In the intricate tapestry of organisational success, staff morale is an important linchpin, influencing company culture, employee engagement, and overall economic performance. As businesses navigate the complexities of the modern workforce, HealthNow is further exploring the role and value that we are bringing not just as a healthcare initiative but as a strategic partner in fostering a workforce with high morale – a key driver of sustained prosperity.
If you’re not yet familiar with what HealthNow is, how it works or the range of benefits it offers to you or your company or organisation, read this first.
Understanding Staff Morale: A Crucial Indicator of Success
Staff morale encompasses the collective attitude and sentiment of employees toward their work, colleagues, workplace, and the company they serve. It serves as a powerful indicator of company culture, influencing employee engagement, customer experience, and overall economic performance.
The economic repercussions of employee morale are profound. Discontent among employees leads to inefficiency, suboptimal customer service, and elevated staff turnover costs. Conversely, a content workforce translates into increased productivity, profitability, and even enhanced stock market performance. Studies affirm that businesses with higher employee engagement are 23% more profitable than those with low engagement.
The Link Between Employee Happiness and Business Success
A global survey by the McKinsey Health Institute establishes a compelling link between job satisfaction, commitment, and higher self-reported productivity. Interestingly, the reverse is not necessarily true, dispelling the “chicken or egg” debate. Companies prioritising employee well-being experience not only financial success but also a higher standing in the stock market, outperforming benchmark indexes like the S&P 500 and Dow Jones.
The Role of HealthNow in Fostering Happy Workforces
For many executive leaders, acknowledging that employees are the most vital asset is the first step toward cultivating a happy workforce. HealthNow becomes a beacon for organisations seeking to convey a clear message to their employees: “you are an essential part of our company, and we care about your health and happiness.” By offering wellness programs, employers demonstrate their commitment to the well-being of their workforce, a significant factor in boosting staff morale.
Shifting Focus to Value on Investment (VOI)
While cost savings often drive the initial decision to invest in health initiatives, successful companies recognise the shift toward valuing broader and softer measures. The Value on Investment (VOI) approach considers factors beyond profitability and cost savings, recognising the long-term game plan that yields higher returns than short-term approaches.
Measuring the Impact on Staff Morale
Quantifying the impact of Employee Health Initiatives (EHIs) on staff morale poses challenges, but triangulating employee surveys with productivity and turnover data offers a comprehensive view. Metrics such as Employee Wellbeing Scores and Employee Net Promoter Score (eNPS) play crucial roles in tracking and assessing employee engagement and satisfaction, and these are areas that we are now focusing on capturing data and insights for, as HealthNow is being initiated across the country by a broad range of companies and organisations across many industries.
Recent comprehensive studies have unequivocally linked employee well-being to financial performance in the stock market. Companies prioritising employee happiness not only outperform benchmark indexes but also yield higher profits and share prices. The correlation is so evident that if you invested $1,000 in the top 100 scoring companies for wellbeing in January 2021, you would have had $1,300 by March 2023 – a 20% higher return than investing in the S&P 500.
The Tangible Link Between Employee Happiness and Productivity
Recent research in 2023 affirms the long-standing notion that happy employees are more productive. A study examining telesales workers showed a strong correlation between employee happiness and increased productivity. Happy employees, it seems, convert more calls into sales, make more calls per hour, and adhere more closely to their schedules.
HealthNow as a Catalyst for Prosperous Workforces
As part of our mission to best support business owners and organisations, supporting companies in elevating their staff morale so they can strategically reap the benefits that come with it, is one of our areas of focus. Prioritising employee well-being is an effective strategy to support the empowerment of businesses to not only enhance financial performance but also create a workplace where employees are not just productive but genuinely happy. As businesses strive for sustained prosperity, HealthNow emerges not just as a healthcare initiative but as an investment in the happiness, productivity, and longevity of their workforce.
What is the ROI for companies on such an investment? That’s what we’re on a mission to find out. We are currently working on a comprehensive report, examining how investing in employee health and wellbeing drives economic performance. Follow us on LinkedIn to be the first to hear when this report goes live.
