In 2019, over 80% of employers planned to increase wellness and well-being budgets – double the amount from a decade ago.1 But how does this relate to reducing employee turnover?
There’s no two ways about it: employee well-being affects any company’s bottom line. A company’s success depends on employing a workforce that operates efficiently and willingly, in order to reduce employee turnover and boost productivity. But besides that, employers are obligated to offer tools so their workforce can look after their physical and mental health. We spend more of our waking hours at work than anywhere else; being strong in all areas of life depends on a solid, supportive foundation from our families, friends, employers and other support systems.
Employers have long known (and felt) the negative impacts of physical conditions like obesity and smoking on the workplace. However, bigger risks are what goes unseen. Mental health is no longer a topic that can be swept under the rug. A CareerBuilder study found that 61% of employees are burned out on the job.2 That’s more than half of employees feeling like they have insufficient energy to do their work – a pretty big problem. So, why focus on well-being?
Well-being to reduce employee turnover
One huge employer responsibility is to provide its workforce the resources it needs – not just to reduce employee turnover but to ensure employees can do their jobs effectively. This goes beyond a bi-weekly paycheck. When employees are stressed on the job and don’t have the tools they need to help themselves, they look for new jobs. When they leave, big costs stack up in terms of HR lost time, recruiting and retraining new employees. Doesn’t it make more sense to offer benefits up-front, to support employee physical and mental health before ever coming close to a crisis point? Employees are looking for wellness benefits more today than ever before as an integral part of their healthcare benefits. It’s time for employers to accommodate that need across the board.
Well-being to boost employee productivity
It stands to reason that when employees are happy, they’re productive contributors to any company. When given the tools to not only do their jobs effectively but also take care of themselves, they have added confidence in (and positive feelings about) their employer. Happier and healthier employees regularly outperform those employed by companies that don’t support health and well-being programs.4 It seems like a no-brainer: well-being benefits are critical to the success of a health benefits program and a company’s ability to attract and retain employees.
Empathy goes a long way
Another way to retain employees is by showing empathy. In fact, 96% of employees believe showing empathy is importance to advance retention.3 Empathy is not only listening, but also advocating on employees’ behalf by understanding what’s important to them. By offering robust benefits – including those for well-being – employers can show right away that their employees’ health is a top priority. They understand that employees rely on their benefits to take care of themselves and their families. It does more than boost employee productivity; it’s a powerful message that will stick with them on good and bad days on the job.
ArmadaCare’s supplemental insurance products offer real value in wellness benefits. Check out this infographic about workplace well-being for more industry stats and how our products offer targeted solutions to promote well-being, helping to reduce employee turnover and boost employee productivity.