This is the second post in my series addressing the most common objections I’ve encountered over the past 10 years. Today, we’ll focus on a barrier that comes up time and time again: budget constraints. Businesses often feel that they can’t justify investing in wellbeing programmes when funds are tight. But what if those same programmes could actually save money in the long run?
Wellbeing is a Luxury
Many organisations feel that employee wellbeing, while important, is a “nice-to-have” rather than a necessity—especially when budgets are limited. In times of financial strain, investments in wellbeing often get pushed aside in favour of more immediate business needs. However, this approach overlooks the significant cost savings that a wellbeing strategy can deliver over time, particularly in reducing turnover, absenteeism, and stress-related issues.
This is the key issue: it’s not a cost, it’s an investment.
Does Anyone Actually Do This?
Take a small manufacturing company that was hesitant to invest in a wellbeing programme due to tight budgets. They believed that spending money on employee wellbeing wasn’t feasible at that moment, given rising operational costs. However, as stress-related absenteeism increased and turnover rose, the company started to see the indirect costs mount up. After re-evaluating their strategy, they decided to introduce a scalable wellbeing programme tailored to their budget, which resulted in reduced absenteeism and turnover within the first year.
Is There Any Evidence?
Studies consistently show that wellbeing programmes lead to long-term cost savings. For example, research by the Chartered Institute of Personnel and Development (CIPD) found that investing in employee wellbeing can reduce absenteeism by up to 25%. Similarly, companies that prioritise mental health see an average £3 return for every £1 spent, particularly when focusing on proactive interventions. These returns are realised through lower staff turnover, reduced absenteeism, and increased productivity. Deloitte United States Fair Play Talks
A Simple Exercise
If you’re unsure how wellbeing can fit into your current budget, here’s a quick exercise:
- List your company’s current absenteeism and turnover rates.
- Estimate the cost of replacing staff, including recruitment, training, and lost productivity.
- Now, consider how a 10% reduction in absenteeism or turnover would impact your overall costs. How much would that save you in the long term?
This exercise can help you see that even modest investments in wellbeing can lead to significant cost savings over time.
Let’s Chat!
If budget constraints are holding you back, consider a more flexible approach. At Feel Good Works, we offer scalable solutions that are tailored to your organisation’s current financial situation. Whether you’re looking for a basic starting point or a comprehensive wellbeing strategy, we can help you find the right fit. Reach out today for a complimentary consultation, and let’s explore how you can start small and grow your investment as the benefits become clear.
#WorkplaceWellbeing #EmployeeWellbeing #BudgetFriendlyWellbeing #CostSavings #MentalHealthAtWork #FeelGoodWorks #ScalableSolutions #WellbeingROI #BusinessGrowth #MentalHealth #Stress #Wellbeing
