Recent research conducted by our sister company, Morgan Redwood, revealed that a good work-life balance can increase business earnings. The Financial Times Advisor spoke to our wonderful MD Janice Haddon for her view on the findings. Read the full article here.
Firms that prioritise in helping their staff to achieve a good work-life balance earn 27 per cent more from each employee compared to the average, according to a new survey.
The research, conducted by management consultancy firm Morgan Redwood, revealed that the average net annual earnings per employee was £31,640, but this figure rose to £43,125 in companies which supported their staff to strike the right balance between recreation and their working role.
However, only 6 per cent regarded improving work-life balance as a key priority for their HR departments. What is more, just over a quarter of respondents thought that staff wellbeing was closely connected to business performance.
The study was based on responses from the heads of HR departments or board director level staff from more than 250 businesses across the UK and from a mix of sectors ranging in size, with two-thirds of the sample employing more than 250 people, and none less than 50.
Janice Haddon, managing director of Morgan Redwood, said: “The fact that company earnings of each employee are higher for those with a greater focus on wellbeing and work-life balance isn’t surprising for us. What is surprising is that so many companies fail to allocate it sufficient importance.
“A good work-life balance is an essential part of a person’s wellbeing, the results of which can have extremely positive effects on productivity and performance, which is something that’s evidenced in the findings of our study.”
Vaughan Rochford, IFA at Devon-based Rochford Financial Services, said: “Supporting workers to achieve a good work-life balance is not only important but crucial. Workers who achieve this are more likely to be happier and would be more inclined to work harder in their respective roles to the benefit of their company.”