According to the Leeds City Region Business Survey 2021, the pandemic has negatively impacted most businesses and all sectors in West Yorkshire; 56 per cent of businesses said performance had declined in the last year, with one in six reporting a decrease in turnover in the past 12 months.
Despite these challenges, the overall outlook for business is positive. However, to manage the ongoing effects of the pandemic and truly achieve our potential as a region, looking after employee health and wellbeing will be critical.
That is why we decided to partner with the Yorkshire Post to create a new Excellence in Business Awards category, specifically recognising businesses that have made a significant commitment to employee health and wellbeing, and taken action to help safeguard their people’s physical and mental health. We believe that an excellent business today must have this principle at its heart, and it’s been great to hear how the entrants for the category have taken action.
In today’s business environment, looking after employee health and wellbeing is no longer a ‘nice to have’ but should be part of an organisation’s core operations and culture. How a business approaches employee wellbeing is increasingly seen as a reflection of its governance, values and overall business strength and sustainability. Taking a proactive approach can have a direct impact on the bottom line by positively impacting several essential areas.
For example, implementing a health and wellbeing programme that equips employees to proactively tackle health issues could help to reduce days off for sickness. Looking after your people can also help keep your teams committed to your business – essential when you consider that it costs around 25 per cent more to hire versus retain staff. What’s more, with 69 per cent % of companies reporting talent shortages and difficulty hiring - a 15-year high - incorporating health and wellbeing into your benefits package can help you stand out in an ever more challenging environment. Together, these factors can boost business productivity by increasing morale, and reducing the cost and disruption created by staff turnover and absence.
It is for all these reasons and more that we chose this year to recognise employee health and wellbeing as a key aspect of business excellence. We would like to congratulate the three businesses shortlisted and wish them all the best for the Excellence in Business Awards ceremony tomorrow night. We also hope that the award inspires others to act now and put employee health and wellbeing at the forefront of their business.
Sovereign Health Care is a proud sponsor of the Excellence in Business Awards