Rethinking Your Workforce Investment to Increase Employee Retention and Lower Organizational Turnover
The Great Resignation is not just a buzz phrase. Because of the changes and challenges brought on by the pandemic, more than ever people are empowered to pursue new career opportunities and lifestyle choices that align with their values. A recent study by PwC revealed that as of August 2021, 65% of U.S. workers are looking for a new job to negotiate a better salary, expanded benefits, and more flexibility to work a remote or hybrid schedule.
The increasing employee resignation trend begs the question: How do companies differentiate themselves to retain employees, lower turnover costs, and sustain morale?
A narrow-minded approach is often the downfall of many companies in overcoming today’s resignation culture. Many companies do not consider how differently employees value and define workplace happiness, eliminating the opportunity to integrate organizational benefits with each employee’s unique and personal goals and lifestyle.
To show the commitment and value of supporting each employees’ well-being goals — whether it be physical, mental, or spiritual — employers need to go the extra mile to prove that they value well-being and provide the resources to accomplish these necessities. This requires realignment of your workforce investment.
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Overcoming Mounting Costs and Resignation
To understand the full effect of the resignation culture, we must first look at the startling numbers behind disengaged employees. Gallup’s State of the Global Workplace: 2021 Report reveals an employee engagement rate of 20%-34%, and the lost productivity of actively disengaged employees is equal to 18% of their annual salary. Overall, disengagement costs a company of 10,000 employees with an average salary of $50,000 per worker, $60.3 million a year.
The risk represented by workforce well-being is so significant that the corporate board of directors feels it represents a substantial threat to the sustainability of the enterprise that they are now demanding an articulated employee well-being strategy.
The bottom line: Employees are your organization’s most valuable asset. When your employees are taken care of, they are more inclined to care for the company and fulfill their work.
To maintain a healthy and thriving employee base, organizations are turning to more holistic employee benefits. These benefits attract and retain top talent, provide accessibility for global workforces, reduce turnover costs with flexible work-life balance solutions, and support the whole individual through comprehensive well-being networks to provide ongoing coaching, support, and growth opportunities.
Well-Being Looks Different To Everyone
Organizations looking to beat the resignation culture should incorporate a solution that integrates common enterprise well-being strategies — such as an employee assistance program, nutrition management, therapy, and financial coaching — with other key areas for personal growth that include holistic well-being exploration, leadership coaching, and more.
Utilizing all-inclusive wellness solutions within your company’s employee benefits offerings ensures you show your entire workforce that you value their time and physical and emotional well-being, not just the work they produce for the business. Our personal and professional well-being is affected by all areas of life, whether it be physically, emotionally, financially, or mentally. Well-being can also be accomplished in many forms including budgeting, setting boundaries, clean eating, or practicing gratitude. While these practices seem simple, these efforts will successfully equip your organization from the overwhelming employee inclination to find a job more willing to show its appreciation and gratitude.
Beating Workforce Competition with Workforce Investment
Today’s workforce has more freedom, control, and opportunity than ever. Being remote allows people to explore different locations, travel plans, and lifestyles that were previously not possible.
Creating an environment where employees feel valued and compensated with healthy behaviors and, most importantly, the available resources to maintain and better those behaviors, create employees who view your company as an invaluable resource that wholeheartedly supports their lifestyle. In turn, this creates an increased value to the user and the business. This is key to surviving today’s competitive work culture.
