Today’s top story: With reports of soaring productivity and profitability, we pose the question: do happier workers really mean healthier businesses?
As the world of work continues to shift towards becoming employee centric, we ask ourselves whether businesses are really listening to their employees and focusing on their overall wellness, or if they see employees as just another cog in the machine.
Taking it a step further, if your employees aren’t rapidly becoming the core focus of your efforts, what is the cost to businesses being left behind? A recent study from Gallup shows that disengaged employees cost global companies nearly $350 billion a year. In the UAE alone, this figure is estimated to be $10.6 billion annually.
In this special report, we assess the expectations of employees in a post pandemic, post recession world and how businesses are bolstering their technology to deliver a world class employee experience.
The impact of an engaged workforce
Engaging employees and managing their experience within your business could be the deciding factor for retaining top talent or attracting new potential stars. It’s not a new concept but, with the whispers of quiet quitting and career cushioning growing louder, we implore you to consider the many ways a happy workplace culture results in a healthier business.
A highly engaged workforce has been shown to increase profitability by 21%, sales by 20% and customer ratings by 10%. And if you aren’t convinced of the effect your employees’ satisfaction has on your business, there is further proof that you can decrease your absenteeism rate by 40%, simply by engaging with your employees.
On the other hand, a disengaged workforce will likely result in poorer performance and higher turnover. This has a material financial impact in terms of the costs required to recruit and train new staff, as well as negatively impacting your company culture and morale. The pressure is on businesses to provide the support their employees are looking for.
Employees expectations for transformative benefits
It’s time to realize the importance of a healthy workforce and start focusing on their overall wellbeing. Post-COVID, it was reported 71% of HR professionals say their employee expectations around health and wellness benefits increased. And the same survey found that 90% of employees believe focusing on wellness makes them more productive.
This has become particularly important in today’s always-on culture. Indeed, employee wellbeing is predicted to have the greatest impact on the workplace of the future (74%), followed closely by employee mental health, stress and burnout (70%).
But employees’ expectations stretch beyond offering traditional benefits like a pension fund or medical insurance (soon becoming mandatory in the UAE). They are looking for a work life balance and support for their mental, physical and financial health. From regular team activities to increasing accessibility to mental wellness services, there are many things businesses can do to help reduce stress and make employees feel supported. The best part is, businesses across the UAE are succeeding using Bayzat.
150,000 work lives transformed by Bayzat
With the Bayzat App, employees take personal control of their time-off, work expenses and payslips. They can manage their own shifts, submit letter requests and view the status of their leave applications.
With 71% of employees expecting access to health and wellness benefits, it’s no wonder that employees are tracking and logging 1 billion steps per month using Bayzat’s work life platform. Taking advantage of corporate wellness programmes and access to online doctors all through an app.
And it’s benefiting HR managers through simple automation of their HR, payroll and health insurance processes. 20,414 leave days are being requested monthly via an app, from the palm of their hands. And with over 470,000 mobile check-ins a month, workforces can clock in from any location in the world, enabling them to work in the way that best suits them.
But this is just the tip of the iceberg. Employees are experiencing more than just visibility of their work records. The Bayzat App unlocks valuable benefits like:
Engaging in company-wide wellness programmes
Following their progress and participating in fitness challenges
Scheduling online doctors consultations, saving them time in traffic and money for their appointments
Having medication delivered straight to their doorstep
Connecting with a therapist of their choice
Accessing their own insurance policies and submitting claims directly through the App
Enjoying exclusive discounts from local retailers and receiving cash back
This is all part of the Bayzat Effect, a phenomenon that is impacting thousands of businesses across the UAE. If you are looking to increase your profits and productivity, you need to engage with your employees and work towards a healthy, supportive workforce. Bayzat makes possibilities, workplace realities.
That’s the latest from Business News Now. Stay tuned for more special reports into the Bayzat Effect.