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 […]
David Price, Guest Writer
12 March 2019 |
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. Summary 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.