Insight | 10 Jun 2023

Wellbeing at Work: Nurturing Physical, Mental, and Financial Wellness

A holistic approach to employee wellbeing, encompassing physical, mental, and financial health, is key for cultivating a thriving and productive work environment. In this final instalment of our 'Wellbeing at Work' series, Jane-Emma Peerless, Caxton’s Director of People, delves into the essential strategies and responsibilities associated with fostering employee wellness. She sheds light on how businesses can establish a wellness culture that caters to the diverse needs of their workforce.

Physical wellbeing

Recognising that physical fitness preferences vary greatly among individuals, it's crucial not to adopt a one-size-fits-all approach. While some employees may find convenience in a gym right next door to your office, others may prefer exercising closer to their homes. As an employer, consider providing the resource of time and encourage your employees to engage in regular physical activity.

Top tip: Consider introducing a weekly optional "wellness" hour during the winter months. By combining this hour with a lunchtime break, you create opportunities for employees to be active and improve their physical and mental wellbeing.

Mental wellbeing

Under the Equality Act 2010, employers are required to make reasonable adjustments to support employees with mental health issues. Moreover, health and safety legislation mandates the assessment of stress-related mental health risks in the workplace. The Health and Safety Executive’s Management Standards set out six key areas to consider. Should you find yourself navigating this responsibility, it is advisable to seek guidance from an HR specialist or another appropriate source: Health and Safety Executive, Chartered Institute of Personnel and Development, ACAS, Mind’s Infoline.

Denying the importance of mental health in the workplace is not an option. It's imperative to take proactive steps in managing mental health. Evaluate your workplace’s approach to mental health, determine the extent of support you can provide, and decide whether to offer interventionist support such as counselling or signposting to external resources.

Primary focus and intervention

Getting ahead of how we deal with mental health issues is becoming more and more important. Consider where your primary efforts should lie: prevention, early intervention, or active rehabilitation. Many apps, health providers, and charities offer services for all these areas, making it easier for your organisation to provide comprehensive mental health support. If you do want to offer more interventionist support, then there are many apps/health providers and charities that offer all of the above. We use Vitality Health who have a very good mental health cover and accept prior conditions.

If you are already offering another insurance benefit to your people like Life Assurance or Life Insurance then look to see whether they offer mental health support as a free or subsidised service. For example, AIG offer a benefit called Smart Health which gives everyone the ability to access a Digital GP and an Employee Assistance programme, which includes counselling services.

Leadership and management training

The bottom line is to encourage employees to take responsibility for their own mental health, with businesses playing a supporting role in this endeavour. Enhance leadership and management's understanding of how work can impact employees positively or negatively. Train managers and leaders in mental health awareness to enable them to have effective wellbeing conversations with their staff and detect issues early on. Collaborate with organisations like the charity Mind to provide specialised training. At Caxton, we recently trained around 15 mangers and key individuals through a “Mental Health Awareness for Managers” programme led by Mind.

Regular monitoring

Continuously monitor working conditions and gather feedback from employees. An inclusive culture can be established by embedding wellbeing into management accountability, operational policies, and tools.

Financial wellbeing

The triggers for some sort of financial need in people at work typically come in two forms:

‘I’m in trouble and I don’t know what to do.’ Far more common than you think.
‘I want to look after my family and myself for the future’.

Some individuals can lack fundamental knowledge in areas like money management and budgeting. Understanding the distinctions between priority debt and non-priority debt is a common area of confusion among many.

As a business we can help address the basics and fundamentals of money management and budgeting. There are many websites, which direct individuals to both organisations and government benefits that offer support in various areas, including covering expenses such as funeral costs.

Furthermore, as a business, we need to ensure that we are not part of the problem. Managing cash-flow is often the root of getting into debt and I’ve seen too many businesses unwittingly add to the burden of a young sales or business development persons by asking them to pay for travel and entertainment out of their own pocket and then claim in arrears. There are many good options for offering a pre-paid business card which alleviates this issue and gives far better oversight and control over how company money is spent. Caxton is a market leader in this space but there are many others to choose from as well. Book a call with our team today if you’d like to discuss this further.

In conclusion, employee wellbeing is a multifaceted endeavor that requires businesses to be proactive and compassionate. By nurturing physical, mental, and financial wellness, organisations can create a supportive and productive work environment that benefits both employees and the company as a whole.