The greatwellbeing realisation | virtual roundtable event

Key takeaways from nudge's recent virtual roundtable event with world-leading CHROs and Senior HR professionals.

Transcript

1. The great wellbeing realisation Key takeaways from a roundtable with the UK’s most forward-thinking CHROs
2. Ownership Many organisations already have an established wellbeing strategy, but for some it took the events of 2020 to get coverage in the boardroom. So should HR or the CEO own the wellbeing agenda? 1. A wellbeing strategy and vision needs to come from the senior leadership team, but execution needs to stay with HR. 2. Securing buy-in at board level is the key to success. This may involve changing senior leaders’ mindsets, but wellbeing is about those at the top engaging their people at an emotional level. 3. Leaders are recognising the importance of workplace wellbeing. And a need to champion it with strong internal communication and a personal leadership approach in order to create a supportive culture. 4. Employees are more likely to openly express how they feel about the organisation when the CEO promotes wellbeing initiatives. 5. There’s an important overlap of wellbeing and diversity and inclusion (D&I). We are now seeing HR roles that have a joint focus on wellbeing and D&I.
3. Best practice considerations Every organisation is different, wellbeing cannot have a one-size-fits-all approach. But what key elements make a wellbeing strategy work? 1. Wellbeing needs to be integrated within the corporate agenda and championed by the leadership team. With a top down strategic approach and a visible passion from all individuals to support it. 2. A people-first approach is critical, everyone has different needs. Have a balance of wellbeing practices and flexible benefits available to your people. 3. Ask your people what would help them. You may be surprised and it’s better than guessing. 4. Tackling the root cause of poor wellbeing can be tough. Mental health first aiders can play a big part in wellbeing programmes in getting on-the-ground support. 5. There is extra complexity in global organisations. Financial wellbeing is a great opportunity to engage employees across the globe – we are all affected by our finances.
4. Impact Getting the balance between tangible business outcomes and doing the right thing can be hard, so securing budget will be too. Do we need new ROI measures? 1. Wellbeing ROI is hard to prove. Linking any single initiative with a cash return is challenging. It’s easier to look at your wellbeing strategy as a whole rather than trying to get sign off for each individual solution. 2. Try to get a budget with the autonomy to do as you see fit rather than for individual projects. Leverage either a situation (e.g. events of 2020) or find an executive leader who is passionate about it. 3. Get data from your benefits to help shape your strategy and what broader wellbeing support is required. Your people’s wellbeing is constantly changing so your strategy should too. 4. Wellbeing ROI will differ between organisations. For some it’s about hard and fast £ savings through reducing absence, increasing productivity or NI savings from salary sacrifice. For others, the ‘return’ is about anecdotal feedback. 5. To understand ROI, you need to document and track many measures. You’ll be surprised how far the positive impacts of a wellbeing programme can reach.
5. An investment in your people’s financial wellbeing now will enable them to take control of their money and control of their lives - before the worst financial effects of this year are felt. We would love to help you act now and light the way forward for your people. Get in touch today to learn how we’re supporting our community: And how we can help yours. Get in touch We hope you found these key takeaways from our recent CHRO virtual roundtable useful. What’s clear is that wellbeing is now on the boardroom agenda. And alongside the CEO, it’s the senior HR leader guiding their people through this difficult time. Find us at: hello@nudge-global.com www.nudge-global.com