More than half of employees in the workplace believe trust is a main reason for staying or leaving a company, while boosting staff wellbeing according to research.
Bupa UK has carried out a study which reveals nearly a quarter of employees left their workplace due to a lack of trust.
The research also reveals that employees value trust more than some typical company benefits such as gym membership (62 per cent), company mobile (62 per cent), access to a free canteen (56 per cent) and company car (55 per cent), which is a essential reason business leaders need to take it seriously.
With 53 per cent believing that trust is a deciding factor to stay or leave a company, the study highlights that being in a reliable work environment increases retention, productivity and employee wellbeing, while also promoting a better business culture.
It highlights how important it is within the workplace, and also the contribution it makes to the wellbeing of employees and the overall performance of a company.
Employers could provide a range of support at all levels to create an open and inclusive culture and help build on trust. This could range from access to resilience workshops and mental health training through to financial wellbeing information and knowing ‘your numbers’.
Bupa’s research reveals that business leaders and managers can promote it through:
The ability to depend on others positively impacts the wellbeing of colleagues in the workplace as nearly a quarter (23 per cent) of UK employees said they would feel more motivated if trust was placed in them and more than 22 per cent said it would help them to feel happier and more productive at work (18 per cent).
With the average price of replacing a colleague costing more than £30,0002, employee turnover represents a significant cost to UK businesses. However, eight in 10 employees saying they currently feel trusted by their colleagues, line manager and senior leadership team, rising to 85 per cent amongst those aged 55+.
Mark Allan, commercial director, for Bupa UK Insurance, said: “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 staff 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.”