The Bank of England is improving staff wellbeing through a strategic approach, and a three-pronged ‘Think well, live well, be well” initiative.
Good for society
- The Bank of England's approach encourages healthier ways of working, by monitoring indicators that may be of concern, i.e. total excess hours worked.
- The Bank is using its influence to challenge mental health stigma, both internally through training for managers and externally by partnering with mental health charities.
Good for business
- The * Bank of England has seen high levels of employee engagement, high staff retention, and low absence rates relative to industry norms.
- In particular it has a low level of long-term sickness, compared to public and private sector averages.
Top tips from the Bank of England
Embed wellbeing in your organisation’s culture.
Act to address hot spots as you see them.
Use a variety of communication channels to ensure you reach all business areas and groups.
Listen to what’s going on in the world outside and also listen to the feedback from within your business.
At the Bank of England, wellbeing is a well-established working practice, but in order to keep pace with new practice, it launched a new initiative to raise awareness and place a greater focus on prevention.
After a period of significant organisational and staffing changes, the Bank of England wanted to stem a slight negative trend in wellbeing indicators, and to re-align its strategy to the Bank’s wider remit. The Bank took this opportunity to increase awareness of the support available to new and existing employees. Its wellbeing strategy is assessed using a series of indicators based on HR management information, which allows for early warning signs to be acted on.
The organisation publicly reports the results of its Viewpoint employee survey, including scores for wellbeing and engagement.
A wide range of activity ranging from mental health training, to an external speaker lunchtime series, is supported by a network of Wellbeing Champions and an intranet hub for wellbeing information,
It also shares its learning with external experts and researchers helping to define good mental health in the workplace, improve the effectiveness of mental health training, and develop a toolkit to address mental health in the workplace.
The Bank of England's convenient health facilities are popular with staff: 30% of employees are members of the company's in-house gym, 1,300 are registered with the in-house dentist and around 300 receive support from our in-house counsellors.
The Bank has seen high levels of employee engagement, high staff retention, and low absence rates relative to industry norms.
What the Bank of England's Chief Operating Officer said:
“I’m extremely proud of the Bank of England’s wellbeing strategy, including our most recent ‘think well, live well, be well’ initiative. We have had a wellbeing offering for over 40 years, and are always looking for ways to refresh and update our approach. We would like to feel that we are becoming an example to others in our sector with the holistic approach we are taking to wellbeing at work, and we are committed to develop this further over the coming years.” - Charlotte Hogg, Chief Operating Officer, Bank of England