Why prioritizing employee well-being is crucial to business growth
More and more organizations worldwide are making the wellbeing of their staff a business priority. Today, 70% of U.S. employers offer a wellness program, and the typical motivation behind these programs is not a mystery. The main influencer governing this approach is the increasing recognition that a healthy, engaged workforce is key to a company’s ability to maximize its productivity. This connection between wellness, employee engagement and financial success has resulted in the demand for new strategies offering the best possible employee health and benefits packages.
This return on investment has a definite logic behind it: A healthy and engaged workforce takes less time off sick and works more efficiently, resulting in increasing revenues and decreasing expenses.
Taking care of employees improves reputation and draws in good candidates. The cost of replacing an employee is high. It can reach to 1.5–2.0x the employee’s annual salary for top candidates. It is much less expensive to keep employees than it is to find and onboard new ones.
When employees know that their employers are invested in their growth and training in a tangible way, that is meaningful to them and they are less likely to leave the company. It’s also why companies like Starbucks that offer great tuition reimbursement programs are such sought after employers. Happy and motivated employees are also more likely to become advocates for their employers. In a world where potential job candidates are likely to read reviews on Glassdoor and other sites, earning positive feedback is key to attract new talent and retain the best personnel.
Paying a living wage, offering free training and tuition reimbursement, and sponsoring wellness programs may initially seem like expensive stuff, however, the positive results that they produce can mean higher profits, better productivity, reduced employee turnover, and better reputation. Each of these can improve your bottom line as well as goodwill within your organization.
Contact Phyton Talent Advisor today to learn more about employee well-being and hiring the right team: 212-797-1144.