Why investing in employee wellbeing will help you retain talent
Workplaces are adapting at a fast rate, with seismic changes over the last decade. Businesses now, more than ever, realise the importance of employee wellbeing.
The reason is simple: Happy staff members are more productive. This positivity also means your retention rates go up and they’ll stay on a long-term basis.
This article explores how and why you should set aside budget for investment into a wellbeing program.
Employee wellbeing: A quick history
According to wellness expert Michael Rucker, the first recorded example of worker wellbeing comes from a physician called, Bernardini Ramazzini. The Italian lived during the 17th century and noted the effects of overwork on people of his era.
But it’s only in the last two decades that wellness programs have become popular in businesses on a widespread scale.
In America, for example, the Department of Health and Human Services ran a program called, ‘Healthy People 2000′, and another programme called, ‘Healthy People 2010′. After a similar run in the 1990s, this encouraged businesses to support their staff with various wellness initiatives. And over the last decade it’s certainly taken off, with many and varied businesses engaging openly with healthy initiatives and supporting employee mental health.
Investing in your staff
And what are the benefits of putting in that investment? Well, there’s a lot of scientific research backing this up.
There’s Wellsteps, for a start, with Dr. Steven Aldana and Dr. Troy Adams stating:
“We have evaluated both approaches and have concluded that the group-based approach is more effective and cost-effective. The group-based approach significantly improves health and well-being in both community and worksite settings. These studies show that cardiovascular risk factors, depression and stress were reduced, and physical activity, nutrition, and sleep were all improved.”
So, it’s now well noted you should invest in wellbeing to better your business. But it’s about much more than free fruit days or discounts on cinema tickets. It takes a concerted effort from your business to develop a wellness program.
The benefits of support packages
To do that, take a look at Forbes’ insights on starting your own version. The documented results are as follows:
- Improved employee health behaviours;
- Reduction of health risks;
- Improved productivity;
- Decrease in absence rates; and
- A lift in workplace morale.
All of which, unquestionably, add up to a better staff retention rate. If your employees are well supported, their performance will translate into better productivity and happiness in the workplace.
Just look at Microsoft’s wellness package, for instance. Although many employees would want to work there regardless, it still provides some exceptional perks for hardworking staff members. Who would want to leave?
And you must think of your competitors when approaching your decision.
To keep your best staff members, you want to offer them a major reason to stay. And a rich benefits package with wellbeing support is a major impetus to do so. If you’re not providing anything impressive, your staff will likely head to a competitor who does.
Similarly, when you’re looking to hire, it’s a major highlight to include your benefits package in your job specs.
If you’re able to boast of what you can provide your staff in the long-term, then it can prove to be a major incentive for them to join, and ultimately stay, with your business.
As such, view employee wellbeing programs as long-term ROI. Spending the time and money now to keep staff happy will future-proof your mission statement.
Wrapping things up, there are only a few things to keep in mind when hiring and retaining good talent. And keeping your staff happy is the right first step to take. To get the best talent, you have to spend a little. And retention over time can transform into loyalty, with staff committed to your brand—and no one else.
In short, it’s absolutely worth looking at your budget to see how you can spend to retain more members of your team.
And a key part to all of it, as Dr. Frasier Crane would say, is with good mental health.
Rota & Compliance UK |
Why Employees Love Tanda Workforce Success Software
Plenty of companies are using workforce management software to help them become more efficient and productive. But how can the same software help improve the lives of the team, the most valuable part of the business? We created Tanda with the whole team in mind, that means both employer and employee. Here are some of the benefits that employees gain when a company uses Tanda. Mistake-Free Time Records and Paychecks Companies that still manual methods for timekeeping and pay calculation can cause employees to second guess if they’re really getting paid the right amount every time the payslip arrives. Switching to the Tanda employee time clock ensures your staff that their daily attendance is recorded accurately. Once recorded, their Tanda timesheets are automatically calculated through the wage calculator to account for up-to-date labour regulations. Better Work-Life Balance People that enjoy a healthy work-life balance are those that are more fulfilled and productive. Tanda’s unavailability calendar feature lets employees tell their managers whenever they might not be open for shifts. This helps the company create the work schedule around each person’s unavailability. This means that employees enjoy coming to work every day since the business fully supports their personal lives and goals, instead of clashing with it. Once in while, employees will need to take time off work for sick, vacation or other reasons. Tanda’s leave management feature lets them file a leave request using the time clock or a web browser. Management sees the request instantly on a dashboard that also shows important events, upcoming shifts, and remaining time off allowances. This takes out all the hassles involved with filing, processing, and approving time off requests. Quicker Schedule and Payroll Processing Employees need to know their schedule well ahead of time so that they can better plan their upcoming week. Tanda’s web-based rota software cuts down the time companies spend making the weekly shift schedule. Once finished, Tanda sends the upcoming schedule to staff instantly via SMS, email or syncs directly with their calendar apps. This means that employees can find out their upcoming schedule ahead of time instead of them finding out only a day before and causing staffing issues. The last thing employees want to happen is their paycheck getting delayed. According to a survey by the American Payroll Association, 37% of employees say that they financially struggle if their paycheck were delayed by at least a week. Tanda’s payroll integration feature seamlessly lets Tanda exchange data with your company’s payroll software. This cuts down processing time from hours to minutes, ensuring that employees get their paycheck on time, every time. Making Work Easier Employees aren’t able to work productively when they are overstretched with too many customers on a given shift. Tanda has a Predictive Workforce feature built-in with its scheduling software. It uses sales data from the business’ point-of-sale (POS) to give an accurate forecast on how many people are needed on any given shift. This means that your team can work without being over or understaffed at any period of the day, resulting in a smoother work day and a less chaotic workplace. Increased Trust A workplace that truly trusts each other achieve great things together. According to a survey done by Interaction Associates, 86% of employees say that they are more productive if they trust their employers. A separate study by advocacy group Trust Across America found that trustworthy companies outperform companies in the S&P 500. And building that trust starts with transparency. Employees must know that their company is working in the interests of all and they are open about the information that matters to them. With Tanda, employees have access to a portal that let them know their time and attendance records, time off allowances, and upcoming shift schedules. Makes Work Fun People are more motivated to perform at their best in a fun and fulfilling work environment. And Tanda is designed to make daily tasks that were previously seen as boring a completely enjoyable experience. Instead of punching a timecard or jotting their name on a logbook, employees clock in by taking a selfie on the Tanda Time Clock. Starting the workday with a smile can change the employee’s whole perspective, which can lead to a better rapport with customers and fellow coworkers. And with Tanda doing most of the admin work, employees have more time to do the things that matter to them. More than just having a fun work environment, employees want to know that they are doing makes a difference to the business. Tanda’s features like real-time wage reporting let employees take control of their work and better benchmark their success. Why Workforce Software Matters for the Team For the modern employee to work their best, they need to feel that the company has their back. They need to know that the company they’re working for pays them correctly, supports their life commitments, and effectively communicates with them at all times. Companies can make all these happen for their team by taking down outdated processes. Using workforce management software such as Tanda, employees are more motivated to work, empowered by a platform that allows companies to drive trust, engagement and the ultimate employee experience.