Cut Costs, Boost Wellness: The Smart Leader's Guide to Employee Investment
Invest more money into employee wellness by cutting these three business costs
Investing in your employee’s wellness is a strategic and moral duty for any business, leading to a healthier and happier workforce which translates into greater productivity and improved retention.
If you’re keen to prioritize wellness within your teams but need to free up some resources, here are three smart cost-cutting strategies to consider.
Rethink your office spaces
With the rise of remote and hybrid work, do you really need that sprawling office space? Downsizing or switching to coworking spaces can significantly cut rental costs while still keeping a base for in-person collaboration.
You can then reinvest these savings into wellness initiatives such as ergonomic home office equipment or mental health support. Though transitioning to a smaller office or remote working model can feel daunting – and isn’t possible in all industries – the benefits are well documented.
In one study, 83% of employees consider having flexible working hours important. Whether you look to sublease unused office spaces or go fully remote and eliminate office maintenance costs altogether, advances in virtual meeting technology means that many conversations can now be managed online.
This allows you to budget only for travel and accommodation when necessary.
Reduce business fees
Many businesses pay for unused or underused software and subscription services, or have outgoing costs and fees that they could consolidate and reduce.
For example, reducing your interchange fees by settling all of your daily transactions on the day they happen, ensuring your merchant account is set up properly, and rethinking your pricing models can save you significant amounts over time.
Be sure to regularly audit any subscriptions & software licenses you use, too. These can often uncover surprising savings, which you can then redirect toward initiatives such as wellness training or subsidized healthy meal programs.
List all subscriptions and cancel those that don’t provide value, and consolidate your software tools to avoid any overlap and duel fees.
Switch to more sustainable practices
It might not feel like a core aspect of your business, but saving on energy bills goes a long way to impacting your profitability. It also naturally has a positive effect on the environment and supports your ESG initiatives, boosting your reputation as a whole.
Run an electricity audit of your office, and offer staff sustainability training to demonstrate how they can do their bit to reduce this crucial overhead cost. Even small things like turning off the lights when not in use, installing energy-efficient lighting, or using smart thermostats can add up to big savings.
You could also consider switching to a green energy provider or applying for green initiatives or grants that might save you money on your electricity bills. Switching to reusable or eco-friendly supplies such as refillable pens and recycled paper is another small but meaningful change that can lower costs over time.
Combining this with going paperless wherever possible, digitizing documents and introducing e-signature platforms, you can reduce printing and paper consumption.
Investing in wellness By reallocating these savings directly into wellness programs, you can create a more engaged, healthier workforce. Benefits such as gym memberships, access to counseling services or stress management workshops will hugely boost team morale and in turn raise the output of your business as a whole. Investing in employee wellness doesn’t always require a bigger budget – it’s about redirecting resources from less impactful areas to where they count most.
By cutting costs strategically, you can build a workplace filled with motivated, supported employees while improving long-term business performance.
About the Author
Lisa Owen Lisa is an advocate for employee wellness, who firmly believes that a happy team is a productive team. She offers insights into business management and tips for business owners looking to invest in their employees. When not working, Lisa loves nothing more than lazing around at home with her family and cats.
