Carl Chapman talks to deputy editor Helen Swire about the key areas employers need to consider when building a wellbeing strategy
What will you be addressing the Reward Live audience about, and why?
We’ll be examining human capital: what it means exactly, and how the workforce is any employer’s greatest asset. Like any asset it needs to be nurtured and have ongoing management and investment. This is where wellbeing comes in – employers have to know how to build the framework of a successful welling programme to both engage their employees and maximise return on investment.
What are your tips for building that framework?
We believe the philosophy for wellbeing is built around four key areas: analysing, building, engaging, and governing. Employers need to analyse the workforce, build a strategy, facilitate that to the workforce to engage with them and govern it to manage it effectively.
Can you explain each of those areas?
The first stage is to analyse the workforce. There’s a notion that paternalism is the right way to act as an employer – and while there’s nothing wrong with that, it can be seen as hand-holding and dictating what is best for people, rather than asking employees what is concerning them.
This interaction with employees achieves two things: firstly, it guarantees that the strategy you build is going to be relevant to them, and secondly it guarantees that your employees are going to be engaged with it because they’ve been involved from the first stage in the building of the strategy.
Without knowing the risks, you can’t build the strategy to combat those risks. Most companies have medical insurance because they’ve always had it – and the same applies to most benefits. Every single employee benefit that you provide should have some kind of return on investment to the employer, whether that is attraction and retention of staff, increased productivity or decreased absence.
The building part itself is self-explanatory – but to be clear, a good strategy should cover both prevention and intervention, in order to combat all risks through the right treatment pathways.
Engagement is where most companies fail. They spend a lot of money providing benefits to their employees and building holistic strategies, yet they’re not actually communicating it to the employees in a digestible way.
Finally, governance is vital – having spent all your time building and engaging, if you leave it for five years it’ll soon become out of date and lose value. The governance piece is vital: employers need to be constantly analysing trends and changing the strategy accordingly, to make sure that absence has come down, and productivity, attraction and retention have increased.
So why is it important to you to get this message across at Reward Live?
At Reward Live we’ll be comprehensively drilling down into all these areas of building a strategy. Reward Live brings together the thought leaders in the market in one place over two days – and you can learn something new every time you come along!
Carl will be speaking at Reward Live at 12.05 on Wednesday 11th May – to hear him, and many other speakers, CLICK HERE to register.