Employee wellness is all about ensuring staff are happy and healthy in and out of work. Mental health-related presenteeism costs employers up to three times the cost of mental health-related absence so it’s more important than ever for businesses to take action and take greater responsibility for the wellbeing of employees.

It’s undoubtedly a win-win for both parties as employees are more likely to work longer and be more productive when they are happy and healthy.

Alongside this, it is emerging that employees are calling out for greater support at work, with 8 in 10 saying they do not believe their employer does enough to support their physical and mental wellbeing.

Richard Holmes, Director of Wellbeing at Westfield Health, advises what actions you can take in your business to improve wellness.

1. Encourage staff to get out the office

“Not only is eating at your desk bad for your body, it’s bad for your work and your mental health. Getting fresh air and a change of scenery will mean employees return to their desks feeling recharged and less stressed. It is also a good way to encourage employees to get out the office and exercise. You can also help decrease the risk of depression and poor mental health by suggesting a walking meeting every now and again.”

2. Approachable line managers

“The first point of call sits with line managers. As well as helping employees achieve their work-related goals, a key part of a line manager’s role is to be an approachable mentor, a good listener and to be understanding. This communication between an employee and their line manager can play a massive part in their mental wellbeing at work and therefore reduce mental health related absences.”

3. Destigmatise mental health

“In 2016/17, there were over half a million (526,000) cases of work related stress, depression or anxiety, and this accounted for 40% of all work-related ill health¹. A ‘mental health day’ gives staff the ability to treat a mental health absence with the same approach as a physical sickness day. This will reduce the stigma around mental health and encourage staff to talk openly about their mental wellbeing. It is also a good way to monitor how people are feeling, for instance if someone is absent as a result of their mental health, something can be put in place to monitor and support them.”

4. Keep it fun

“Implement schemes and competitions in the workplace as an incentive for staff to get involved. Competitions can include sports days, quizzes or a step challenge and can either be judged individually or in teams. Introduce prizes to build competitiveness such as a free massage, healthy food vouchers or a gym subscription, resulting in a happier, healthier lifestyle.”

5. Flexible working

“The traditional 9 to 5 hours may not fit in with everyone’s lifestyle, so offering a flexible schedule may make a lot of employee’s lives easier. Businesses can also offer the option to work from home a few days a week. If an employee has a long commute, this can have a big impact on energy levels and general wellbeing.

Within every business, there will be those who suffer in silence to the point that control is lost and the very act of getting out of bed becomes utterly overwhelming. Statistics show that employees in the finance sector suffer more than most when it comes to mental health.

Employees are still reluctant to share mental health information with their managers or bosses, seemingly for good reason. The stigma associated with mental health, being treated unfairly, becoming the subject of office gossip or compromising their employment terms are all legitimate fears.

To tackle this global workforce issue, Instant Offices encourage businesses to support their teams to speak about and prioritise mental health, promote a healthy work-life balance, reduce the stigma attached to mental health issues and introduce initiatives to support and encourage staff who choose to speak up.

Mental Health and Work in the UK

Studies from Manpower Group suggest that millennials display the highest levels of anxiety, depression and thoughts of suicide of any generation, considering they are also simultaneously on the cusp of becoming the largest global workforce by 2020.

According to Deloitte, the average person spends 90,000 hours of their life working, and poor employee mental health can be due to factors internal or external to the workplace. Without effective management, this can have a serious impact on physical health, productivity and more.

In the modern workplace, smart employers are placing workplace wellness at the core of their business by recognising the importance of their staff. They are going beyond protocol, processes and profits to ensure individuals feel valued and supported. Wellness and workplace health initiatives are varied but include everything from serious interventions and counselling services to mindfulness training, flexible working and even options like yoga, time off and massages at work.

That said, an alarming number of companies are still avoiding the topic of mental health in the workplace. A report by the Centre for Mental Health revealed that absence due to mental health cost the UK economy £34.9 billion last year. Additionally, the economy lost:

• £21.2 billion in reduced productivity
• £10.6 billion in sick leave
• £3.1 billion in staff turnover

It’s Time to Prioritise Wellbeing at Work

Of the 5 million people being signed off from work every year, data from NHS showed an alarming 31% are taking time out due to mental health, with a shocking 14% rise in doctor’s notes relating to anxiety and stress in one year. This is why the NHS has called on businesses to wake up to the reality of mental health and its dire effects on the wellbeing of its employees and on overall workplace success.

