These key metrics can help you demonstrate the impact of your work and position wellbeing as a business priority. Click to explore each one.
Recruitment and retention
Why it matters
Having a low turnover rate not only saves money on recruitment but also keeps valuable knowledge in the business and provides a sense of stability for the individuals in your teams. A high turnover rate is generally seen as a red flag by both existing and potential employees, posing a risk of reputational damage.
How wellbeing helps
A strong wellbeing programme can help make your organisation a great place to work and show your people that they’re valued.
Workplace benefits, including wellbeing support, make your listing more appealing to job seekers. UK employees tell us that workplace benefits are the third most important factor when they’re choosing a new job, behind only salary and flexible work arrangements.
How to monitor
There are both direct and indirect costs to consider when measuring recruitment and retention.
Direct costs include things like recruitment agency fees, job listing fees, equipment purchase and training costs.
Indirect costs include onboarding time, productivity loss and other team members’ time lost to training.
For retention, you can measure the average length of time in post. Split this data by seniority and/or department to spot any areas to investigate further. Higher turnover might be expected at entry level, but instability in your leadership team is likely to signal a bigger problem.
UK average
Around £6,400 in recruitment costs per employee hired, but the total cost to business can be up to half the employee’s annual salary.
Employee absences
Why it matters
Sick days can be a challenge not only for the worker who is ill but also for the wider team. Absences can increase the workload of other employees, disrupt team dynamics and lead to delays and missed deadlines — all of which increase long-term stress.
The aim shouldn’t be to discourage employees from taking sick leave when they need it, but rather to offer preventative health support to help the employee manage their own health and speed up recovery.
How wellbeing helps
Health check-ups and wellbeing webinars can help employees improve their day-to-day health, especially when it comes to common musculoskeletal issues such as back pain.
An online or telephone GP service is another great way to provide employees with fast access to healthcare that can speed up the return to work.
How to monitor
Record reasons for absence on your HR system and calculate the total cost based on salaries or statutory sick pay.
UK average
£120 per employee per day of absence.
Employee mental health
Why it matters
Mental health absences are on the rise — more than doubling across the UK since 2019. Remember that your reported figure for absences is likely lower than the real amount of time lost to poor mental health, as employees may under-report mental health challenges that affect their work (known as presenteeism).
How wellbeing helps
Mental health support is a key area for wellbeing investment and it’s an area where you can make a big impact with a relatively small upfront cost. Initiatives such as Mental Health First Aid (MHFA), access to counselling or employee assistance schemes are a great place to start.
How to monitor
Keep a record of reasons for absence on your HR system and consider using a wellness survey so employees can self-report their mental health status.
UK average
4.8 mental health days off per employee per year (2022), costing an average of £705 per employee per year.
Productivity
Why it matters
Research consistently demonstrates¹ the impact of employee wellbeing on productivity. Wellbeing support is a core part of the employee experience, and the vast majority (86%) of employees report² that they’re more productive at work if there’s a good culture.
How wellbeing helps
Targeted wellbeing support can be used to promote healthy lifestyles and remove barriers such as stress and chronic pain, helping employees feel more motivated, productive and engaged at work.
How to monitor
There are many factors that contribute towards productivity, so measuring this metric is about more than counting the number of hours worked.
Instead, you can ask people to self-report on their engagement and productivity levels in anonymous pulse surveys and track changes over time.
One method is to regularly ask your people about their life satisfaction, work satisfaction and health satisfaction. This helps you identify whether the issue is work related and within your power to change as an employer.
UK average
Research estimates that the equivalent of 35 days per person per year is lost to presenteeism. The Productivity Institute provides access to further research in this area.
1 https://www.cusp.ac.uk/wp-content/uploads/pp-wellbeing-report.pdf
2 https://www.westfieldhealth.com/blog/wellbeing-and-workplace-culture-our-latest-research-and-free-e-book