By Siobhann Provost Human Resources Manager & Content Writer

As we approach the end of the financial year, Australian businesses are reviewing what is required for success in the year ahead. As discussions of budgets, overheads and profit margins are prioritised, leaders must prioritise investing in their people. 

We know that supporting your people is good for them and their business. People feeling their best, both in and out of work, perform better in their roles. Besides, those who feel supported by their company are more likely to build a sense of loyalty – happy people mean higher employee retention. 
 

But, when looking at your bottom line, deciding how to invest in your people might be daunting without breaking the bank.

Whether your business model is a startup, SME or national corporation, there are considerations in setting budgets for the year ahead.

 

Budgeting for Workplace Wellbeing

To effectively budget for employee wellbeing initiatives, consider these steps:

1. Gather Employee Feedback: Conduct surveys to pinpoint areas needing improvement, identify successful existing programs, and brainstorm potential solutions directly from your workforce.

2. Assess Current Initiatives: Take inventory of your existing wellbeing offerings. Recognize that standard benefits like hybrid work, while valuable, are often considered baseline expectations.

3. Leverage Internal Skills: Explore if any employees possess skills outside their regular duties (e.g., yoga instruction, meditation guidance) that they could share with colleagues. Allocate time for them to lead such initiatives alongside their regular responsibilities.

4. Offer Additional Time Off: Think about providing employees with extra paid time for wellbeing activities, such as volunteering days or dedicated mental health days, separate from annual leave.

5. Review Existing Operational Budgets: Identify small, consistent ways to acknowledge and reward employees. This could include a dedicated wellness fund for gym discounts, wellbeing activity vouchers, learning opportunities, or regular employee recognition programs.

6. Explore External Partnerships: Consider engaging external experts like wellness coaches, massage therapists, or nutritionists to provide specialized services.

7. Evaluate Employee Assistance Programs (EAPs): Explore partnering with an EAP, which offers various resources and confidential counseling sessions. Unused EAP sessions can often be reallocated to employees who need them most.
Remember, fostering a positive workplace culture often starts with leadership. While leaders can introduce various strategies and programs, any investment in your employees, regardless of the budget size, generally benefits the business.