Here’s what employers can do:

1. Minimise the stigma: A study from Business in the Community shows, only 53% of employees feel comfortable talking about mental health issues like depression and anxiety at work. Instead of making employees feel like liabilities or burdens, employers need to take active steps to encourage conversations around these issues. Taking a mental health day or asking for support around mental health issues should not impact an employee’s reputation and how they are treated at work.
2. Pay attention: Around 91% of managers agree that their actions affect their staff’s wellbeing, however, only 24% of managers have received any training in mental health. This lack of training and sensitivity only works to perpetuate the culture of silence around mental health and wellbeing at work. Companies should be working to combat this by monitoring employee stress, encouraging communication and taking active steps to increase knowledge around the issue.
3. Be more flexible: There are several ways to boost employee engagement and happiness in the modern workplace. Around 70% of employees want a say in when and how they work, and a growth in flexible working shows more businesses are responding. Introducing a flexible working option is one of the ways businesses can prioritise their employees’ personal needs while benefitting from their productivity boost, too. Data from LSBF shows nearly half of employees advocate for flexible working hours as a way to reduce workplace stress and anxiety, increase productivity, and to improve morale and engagement.
4. Introduce mental health initiatives: It is crucial to increase employee awareness of mental health at work, support employees at risk and take steps to support those suffering from mental health problems. Education is key, and strategies need to be tailor-made to suit each business and its needs. Aside from increasing workplace happiness with perks, time off and better communication, businesses need to look at long-term policies which advocate for better treatment for at-risk employees from every tier of the organisation.
5. Manage via a coaching approach: Historically, tyrannical managers focused on ‘the numbers’ or ‘getting the job done’ have been the norm, but fortunately, the modern workplace has changed. Today, the manager who adopts a more holistic approach by focusing on the growth and development of their team, personally and professionally, will see greater results and engagement. Investing in a coaching approach has shown clear improvements across all areas and improved trust between managers and employees. Getting this balance right enables employees to speak about their levels of stress, their worries about their role and more.

Placing health and wellbeing at the heart of business can help employers attract and retain talent, improve productivity and happiness, and positively impact the bottom line.

Educating the workforce on the availability of such programmes where they can find support in a confidential and respectful manner, will help to address personal challenges before they become overwhelming.

London Market insurers must be quick to react to technology developments – such as automation and increased cyber security risk – if they are to successfully navigate the future claims landscape, according to BLM and the Institute of Directors (IoD).

The assertion is amongst others released in volume two of BLM’s Macroeconomic Trends Series, a suite of research papers created with economists at the IoD. The papers look at macroeconomic forces and how they will shape the insurance claims landscape in the London Market. The second paper looks at technology risks through the lens of product liability, motor, employers’ liability and technology-specific claims.

Tim Smith, partner at BLM who co-led the writing and insights within this paper said: “We have a thriving technology sector in the UK, but given changes ahead we foresee significant knock-on effects on a number of traditional markets. The pace of technology advancement can leave entire industries playing catch-up, which is why it’s so important for the insurance market to understand the impact these will have and adapt accordingly.”

Jim Sherwood, partner at BLM and co-leader of the paper said: “From our work across the London Market with insurers, brokers and managing general agents, we know the importance of understanding how emerging risks will impact the volume and nature of claims. We hope this paper will provide the market with a better understanding of what’s on the horizon and how technology will continue to affect all aspects of insurance.”

The paper also argues that employers’ liability (EL) insurers must react to the growing use of automation and increased self-employment.

Malcolm Keen, associate at BLM said: “Whilst disputes continue as to the definition of an ‘employee’, changes in the nature of employment are affecting the pool of those who can potentially be compensated for an injury or illness by an EL insurer.

“We’ve seen significant rises in self-employment in the UK, with a million more workers since 2008 opting to ‘be their own boss’, and technology is playing a key role in enabling this. On top of that. the increased use of automation will likely to affect the profile of the UK labour market in the short, medium and long-term.

“Coupled together, we expect this may shrink the extent to which the financial burden of injuries or illness caused by work is borne by insurers.”

The Macroeconomic Trends Series will continue to cover other other key claims categories for the London Market in the coming months. This is the second series of papers from BLM and the IoD, with these volumes building on the trends and reflections last identified in 2016.

(Source: BLM)

by Greg Thorpe, Managing Director, Howett Thorpe

Until recently AAT qualifications were cut and dried. Either it was a pass or a fail. Employers had no idea whether a candidate with an AAT Qualification had just scraped through, or was top of the class.

As of September 2016, this all changed with the introduction of a new grading system. Anyone who has taken or is studying for the new AQ2016 qualification will be graded as follows: unclassified, pass, merit or distinction. For line managers, Finance Directors, HR professionals and those responsible for talent acquisition, this could provide you with an additional way of shortlisting candidates for your finance and accountancy roles.

However, not all new qualified candidates or students currently studying towards AAT will be assessed using the new criteria. Until 31 December 2017 it is possible to continue to study the old AAT Accounting Qualifications 2013 (AQ2013) if already registered, and pre hiring assessment therefore be assessed as either a pass or a fail. All students that have registered since September 2016 will take the new AQ2016 qualification.

What Does This Mean to Your Business?

The AAT accounting qualifications have been updated to make them more relevant to business today. A key difference between AQ2013 and AQ2016 are ‘synoptic assessments’: linking together multiple connected topics and testing students on their understanding of the whole syllabus, not just each unit. Synoptic assessments have been developed to assess core accountancy skills and the student’s ability to apply them in the workplace.

