2021 marked a massive shakeup in the job market – the Great Resignation. People were (and still are) quitting their jobs, and Pew Research Center research shows it’s due to the low pay, limited career opportunities, and disrespect at the workplace. Additionally, employees have grown savvier about what benefits they ought to be receiving and wish for a more flexible work environment that would allow them to take care of their families.
Multiple studies have highlighted that companies can retain their employees and outperform within their industries when they put their employees’ health, safety, and well-being at the forefront. We will look through a few reasons why taking care of your employees’ health should be a top priority in this evolving job market.
Reducing costs of employee turnover
Replacing employees can cost US employers a hefty trillion dollars a year. According to Investopedia, some of the key components making up this bill are new salary and benefits packages, training programs, and the cost of actually searching for and finalizing new employees.
Often employees leave organizations where they feel as though their concerns are not heard or relayed through proper channels. After a few years of working in a similar position, it is possible to experience a sense of burnout. That’s especially true within a job that doesn’t cater to the evolving needs such as professional growth, chances for appraisals, and neglected overall health.
In hindsight, it costs less to invest in health benefits than to replace employees.
Companies investing in their workplace culture can retain their employees and reduce their recruitment costs. A first step in doing so would be to understand the deficiencies in the benefits they are already providing for their employees.
Incorporating the evolving needs of health benefits packages, such as mental wellness, can make a substantial difference. According to the World Health Organization, something as simple as focusing on workplace mental health increases productivity and company economic gains.
Healthier employees are happier
The key component of any organization is its PEOPLE. Ausrine Cebatore, VP of Sales and Strategic Partnerships at Kilo Health, points out, “Healthy people are happy people. Your company will start to flourish only after you take care of your employees.”
Often within huge companies, employees can get reduced to data points on a payroll. Changing this mindset and viewing employees for all the primary facets of their lives can help contribute to employee productivity.
Increasing awareness of workplace stressors and invisible health concerns, such as anxiety and depression, is one of the first steps. Literature reviews have highlighted that nearly 86% of individuals who received treatment for their depression experienced an improvement in their productivity.
Workplace programs catering to physical and mental health showcased the strongest evidence of benefit. This doesn’t mean just building a gym or encouraging eating healthy snacks. Making health and wellness accessible is crucial.
Cebatore highlights that employees might have time restrictions or responsibilities such as taking care of their children or loved ones, which might limit their accessibility to company health benefits.
For this, adapting systems to cater to employees everywhere is crucial. Personal trainers, meditation apps, and regular psychological appointments tailored to individual needs reveal genuine employer concern for the well-being of their employees.
Additionally, adjusting to changes such as becoming a new parent or taking time off to care for a loved one should also be looked into. These changes in family dynamics are frequently neglected. In such scenarios, employees often preferred more flexible schedules instead of taking time off work.
Standing out in the market
The Centers for Disease Control and Prevention records that 6 in 10 adults in the US live with a chronic disease. These are both mental and physical conditions having the potential to affect workplace productivity. Ausrine thinks that for most companies, investing in the prevention of chronic disease will cost less time and money.
Following COVID-19, a shift has been placed on the importance of one’s health. People are becoming increasingly aware of the impact a healthy lifestyle has on their disease outcomes. This means they are searching for such benefits within new or existing workplaces.
Proof of this is the Great Resignation, where most people left jobs that didn’t cater to rising needs, especially those concerning their health and work flexibility. A survey conducted by the World Economic Forum reported that 45% of respondents were less satisfied with their jobs because of limited work flexibility compared to those who worked hybrid shifts or were completely remote.
Flexible timings meant people were now commuting less and investing in other aspects of their life, such as their family and health, more than they ideally would.
For employers, the competition is fierce when it comes to employee retention. With newer positions opening up globally, this makes the scale of competition larger. Personalized digital solutions for employees are the future of maintaining workplace satisfaction.
How can companies ensure their employees are taken care of?
Today, most employees are tuned into how technology can assist them in building more tailored healthcare solutions. From tracking their steps to customizing meal plans, there are apps to reduce the effort taken toward making such decisions.
Similarly, companies should now adopt these personalized digital solutions when building more suitable health benefits for their employees. The first steps would include talking to employees and understanding the reasons they might currently be unhappy with their company benefits and perks.
Then, which customized health benefits can be drawn up to meet individual needs. Kilo Health digital wellness programs offer businesses simple solutions to keep their employees happy. Most of these plans are accessible via technological devices, which can be altered to include specific needs.
The ultimate goal is to retain staff and ensure their happiness. A new normal has been cultivated by employees, requiring more focus on their well-being than the job itself.
When employers invest in their workforce, they build thriving teams that are trustworthy and more inclined toward the company’s mission.