Firstly, what is a KPI?
KPI stands for Key Performance Indicators and hey are often used by businesses to measure certain aspects, such as overall targets, employee achievements, success of operations etc.
But how far should KPIs go when it comes to measuring aspects of your business?
Workplace wellbeing is a topic that is on the forefront of many businesses at the moment - and if it isnt it’s something that definitely needs to be. With the increased awareness aroundmental health and wellbeing society has seen over the last few years, employers are becoming more aware of how the wellbeing of their employees affects their business.
Ultimately, the heart of your business lies with your employees and how successful they are in their roles - and if their wellbeing in compromised along the way, it could cause a dip in productivity, absences, and will have a domino effect on the overall success of your business.
Because of how important employee wellbeing is, business are introducing wellbeing strategies, hiring wellbeing leads, and adding benefits to contracts that can help employees thrive. But like everything in businesses, how do measure how well these strategies are doing, and if they’re sustainable?
It’s important for businesses to measure these things so they arent wasting money, time, and to know that what theyre doing is actually helping - but when it comes to wellbeing, how can this be measured?
A group of inspiring founders and workplace wellbeing advocated came together at Ideas Fest to answer this question, from their owne experiences, and offered advice and insights into how you can achieve positive wellbeing on your team.
Elizabeth Cowper, Founder of We are Ludo kicked off the conversation saying: “There are so many different ways that you can measure your employee’s happiness, then when you tie this in with other data such as staff turnover, achieving other targets etc you will begin to truly understand the wellbeing of your team. Someone with good wellbeing will enjoy work more, be more productive and create better results and that will become noticeable,” she said.
“You want to be able to give access to all opportunities to all employees. Companied need to understand that when it comes to wellbeing, one size doesnt fit all. It’s so important to listen to what your employees want to understand how to help them.”
Ben Towers, co-founder of Tahora added - “Wellbeing is different for everyone. What might help one person improve their wellbeing could be completely different for another person. So how do you give the employee the ability to say what it is they need and provide that? - this is what will create better results - it can’t be a tickbox exercise. It’s all about choice and access - for example, people may not want private healthcare but knowing that it’s available to them is beneficial as they can tell you care.”
Geeta Sidhu-Robb, Founder & CEO of Mammoth Group, also highlighted the importance of understanding that wellbeing goes much further than burnout, workplace stress, or other mental struggles. Women in the workplace also have to deal with the effects of hormone changes, or menopause etc. “How can we ensure that people, in all stages and all cases are looked after?” she asked the group.
Elizabeth said, “There is a huge amount of attention needed on this subject, and some people don’t want to broach the subject, but we have to - because we all have women in our teams don’t we? Ask yourselves, ‘how can we support these women and give them access to the support they need?’ This is what we are focusing on in our business”
Julia Kessler, Co-founder and CEO of NIX&KIX said: “At our business we’re looking to create a community where people can be as open as they want. Whether you’re a man or a woman, you should be able to ask for help and receive it from your employer, and everyone should be striving for this in their workplace.”
The panel found that ultimately, employers need to move into a place of being open and accessible to provide employees what they want and need to survive in the workplace. Not one wellbeing strategy necessarily works for every person - so you need to find out what your employees want and how it helps them so you can show them that you want/can offer that. People will understand that you can’t offer them every single thing that they need, but everyone will appreciate and feel safer in an environment where they know yo you want to. Wellbeing is far more than just a KPI.