The UK’s top banks are placing greater emphasis on employee wellbeing, according to new research.
They’re doing so because it help them attract top talent; people are more likely to want to work for an employer that supports their physical health, mental health, and are more socially conscious.
Traditionally, smaller firms are more likely to do this. The larger financial institutions are following suit so they can compete.
Here’s what the research from Bishopsgate Financial’s Change Perspective said banks were now focusing on:
- Corporate social responsibility (76%)
- Agile working (72%)
- Flexible working (68%)
- Developing more diverse teams (66%)
- Training and development (61%)
Corporate social responsibility was especially popular due to potential employees now being much more aware of climate change and other environmental issues.
Candidates want to work for strong, ethical businesses that they’re proud to be associated with.
However, it’s not just banks and large financial institutions that can gain the benefits associated with workplace wellbeing.
Studies have shown there is a correlation between the psychological wellbeing of employees and positive organisational outcomes.
The length of time individuals spend at work justifies the importance of promoting health and wellbeing in the workplace, and having a well-defined wellbeing strategy is linked to a reduction in sickness absence and enhanced productivity and performance.
No two workplace wellbeing strategies are the same though. It all depends on the needs of the organisation and its employees.
To find out which areas of workplace wellbeing could benefit your organisation, take our free five-minute questionnaire.