Solution
Promote positive wellbeing at work
Investing in employee wellbeing can benefit people and organisation in a number of ways. According to Suff (2022) effective wellbeing practices reduces sickness absence, increase resilience, improve employee engagement and lead to higher productivity and performance. Employee wellbeing is also part of better work-life balance. Employee would benefit by having time for their leisure time and other social activities. Some risks associated with this recommendation include legal risks and financial risks. There legislations regulating employee wellbeing such as Working Time Regulations which can influence how the company manages its wellbeing. Financial risk could arise due to market volatility which cause decline in profitability. The company may lack finances to fund its wellbeing programmes. Financial implications include costs of sicknesses at work and cost of implementing wellbeing programmes such as assistance plans and counselling.
Introduce healthcare and risk benefits
Since most employees have issues such as injuries, flu, COVID 19 symptoms and other health issues, providing them with healthcare and risk benefits such as flu vaccinations, occupation sick pay and insurance cover can help to reduce absence rate (Cotton, 2022). Another benefit of healthcare and risk benefits is relieving employees from high cost of getting medication while still working. It can also be an approach to attract, retain and keep employees engaged at work (Messersmith et al., 2018). The risk associated with healthcare benefit are the financial risks and legal risks. During financial crisis, the company may fall short of finances to fund these benefits and this can have negative impact on employee satisfaction. Changing laws and regulations are also likely to impact company’s approach to offering these benefits. In terms of financial implication, there is direct costs such as costs of implementing the solution. For example, employer will incur cost of free vaccinations and occupation sick pay.
Provide employee voice within the organisation
The benefit of employee voice is that it can help the company to improve its effectiveness and performance through creative ideas and suggestions for improvement (Peters, 2022). Another benefit is employee motivation as people feel part of the organisation when they understand that their contribution matters. Employee voice can also benefit employer through higher innovation and reduced absence rate (Peters, 2022). Implementing voice channels can have risk such as bad organisation reputation. This can occur when people take advantage of the voice channels to comment negative views about the company. For example, unsuccessful candidates can take it to social media with negative reviews. The financial implication include direct costs such as costs of implementing voice channels and surveys, and indirect costs like loss of working time during team meetings.
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