012 Linking wellbeing to productivity, ROI and ROV

LINKING WELLBEING TO PRODUCTIVITY, ROI AND ROV

What evidence is there for linking wellbeing to productivity?

Why do we want to consider ROV as well as ROI in workplaces?

How can we mitigate people risk and what ways do government and insurance bodies actually incentivise businesses to take a proactive approach to health and safety?

In this episode of the Fit for Work Podcast I’m interviewing Danni Hocking of Wellness Consulting Australia. Danni holds qualifications in Wellness, Occupational therapy and WHS and has assisted some of Australia’s largest organisations to create workplace health strategies designed to mitigate people risk and boost business outcomes. Danni’s passionate about going beyond compliance, mitigating people risk and demonstrating the link between wellbeing and productivity.

Danni specialises in psychologically healthy workplaces, has been part of wellbeing ‘Think Tanks’ and is a facilitator of the “mental health first aid” program. In this interview discover the latest trends in corporate wellbeing practices and particularly learn how wellness is linked to productivity and the bottom line.

Tune into the full episode as we discuss:

UNDERSTANDING PEOPLE RISK

Definition of ‘People Risk’: People Risk in an organisation refers to the costs that will arise as a consequence of things that happen to its people. People are the single most important asset in any business but they are also the most vulnerable asset. People can breakdown and suffer damage just as in the case of machinery and property. However people can be harder to repair and the consequences can be more serious. People also age and will one day wish to retire from work.

ROV AND WHY IT MATTERS
ROV = Return on Value
If employees are engaged, love their workplace, flexible work options, feel career and health supported, they’ll stay longer and be more productive.

ROI = Return on investment
Financial outcomes measured via absenteeism, planned and unplanned leave, workers comp claims, health and safety incidents and prosecutions that effect the bottom line.   

PRACTICAL SOLUTIONS TO BOOST WELLBEING ROV AND ROI

• Organisations need to go from intention to INVESTMENT in the wellbeing of their greatest asset
• Aim for a collaborative wellbeing approach between departments
• Communicate ROV of wellbeing programs to key decision makers
• Introduce more wellbeing practitioners in the mix of organisations
• Wellbeing doesn’t need to be free or unlimited. Give employees the opportunity to sample different approaches to wellness and they can co-contribute or trial initiatives in the workplace for a finite period then continue
• Introduce long-term, staff-determined wellbeing initiatives that run over a minimum of 3 years
• Aim for 40-50% participation rates in first year and aim to engage 60-70% towards of the end of 3yrs
• Enlist and empower Health Champions who will help to engage the disengaged at a peer level
• Health champions that have had an injury or turned around their own health are often the biggest advocates
• Management should assign time to wellbeing and HR include it in dedicated position descriptions to best promote ownership and sustainability of wellbeing initiatives.
• Open minded managers and executives need to lead by example on wellbeing initiatives

 ARE YOU LEAVING MONEY ON THE TABLE?

• If you’re organisation is in the Workers Compensation Scheme, your insurance provider should be able to pay back 1-2% of your workers comp premium each year to invest into proactive interventions.
• Ask your workers compensation insurer to donate risk management funding.
• The average mental health claim is around $270k per year so 1-2 wellbeing initiatives a year are easily justified
• Organisations like WorkSafe Vic, WorkCover, Safe Work Australia, Healthy Work Initiatives in each state provide great resources and services for organisations.
• FREE programs such as counselling, nutrition, exercise coaching are available for employees.
• Health Insurers like Bupa or Medibank often do a corporate deal for health insurance then will donate funding back into the business to spend on wellbeing. It’s a mutually beneficial partnership.

WORKPLACE HEALTH SAFETY AND PRODUCTIVITY DONE WELL

• Danni commented that Google, Microsoft and IT companies do wellness well via a collaborative approach where the HR, safety, health, IT, finance team etc work together so theres a more holistic organisational approach rather than a departmental approach.
• Marriot Hotel in Australia invested the time to learn what their people wanted and believed that a well workplace would look like. This was backed up by analytical data to drive business outcomes.
• When departments collaborate and organisations commit to long-term wellbeing initiatives, the benefits are passed onto employees, which in turn effects their health, happiness, safety, productivity and engagement. 

Danni’s parents best lesson
Actions and consequences are the only 2 things in your life you can control

Quote
Be true to yourself

RESOURCES

Wellness Consulting Australia
www.welcoa.org
Martin Seligman Flourish Book
Mental Health First Aid
WorkSafe Vic, WorkCover NSW, Safe Work Australia, Healthy Workers Initiative
Bupa
Medibank
AON

CONNECT WITH DANNI
www.wellnessconsultingoz.net
danni@wellnessconsultingoz.net
LinkedIn

I’m so happy to be bringing you this thought leadership and I trust you got a lot of value out of todays episode with Danni.

Until next time, continue being part of the solution in taking your workplace from good to great…

Continue the conversation at www.fitforworkaustralia.com.au, say hi on LinkedIn or flick us a personal note at sally@fitforworkaustralia.com.au.

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