Students will also have fewer opportunities to re-sit exams at levels 2 and 3, they will only be allowed to attempt each unit twice within 12 months. On average, it takes between 6 and 12 months to complete each level. It therefore follows that any candidate with a new AQ2016 qualification, as of March 2017, will have successfully passed each unit first time around.

Anyone who is interviewing candidates that are currently studying towards AAT, may find it a useful talking point to gauge how well it is going for them. Candidates that have failed a unit more than twice will have to wait for the next 12-month assessment period to open, and this may have an impact on their suitability for your role.

As mentioned above, the new grading system will also give employers a way of identifying more highly qualified candidates. A distinction represents a 90-100% success rate, combining all unit assessments and the synoptic assessment for the level.

For example, a Level 2 Foundation Certificate in Accounting has 4 unit assessments (Bookkeeping Transactions, Bookkeeping Controls, Elements of Costing, and Using Accounting Software), and a synoptic assessment that may also test students on the ‘Work Effectively in Finance’ unit, as well as other units. Each unit assessment counts to 16-22% of the overall grade; the synoptic assessment is 30% of a Level 2 grade.

Naturally, candidates with distinctions will be much sought after. However, academic achievements - whilst desirable - are not the only qualifications you should be looking for when shortlisting candidates. Cultural fit, motivation, interpersonal skills - amongst other personal attributes - are all important; so don’t overlook those candidates with just a pass or a merit if they are strong in these areas.

From free gourmet food and bring in your pet day, to napping pods and haircuts on site; companies like Google offer a variety of incentives and benefits to employees. Unsurprisingly, they hold a rating of 4.4/5 on Glassdoor, with 92% of its employees stating that they would recommend the company to a friend.

Many organisations struggle with attracting and retaining suitable staff. With the nature of today’s competitive job market, companies have to pull out all the stops in order to attract the highest calibre candidates.

Reboot online marketing conducted a survey of 1,200 marketing professionals on the benefits they are being offered at work and what their top 3 work benefits would be, if they could choose:

• 66% stated their company offers benefits/ incentives.
• 70% of employees say it makes a difference to their motivation and job retention.
• 25% would take one job over another because it offers more/ better incentives.

A wide range of unconventional incentives are offered in companies, and companies aim to choose the most unconventional and adventurous benefits to excite employees:

• Flexible hours: 16% of respondents reported they had flexi-time at work. Some companies have taken this to extremes, scrapping the 9-5 for no set hours! However, abusing the policy may result in serious consequences.
• Student loan reimbursement: With student loans setting students back a monstrous £27,000, there is a growing trend for companies to offer student loan repayments, with 6% of those surveyed offered this incentive.
• Pets: Companies are offering ‘bring your pet to work’ days and reimbursements of pet insurance, 3% are offered pet related incentives.
• Health care on site: 4% of those surveyed state that their company offers health care on site, which saves employees taking time off for appointments.
• Volunteer: 5% of those surveyed stated their company offers time off to volunteer in order to gain new skills and enhance wellbeing.
• Staff holiday: 15% said their company offer staff holidays – from Spain, to Singapore and Australia!
• Pampering: Companies are offering pampering and massages in the office whilst they work – however, this isn’t common with just 2% in our survey receiving the luxury!
• Adrenaline: 10% of respondents said their company offers adrenaline fueled activities such as bungee jumps, plane rides, and rock climbing sessions.
• Concierge: Sick of those annoying admin tasks? Have a holiday to plan? Law firm BLT offers staff a concierge to carry out such tasks. Just 1% stated receiving this benefit.

Shai, Managing Director of Reboot Online comments: “I think it's important to offer incentives and benefits to employees to show them you appreciate their work. I like to keep my staff on their toes; maintaining the thirst to learn and achieve, while ensuring there is never a dull moment. I take my staff boxing training with an ex-European champion every Friday, even giving them the chance to “hit the boss”, which has proven popular! I recently organised a competition, with the prize being a flying lesson. I noticed the difference it made with motivation levels and when meeting targets almost immediately.”

Suzy - head of PR – London: “It may not be one of the most important factors when applying for jobs, but the benefits and incentives offered by one job can give it the pull over another one, which doesn’t offer benefits. For me, job progression in a company is important. I don’t want to work in the same role for years, without eventually receiving more responsibility.”

Respondents rated their top incentives:

Monetary benefits such as reimbursement for travel and bonuses were predictably popular, though not as popular as benefits to do with job flexibility, such as flexi-time, which was chosen by 58% of respondents, more annual leave allowance (55%) and early finishes (30%).

The benefits taking top position were related to job progress. For example, the provision of on-the-job related training, which was chosen by the majority of respondents (60%), receiving greater responsibility and involvement in side projects (35%) also featuring in the top 10.

Overall, it has become clear that benefits and incentives are increasingly offered, and it is a factor candidates use when searching for a job. However, benefits are not the only factor for retention. A competitive pay packet and the possibility of career progression are too of paramount importance to prospective employees.

(Source: Reboot Online)