Ensuring employees remain engaged and productive is a top concern of HR leaders today. As such, retaining, acquiring and nurturing the best talent is essential to driving organizations forward.
As the competitive landscape evolves, so too do the demands of elite performers, forcing organizations to employ new talent management tactics to target quality workers. Skilled talent is at a premium. As a result, the majority of HR professionals expect to face shortages of talent in areas that will impact their success.
To combat the issue, companies must adjust their workforce strategies and turn their attention to culture. More specifically, developing a culture of health that integrates all aspects of employees’ wellbeing. By employing this strategic solution, organizations create an enviable employee experience and an unrivaled environment that attracts top talent.
When it comes to developing your talent pool, dive straight in. Consider these three reasons why investing in a culture of wellbeing is the critical solution to winning the war on talent and driving business success…
It’s Your Best Retention Tool
Your culture is your greatest differentiator and business advantage. Emphasizing culture is imperative to keep employees happy with and dedicated to your organization for the long run. In fact, research conducted by Virgin Pulse shows that when employees are engaged, they’re 47% more likely to stay.
When your culture is built around improving employees’ overall health and wellbeing, even greater results are realized. The majority of employees believe quality benefit solutions not only improve work culture, but make them feel more appreciated and productive. Eighty percent of employees are interested in access to tools, resources or programs via their employer to help manage wellbeing. Meanwhile, a company is four times more likely to experience a loss in talented workers in the next year if employees are not satisfied with wellbeing benefits promotion.
Meeting employee demands shifts the talent management momentum in your organization’s favor. Show them you care about their overall wellbeing and build a level of trust that is the cornerstone of great culture.
It’s Attractive, Inside and Out
Culture is top of mind for candidates, too. Around the world, the most important factor in the majority of employees’ career decision-making is the type of work - meaning they seek jobs with purpose and organizations that are a good fit. Success alone isn’t enough to drive talent to your front door. Strong financial numbers and sales growth won’t keep employees happy and productive. Nor will it create a positive culture that will drive long-term success.
The connection between wellbeing programs and recruitment is strong. When an organization is powered by great culture, word spreads quickly. As one of our client's states, “people who hear about the wellbeing program we have here want to come work with us. The employees we have want to stay as a result.” Building a culture of health influences the quality of your referral candidate pipeline as your employees promote your strong benefit strategies and help you to nurture top talent.
You Can’t Afford Not to Commit
Consider the ramifications of allowing your organization to wallow in unwellness:
- According to the Global Wellness Institute, the combined cost stemming from productivity loss, chronic diseases, work-related injuries and illnesses costs U.S. businesses $2.2 trillion, annually.
- Presenteeism costs companies 10 times more than absenteeism.
- Turnover costs associated with hiring “toxic” workers, those who are not proper cultural fits, are nearly two-to-one compared to the returns of hiring a top-performing worker.
These costly issues arise from employee health and wellbeing falling by the wayside. Left untreated, these challenges will continue to intensify and leave you left in the dust in the race for top talent - especially with Millennials, who are vocal about the importance of wellbeing at work. Ensuring you keep the largest generation in today’s workforce connected and engaged is essential to keeping your business productive and profitable.
Bryan Mahoney is the Director of Content Marketing at Virgin Pulse. He brings more than a decade’s worth of experience as a content producer and blends his interests in all things wellbeing to help organizations become the best places to work. A former marathon champ, he now balances running with family by constantly chasing after his two-year-old daughter, Gia.