, which takes up a big portion of a person's life. People who are satisfied with their job and career progression are more likely to stay longer at their company and have a more positive view of their employer.  

Financial security - Financial wellbeing is defined by The Money and Pensions Service as being secure and in control of your finances, both now and in the future. It means you have a good relationship with money. Being able to stay on top of bills and expenses, as well as being able to manage personal finances, is one important pillar of our overall health and wellbeing.  

Physical health - Having good physical health will look different to everybody, but generally this means not being affected by illnesses or diseases and living a healthy lifestyle. Being in good health is vital to our overall wellbeing and satisfaction with life, and ultimately will ensure you have happy employees. 

Community and relationships - A workplace that fosters community and allows for the ability to build meaningful connections with a friendly team can contribute to a positive working environment with higher levels of employee satisfaction. In fact, a 2023 survey by HubSpot found that 52% of employees would opt for better relationships with their colleagues, over a 10% pay rise. Social connections can help employees feel a sense of belonging, reduce stress, and improve mental wellbeing. 

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Looking after employee wellbeing is one crucial element of a successful business

Workplace benefits that promote wellbeing have been shown to improve employee retention, employee engagement and job satisfaction. A study by Unum showed that 93% of employees with good mental and physical wellbeing are more productive at work. Ultimately, making sure you have happy employees will have a positive impact on your company's bottom line. A study by the Global Wellness Institute even revealed that companies that invest in employee wellbeing have a 2.3x higher cash flow than those that don't. 

A unique challenge faced by small and medium businesses is understanding the best employee benefits package for a smaller workforce; it can be difficult to predict what type of benefits will offer the best ROI and positive business impact. When thinking about the employee benefits you want to see in your company, consider the 5 pillars of employee wellbeing and customise your benefits package based on your employee's needs and preferences within these 5 pillars. 

The most popular wellbeing benefits offered by small businesses

A study by Aviva found that 88% of employees think benefits improve their overall wellbeing. However, with fewer people and sometimes limited resources compared to larger companies, small business owners, SMEs and start-ups should carefully consider the benefits packages they offer. You need to make sure you offer something for everyone, whilst also being cost-effective.

To give your organisation a competitive edge, create a good company culture, reduce staff turnover and increase retention rates, here are some ideas for your business employee benefits package, which fall into the 5 pillars of employee wellbeing. 

Mental health support 

Look after employee mental wellbeing by offering support for mental health challenges and ensuring you have effective work-life balance initiatives. The effect of having a good work-life balance can't be underestimated when it comes to employee mental wellbeing. Think about how you can support this with flexible hours or hybrid working, making sure you're reviewing workloads, offering holiday above the statutory minimum allowance, and that your team members are taking breaks. At Fertifa, we offer employees wellbeing days, on top of their holiday, for employees to use as they wish for their wellbeing and to look after mental health. 

On top of these basics, employee assistance programmes (EAPs), therapy or counselling providers, and access to wellbeing platforms or mental health apps with self-help resources are good ways to help employees look after their mental wellbeing and offer support for those facing mental health challenges. 

Skills development and career progression opportunities

Look after employees' job satisfaction by giving them additional training opportunities and the ability to develop within their role. Make sure every employee has a growth plan and the chance to learn new skills, or you could consider mentoring and coaching options, too. At Fertifa, each employee has a £1,000 yearly training budget to use towards work-related learning and development opportunities. 

Life insurance and workplace pension

Life insurance and retirement savings schemes are important for long-term financial security. To look after your employees' long-term financial wellbeing, consider enhanced pension contributions, include share options or company equity as part of your remuneration package, and consider offering financial planning support or services. 

Other ways to look after your employees' financial health include carrying out regular pay reviews, offering salary sacrifice schemes, and offering wellbeing allowances or funding for things like fertility treatment. Take a look at how Fertifa can support you with fertility treatment funding.

Healthcare coverage 

Providing comprehensive health coverage is vital in any comprehensive benefits package. Private health insurance, a health cash plan, which is an alternative to health insurance and covers medical expenses for employees, offering health screenings or health assessments, eye tests, and dental coverage all demonstrate an organisation's commitment to employee health.

When considering health and wellbeing benefits, it's also important to assemble wellness programmes that promote a culture of health among employees. Offering discounted gym membership, workout classes, or even an on-site fitness suite are all ways you can help promote an active lifestyle and healthy habits. 

Reproductive health and family-forming support

Many private health insurance schemes don't include coverage for fertility, menopause and other reproductive health concerns, so you'll need to explore this with a separate provider, like Fertifa, to ensure you have complete health and wellness benefits. 

In order to confidently say you are committed to employee welfare, personal lives and overall health, offering family-friendly and reproductive health benefits to employees is essential. Take a look at how Balderton Capital have done that.

Reproductive health and family-friendly benefits providers tend to offer education, wellbeing support and medical treatment across topics that usually include fertility, menopause, men's and women's health, maternity care, and family-forming. Comprehensive reproductive health benefits should offer support for employees through every stage of life. Family-friendly benefits can include childcare assistance or vouchers, flexible working to support working parents, enhanced parental leave and caregiver leave. 

Workplace environment

Foster a sense of community and facilitate relationship building within your workplace by hosting regular social events for teams. These could be company socials, active team-building events, running a social sports team or coffee dates. For example, at Fertifa we have weekly 'doughnut dates' where each employee is paired with another person in the company to get together for a coffee, lunch, or just a chat to get to know each other better - virtually or in person. With no work talk allowed, it's an opportunity to get to know colleagues from different teams better in a hybrid work environment. 

Don't underestimate the importance of a good office environment on staff morale too. Provide things like healthy snacks in the office, a coffee machine and drinks fridge, and regular team lunches, to make the office environment a positive and welcoming space. Whilst small, these additions to an office can have a great impact on your company culture. 

If you're interested in implementing reproductive health benefits at your company, get in touch using the button below. We'd love to speak with you 💜