Now more than ever, it’s been difficult for employers to find and retain talent. When the pandemic caused workplaces to go remote, a new challenge emerged - employees can now explore job opportunities from across the country. Companies are not just competing with local competitors stealing talent, but now with any remote positions. What can employers do to attract and retain talented employees? Wellness programs!
What is workplace well-being?
A strong well-being culture can have astronomical effects on company’s retention and recruitment. What is workplace well-being? It’s creating an environment to promote a state of contentment which allows an employee to flourish and achieve their full potential for the benefit of themselves and their organization.
How do health and well-being programs impact employee satisfaction?
Implementing a well-being solution leads to employees feeling cared for, which in turn leads to increased employee satisfaction. A report by Optum found that engagement in employee wellness programs was linked to greater employee retention. The survey found that 48% of employees that always or frequently participate in their employee wellness program are likely to recommend their employer. Only 18% of employees without an employee wellness program were likely to recommend their employer.
In addition, 53% of employees with 7-8 wellness offerings would likely recommend their employer while only 24% of employees with 1-3 offerings would do the same.
Why does this matter?
In another study from Center For American Progress, replacing medium-wage ($30,000-$50,000 per year) employees can cost 20% of their annual salary. The financial impact to employers to replace their employees is significant so it’s important that programs are implemented to retain these employees.
Benefits of wellness programs
While there are several benefits of wellness programs here are a few of the top benefits:
- Increased Productivity
- Product Innovation
- Improved Employee Engagement
- Better Customer Experience
To learn more about how health and wellness programs impact employee retention, listen to this podcast where OnSite Wellness’ own Amy Ritsema discusses the issue: