What Does Your Budget Say About Your Company?

Companies, are you planning to invest in employee well-being next year?

You might be on the fence.

I get it. 

Budgets are tight, and decisions must be strategic.

But what if I told you that investing in your team's well-being could be the game-changer your company needs? 

Because the right investment can transform your company.

Here are some ways to think about budgeting.

Your wellness budget should be:

1/ Viewed as an investment, not a cost.

2/ Developed based on your needs.

3/ Aligned with a C-suite initiative.

The first point is critical.

An investment gives you an ROI.

Think about the cost when a high-performer quits due to burnout.

But what does it cost when a high performer leaves?

It costs:

1. Up to 1.5 to 3 times their salary.
2. You the loss of knowledge.

So, do the math.

$50,000 salary costs $25k - $37.5K

$100,000 salary costs $50K - $75K.

Can you afford not to take action?

A healthier workforce leads to increased productivity, reduced turnover, and cost savings.

And often, employees check out long BEFORE they quit.

Consider wellness training as a strategic business decision. 

Let's talk about alignment with a C-suite initiative.

When well-being initiatives are part of the C-suite's agenda, it sends a clear message to the entire organization that leadership values employee well-being.

Successful well-being programs aren't siloed efforts.

They align with the broader strategic goals of the company. 

It's not just about employee health; it's about achieving organizational goals.

Finally, budgets should be developed based on your company’s needs.

Cookie-cutter solutions rarely yield optimal results. 

Does your team need mindfulness training? 

Or do they need help with communication norms and work-life balance?

Given every situation is different. 

If you aren’t sure what they need, hire someone to help you figure it out.

Your wellness budget should be crafted based on a thorough understanding of your unique organizational needs, considering your workforce's specific challenges and aspirations. 

Thinking about budgets for employee well-being requires a shift in perspective—from seeing it as an expenditure to recognizing it as a strategic investment aligned with organizational goals. 

That’s all for this week.

Always wishing you the best.

Dr. Beckford

P.S. Here are two ways I can help you.

1.Hire me to speak about wellness at your next event or retreat.

2. Book a strategy call so I can answer your questions.