As a Benefits or Wellness Leader, your job is to ensure that your employees are happy, healthy, and engaged in their work. One of the most critical factors in achieving these goals is employee retention. It is widely recognized that there is a direct correlation between employee wellbeing and employee retention. In this blog post, we will explore this correlation, citing recent stats from 2022.
Employee wellbeing is a multifaceted concept that encompasses physical, mental, and emotional health, as well as job satisfaction and work-life balance. When employees feel supported in these areas, they are more likely to stay with their employer long-term. According to a recent survey by the Society for Human Resource Management, the top reasons employees leave their jobs include a lack of career development opportunities, a negative workplace culture, and inadequate compensation and benefits.
However, if an employer invests in their employees’ wellbeing, they can mitigate these factors and increase retention rates. In fact, a recent study by Gallup found that companies with highly engaged employees have 41% lower absenteeism and 24% lower turnover. The study also found that highly engaged employees are more productive, safer, and provide better customer service than their disengaged counterparts.
So, how can employers support their employees’ wellbeing and, in turn, increase retention rates? There are many strategies that HR Benefits and Wellness Managers can implement, including:
Comprehensive Benefits Packages: Providing robust benefits packages that include health insurance, retirement plans, and paid time off shows employees that their employer cares about their wellbeing and values their contributions. According to a recent survey by Glassdoor, 60% of employees say benefits and perks are a significant factor in considering whether to accept a job offer.
Mental Health Support: Mental health has become an increasingly important issue in the workplace, with the pandemic exacerbating the need for support. Offering mental health resources such as Employee Assistance Programs (EAPs), counseling services, and mental health days can improve employees’ overall wellbeing and reduce burnout.
Wellness Programs: Implementing a holistic wellness program that includes fitness challenges, healthy eating initiatives, and mindfulness activities can encourage employees to prioritize their health and wellbeing, leading to increased engagement and retention. Partnering with a wellness platform like MyLifeWell (business.mylifewell.com) can bring your program to the next level through full customization of rewards programs, challenges and company activities all designed to encourage your employees to prioritize their health and wellbeing.
Career Development Opportunities: Providing opportunities for professional development and career advancement shows employees that their employer is invested in their long-term success. According to a recent survey by LinkedIn, 94% of employees would stay at a company longer if it invested in their career development.
Positive Workplace Culture: Creating a positive workplace culture that values inclusivity, diversity, and open communication can improve employee morale and engagement, leading to increased retention rates. According to a recent survey by Deloitte, 94% of executives and 88% of employees believe that a distinct workplace culture is essential to business success.
By implementing these strategies, HR Benefits and Wellness Managers can support their employees’ wellbeing and increase retention rates. However, it’s important to note that these strategies are not one-size-fits-all and may require customization based on the specific needs of the organization and its employees.
In conclusion, employee wellbeing and retention are closely intertwined, and it’s essential for HR Benefits and Wellness Managers to prioritize both. By providing comprehensive benefits packages, mental health support, wellness programs, career development opportunities, and fostering a positive workplace culture, organizations can improve employee satisfaction and engagement, leading to increased retention rates. Investing in employee wellbeing is not only the right thing to do, but it’s also good for business.