Employee Wellness Programs: From Nice-to-Have to Must-Have!
Post Covid, the attitudes and ideals of employees have radically changed. According to Forbes, a new phenomenon known as “panic productivity” has emerged as the primary motivator for many employees. As organizations, we must immediately apply the brakes; else, we risk losing all of our personnel to burnout. The misconception that employee health programs are a luxury must come to an end; employee wellness programs are the foundation of every enterprise and strong culture; without them…..
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Your greatest asset to your company is your employees. This statement is not just a cliché, it’s true.
People are the most important resource in any business, per Harvard Business Review. They are the driving force and determining factor behind your company’s success. Outstanding performance must be acknowledged. According to McKinsey & Company, many firms have lost top talent as a result of employees wishing to feel valued and acknowledged for their efforts.
According to a recent survey by NPR, more than 33 million American employees quit in the past year as a result. Furthermore, according to the Asana study per Forbes, 84% of Gen Zers, 74% of Millennials, and 47% of Baby Boomers are suffering from workplace burnout.
The fact that there are so many talented people out there looking for jobs means that companies need to do more than ever before in order to woo them away from their current employers or potential competitors. To succeed in today’s competitive marketplace, companies must offer programs that go beyond salary and time off; they must offer opportunities for growth, learning opportunities and career advancement that keep top performers engaged and motivated over time.
Employee health is Cheaper Than Health Insurance.
What’s the biggest cost to your business? Is it the new computers you bought last year? The software upgrades? Or perhaps the employee health insurance premiums?
The CDC claims that the bad health of employees contributes to rising health care expenditures, higher absenteeism, unhealthy habits, and an overall decline in productivity. A separate Forbes survey shows, unhealthy workers cost U.S. businesses $575 billion yearly in lost productivity due to employee absenteeism and chronic diseases, as well as compensation claims for injuries. These two examples are just an introduction to the problem.
The numbers speak for themselves: companies with healthy employees make more money than those with sickly ones do. And since it’s cheaper for employers to invest in employee wellness programs than it is for them to pay out on health insurance premiums, it really makes sense for them to do so!
Culture is what separates the great from good.
A great business culture is more than just an office space or an occasional happy hour. It’s a way of doing business that fosters loyalty, productivity and innovation from all employees. A toxic culture can drive away talented people and ultimately derail your business.
According to Wework, company culture plays a major role in determining the success of the company. Working in an environment where each person feels motivated and valued leads to happier employees, higher productivity, better performance, and talent retention. Poor business culture involves low employee engagement, high absenteeism and presenteeism (working when you’re sick), a lack of empathy (i.e., not caring about others) and significant staff turnover (which costs money).
A study by Glassdoor revealed that when applicants are deciding whether to apply for a position or if the position is right for them, the company’s culture has a huge influence far greater than salary on the majority of the time.
The upcoming financial crisis is coming faster than expected. It is vital for companies to find ways to cut costs, but still increase profitability. One way they can do this is by focusing on employee health and wellness. This is not only good for the employees themselves, but it is also good for business. With that being said, The Harvard Business Review substantiates that for every $1 invested in the wellness of employees there is a $6 return on investment.
As employers, we can no longer turn a blind eye to employee wellbeing; the time has come to put all employees on the path to health and wellness, as they are the cornerstones of our firms’ success. The apathy towards wellness initiatives must be eradicated, and it is time to demonstrate care, value, and appreciation for employees.
Let us at YuviTal Work assist you in developing a workplace wellness program that complements your company’s culture, increases profitability and improves the overall health and wellbeing of your employees.