How employee wellbeing programmes can strengthen your business

Added 07/10/24 - 3 min read

Employee wellbeing is not just a trend; it is an essential part of any thriving business, especially in high-pressure industries like mortgage brokering.

Given the demanding nature of the mortgage brokering profession – tight deadlines, customer-facing roles, and dealing with sensitive financial situations – it’s crucial for brokers to consider the wellbeing of their employees as part of their strategy for success.

Many studies support the link between employee wellbeing and improved business outcomes. For example, research from Deloitte found that businesses with strong wellbeing programmes experience a 25% reduction in absenteeism and a 40% increase in productivity.

When brokers invest in their employees’ wellbeing, the results can ripple through the organisation, strengthening both workplace culture and commercial success.

why brokers should prioritise wellbeing

Mortgage brokers face a unique set of challenges that make prioritising employee wellbeing not only important but necessary. The mortgage industry is high-pressure, demanding long hours, strict deadlines, adherence to strict compliance and regulations and frequent interaction with clients who are making large purchasing decisions. Over time, these factors can contribute to burnout, mental health issues, and a higher turnover rate.

Neglecting employee wellbeing can lead to a domino effect, starting with reduced employee engagement and leading to poor client experiences. High staff turnover can be particularly costly for brokerages, both in terms of financial impact and the loss of client trust.

A disengaged employee is less likely to provide the personalised, empathetic service that many mortgage clients expect, potentially damaging long-term client relationships. By prioritising wellbeing, brokers can mitigate these risks, creating a more supportive and resilient work environment that benefits both employees and clients.

building a culture of openness and support

To truly embed employee wellbeing into your brokerage’s culture, it’s important to foster an environment where openness and support are the norms. Brokers can begin by encouraging a culture where employees feel comfortable discussing their wellbeing, knowing that it will be met with understanding rather than judgement.

Practical ways to promote this culture include implementing an open-door policy, where employees can speak to their managers about any concerns without fear of reprisal. Regular check-ins with staff, both individually and as a team, provide an opportunity to gauge how employees are coping and offer support where needed. Appointing mental health champions or having a designated person who employees can approach with mental health concerns can also be a powerful signal that their wellbeing is a priority.

Changing attitudes within your team may take time, but by leading by example and creating a safe space for these conversations, brokers can set the tone for a more compassionate and productive workplace.

employee wellbeing programmes and initatives

Once a supportive culture is in place, it’s time to take action by implementing specific employee wellbeing initiatives. These can be tailored to meet the needs of your team and can encompass physical, mental, and financial wellbeing.

Physical health: Encourage regular breaks, offer ergonomic office setups, and consider implementing flexible working hours to reduce burnout. Providing options for remote or hybrid work can also help employees balance their professional and personal lives more effectively.
Mental health: Offer access to resources like counselling services, mental health days, or mindfulness training. Given the high-stress environment mortgage brokers operate in, offering employees ways to manage their mental health is vital.
Financial wellbeing: Given the nature of the industry, financial literacy is a relevant concern for brokers. Running workshops on personal financial management or offering resources to help employees better understand their finances can help alleviate personal financial stress, which may otherwise impact their performance at work. Additionally, offering training on how to support vulnerable clients, a common situation brokers face, can help build empathy within the team while also strengthening client relationships.
Team dynamic: Regular team-building activities and job-specific meetings can help employees build stronger rapport with one another, fostering a sense of community. By creating a team that communicates well and works well together to solve problems, you're likely to also see a boost in productivity.

Ensuring your wellbeing programme works

Introducing a wellbeing programme is one thing; ensuring it has the desired impact is another. To measure the success of your initiatives, brokers should regularly assess and adapt their approach based on employee feedback and business outcomes.

Collect feedback through surveys, one-on-one conversations, or team meetings to understand what’s working and what isn’t. Tracking absenteeism rates, staff turnover, and even employee engagement levels can provide quantitative data on the success of your wellbeing initiatives.

Equally important is to remain flexible and adjust the programme based on employee needs as they evolve. A wellbeing programme should feel bespoke to the team, addressing their specific concerns and promoting a healthy, productive work environment.

supporting the mental and physical health of teams

Employee wellbeing programmes are central to the success of a business, particularly in high-stress sectors like mortgage brokering. Introducing initiatives that support both the mental and physical health of your team will naturally boost productivity and help retain top talent, whilst building a more supportive and collaborative work environment.