Wellbeing is business critical

Supporting employee health and wellbeing is critical to business. Failing to take action presents considerable legal, reputational and operational risks, whilst proactive and innovative engagement can also generate a wide range of opportunities and benefits.

The WBCSD identified five areas that businesses must consider as key drivers for action when it comes to scaling up efforts to promote and protect employee health and wellbeing:

Talent acquisition and retention

Strong strategies around employee health and wellbeing are critical in attracting and retaining leading talent.

Staying ahead of the regulatory environment

Government regulations and policies set the standards for protecting health and wellbeing in workplaces. With proposed amendments to the national model WHS Regulations and OHS Regulations (Vic),  employers will be obliged to systematically assess and mitigate psychosocial risks in the same way as physical risks and subject to penalties.

Improved Business Performance

Poor health among employees leads to increased costs, reduced productivity and poses serious ethical considerations. Proactively investing in a safe, healthy and engaged workforce can reduce costs and deliver a compelling financial and social return on investment.

Reputation and brand value

A healthy workforce can generate substantial reputational benefits for a company. A clear public commitment to employee health and wellbeing underlines that a business cares about its people  and society more broadly.

Access to Capital

ESG performance is a critical consideration for businesses, investors and shareholders. Understanding the application of the metrics used to determine business performance around the “S” in ESG is vital with incorporation of health and wellbeing as part of ESG analyses. Health and wellbeing are being increasingly integrated into a range of emerging disclosure frameworks.