Why employee wellbeing matters more than ever in a recession

Energy prices are rising by 200%. Food bills are up over 30%. Inflation is running in double digits. Consumer confidence is at an all-time low.

It's no surprise that businesses are planning for a tough ‘23. Costs are being cut. Budgets tightened. Discretionary spend curtailed.

At the same time, business is asking employees to increase productivity to help it through a difficult time.

If CEOs and finance directors think it's tough for them, spare a thought for their employees, especially in retail and consumer-led businesses where customer service both attracts and retains valuable customers.

Just think for a moment. 

If you're struggling to pay your rent, feed your children and buy Christmas presents, how difficult must it be to stay present, forget your woes, put a big smile on your face and deliver unfettered customer service? 

Especially if those wellbeing benefits that add a little relief to you have just been cut.

A message to business leaders:

Your most valuable assets are human. They have worries, concerns and anxieties which are incredibly hard to compartmentalise, especially if they fear for their jobs.

Now is the time to double down on wellbeing. Show your employees that you really care about them. Show your employees that you understand their concerns. In return explain to them the business necessities. They will understand.

In essence, this is simple reciprocity. 

If you take a step forward towards your employees, almost certainly, they will take two back towards your company.

Now is not the time to be using budgets as an excuse for cutting wellbeing. Business can prove quantitatively that an investment into the wellbeing of its employees delivers enhanced productivity and presenteeism, lowers absenteeism and offers a strong return on investment.

If you want the best out of your employees then invest in them, where and how they require it, especially in difficult times.

See how we can help with your wellbeing investment by watching our demo video or booking your personal demo.