You know the welfare of your employees is important but creating a budget for Employee Wellbeing can be a daunting task. One of the most common responses I get after meeting with or pitching Employee Wellbeing Coaching to a business owner or HR Manager is “we would love to do this but we don’t have the budget right now.”
In actual fact, you never had the budget or ever will have the budget because it’s not something you have planned for. Coaching allows you to plan and map out how you can find the funding so that creating a budget for Employee Wellbeing can be less daunting.
First steps to creating a budget for Employee Wellbeing
What if you could budget to spend £x amount on your employees for a guarantee of higher productivity, lower staff turnover and ultimately increase profits? I know that sounds like a lofty sales pitch but if you haven’t been actively Coaching and listening to your staff, Coaching could well be the answer to turn your business around. Where you can actually achieve the profits you want and build your business to where you had projected it to be today.
Reviewing what you currently spend on your employees is important. Most employees are not just driven by money anymore. Although it is still an important factor, the key to retaining staff is the culture you create. The environment of your company and the benefits you provide. Therefore, asking yourself how important retention is to you could give you the first few steps of creating a budget for Employee Wellbeing.
“In a digital world with increasing transparency and the growing influence of Millennials, employees expect a productive, engaging, enjoyable work experience – an integrated focus on the entire employee experience, bringing together all the workplace, HR and management practices that impact people on the job.” – DUP HCM Trends 2017 via WeThrive
Coaching is not a magic fix.
As much as I would love to claim this, Life Coaching is not a magic fix. You would need to be on board to implement changes in your business culture too. In addition, to be Coached yourself but in simple terms, if you’re all on the same page, the likelihood of achieving the results you want for your business are much higher.
Companies that invest in their Employee Wellbeing
Take a look at existing extremely successful companies whom already use Coaching as a ‘norm’ in their business practice. They rarely have jobs available and their profits are awe-inspiring. Google, Amazon, Virgin and Apple all use Coaching techniques in their businesses right from the top down to ensure everyone’s values towards the business are aligned. Therefore their businesses succeed incredible profits year on year; all whilst keeping their recruitment costs down.
How important is Employee Wellbeing to your company?
- Did you have an end goal regarding your business when you set up?
- How likely are you to meet your projections?
- What have and haven’t you tried to generate more revenue and ensure you achieve these goals?
- Are you being Coached?
The most successful leaders in business have Business Coaches. They know it’s necessary to bounce off ideas, make strategies for when times are tough and Coaching helps them see the whole picture not just the narrow revenue perspective. This is not to dismiss the importance of revenue, indeed without it there is no business but it’s to re-focus your attention on how you can both retain what you already have financially and make more. For this, just like in marketing, you have to try different activities to make your business work better and Coaching is one activity that is constantly being proven to be one of the most powerful and successful tools that anyone can implement into their business. The stats speak for themselves:
- In his book The Happiness Advantage, Shawn Achor makes the case that the single greatest advantage in the modern economy is a happy and engaged workforce. He relies on studies that show that happiness is raising sales by 37% and productivity by 31%.
- A Forbes interview with Jessica Pryce-Jones, author of the book Happiness at Work. She highlights that happy employees are 180% more energised, 108% more engaged and 50% more motivated compared with their colleagues.
- Netsurvey revealed that employers with a high engagement rate had 4.7 points out of 5 in the Swedish growth ranking index. The companies who had bored employees scored 1 / 5 in the same ranking.
What can your company do to help your Employees
By mirroring your business with those highly profitable ones like I’ve mentioned previously, you immediately set yourself apart from your competition and are more likely to succeed at your business goals. Surely you want to be less stressed, do less work and reap the fruits of your labour thus far in your career and your business too?
There are countless articles and research available for you to view online to get a deeper understanding of Coaching in the workplace and its benefits which I encourage you to do.
In addition, set up a strategy session with a prospective Coach to see what Coaching might look like. It doesn’t cost you anything and the Coach will even help you map out how you can afford to Coach yourself and your workforce when you don’t have any obvious budget available. Coaching is a tool to invest in your business, just like re-investing profit in normal terms, sometimes you have to take a step back in order to propel yourself forwards. The key difference with Coaching is that you will have tangible results that you can work with and you will be able to clearly see where your business is struggling (it’s more than just revenue streams) and how you can fix it so you do get more revenue streams.
Puja K McClymont | Certified Life Coach in London and NLP Practitioner
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