With the average price of replacing a colleague at more than £30,000, employee turnover represents a significant cost to UK businesses.
A new study - commissioned by BUPA UK - which looked at trust in the workplace and its impact on employee wellbeing, shows that 53% of employees considered it to be a major factor in whether they resigned or stayed in their present employment. The Bupa research also found that 24% of UK employees have left their company due to issues around trust.
Commercial Director for BUPA UK Insurance, Mark Allan, stated:
“Retaining talented people and boosting productivity is a key focus for many employers. As we spend the majority of our time in the workplace, it’s important we work in an environment with a good business culture. Our latest findings pay homage to this – suggesting that good relationships are more likely to boost engagement and influence whether someone stays at a company.
Within many businesses across the UK, wellbeing is now a boardroom priority and it’s clear that trust is key to building a healthy business culture – increasing motivation, engagement and colleague retention as well as employees’ wellbeing. This latest research highlights the importance of creating a workplace culture that allows people to thrive and also that businesses are recognising the importance of promoting a trustful workplace.”
The study confirms that a reliable work environment increases retention, productivity and employee wellbeing - whilst also promoting a better business culture. It highlights how important trust is and the contribution it makes to the wellbeing of employees and the overall performance of a company - despite the fact that it is not a physical benefit such as salary, bonus or other perk.
The ability to depend on others benefits the business and also impacts in a positive manner on the wellbeing of employees as - in the study - 23% of UK employees said they would feel more motivated if trust was placed in them, while 22% said it would help them to feel happier and 18% said it would make them more productive.
Bupa’s research also reveals that business leaders and managers can promote trust through praising employees when they’ve completed a job; letting them get on with tasks independently; taking interest in their health and wellbeing and providing staff with opportunities to progress in their career.
