The Workplace Wellbeing: HMRC Tool Guide is an online guide for employers who are reconsidering their workplace wellness costs and needs. Or for any employee thinking about workplace wellness in their business.
The tool allows employers to see the cost of poor workplace wellbeing to their business. Likewise, there are key figures on wellness initiatives and training. This comprehensive guide will offer you all you need to know to make wellbeing changes in your workplace.
Benefits of workplace wellness training initiatives like Mental Health First Aid include:
- Reduced absenteeism and presenteeism. If you take care of your employees’ health there is less risk of them taking long periods of time off work due to poor wellbeing (absenteeism). Additionally, when employees are at work, there is more chance they will be productive and not suffer from presenteeism (when employees are present at work but have low productivity). Read more about how to prevent absenteeism and presenteeism in the workplace.
- Improved morale and staff retention. Company morale is improved by having a more content workforce. Employees are also more likely to stay with a company, which saves companies the time and cost of recruiting.
What is the HMRC Workplace Wellbeing Tool?
The HMRC workplace wellness tool was made to work out the costs of poor employee health and create a business case for taking action.
Employers can use this tool to:
- Calculate the annual cost of employee ill health, absence from work and staff turnover.
- Create a business cases for workplace health and wellbeing initiatives.
- Estimate the return on investment of setting up a health and wellbeing programme.
Using the Workplace Wellness HMRC Tool
1a: What Are My Costs?
The first section of the Workplace Wellness HMRC tool is: ‘What are my costs?’. This section helps you to work out the costs of poor mental health and wellbeing within your business.
For this section, you will need:
- Business sickness absence details.
- Employee presenteeism details.
- Labour turnover.
- Insurance premiums and accidents/injury details.
- Other costs associated with poor health and wellbeing in your business.
To complete this section, follow the prompts on screen to add business costs into the spreadsheet. For further information on what each cost means, there are examples and explanations in the spreadsheet.
Top tip: look out for the red question marks and the tool guide page for cost explanations so you can be sure that you are entering the correct details.
1b: Summary of Costs
Once you have entered your costs in section 1a, section 1b will automatically update with your summary and total of business wellness costs. Featured in section 1c of the spreadsheet, here is an example of what your summary of costs may look like after you have entered all your business costs.
2a: Why Invest?
The next section of the workplace wellness HMRC tool is the ‘Why Invest?’ section. This section helps you to build a business case for action to reduce the costs of poor health and wellbeing in your business. This means outlining the exact costs, predicted benefits and net benefits of your investment in workplace wellness, allowing you to showcase the potential financial business benefits of your investment to your team or management to argue your case.
Throughout this section you should fill in your business’ details in the yellow-coloured cells. For any additional information you can click on the red question marks or check the example business case page (2c).
2b: Business Case Summary
Once you have filled in this section, section 2c: Business Case Summary will update automatically to show you your business case for workplace wellbeing report summary. An example of how this might look can be seen below.
HMRC Tool For Workplace Wellness: Next Steps
Presenting Your Case
Once you have completed the workplace wellness HMRC tool, your next step is to present your case for change in your workplace. This can be done in a number of different ways depending on what would be most beneficial for your business and team.
You could show this information as a PowerPoint presentation or written report to discuss any challenges you see for your business. Your business case for Workplace Wellness presentation should include:
- Key takeaways, reports and graphs from the HMRC tool
- Detailed breakdown of costs associated with poor health and focussed benefits for your business including impact on:
- People, reputation and culture within the organisation.
- Customer satisfaction.
- Staff retention.
- Employee productivity and well-being.
Finding The Right Workplace Training Programme
Once you have decided how to present your case, you can start research workplace health and wellbeing training.. Many companies choose to employ accredited Mental Health First Aid training to boost their workplace wellness and understanding of mental ill-health.
We recommend that you compare the MHFA training programmes and courses. Workplace MHFA mental health and wellbeing training should be focused around the company’s requirements. Provide your team with a comprehensive understanding of mental health, signs of poor mental health and workplace wellness best practices.
Invest In Your Workplace Wellbeing Today with Accredited MHFA Training
At Great Minds At Work, we are committed to ensuring better workplace wellbeing. We understand the strong need for mental health support, and the wellbeing needs of businesses small and large.
Are you looking to start investing in your workplace wellness and need accredited MHFA training for your team? Look no further than our MHFA courses. With a range of instructor-led online or classroom courses available, we have the perfect course for you wherever you are in the UK!
Get In Touch Today To Get Started!