A decade ago, people thought employee well-being was fluff. Now it’s hard to ignore the mountain of science proving the benefits of employee well-being. Leaders still tend to look at well-being in terms of ROI through healthcare cost reduction. But it is much more than that. Employee well-being connects very linearly to real business results.
A 2015 survey of nearly 2,000 U.S. employees found that respondents were 38% more engaged and 18% more likely to go the extra mile when they felt their employers cared about their well-being, and they were 28% more likely to recommend their workplace to others.
The benefits of employee wellbeing can be measured, tracking metrics around employee engagement, job performance, and employee turnover. Researchers estimate the cost of replacing a staff member is between 90% and 200% of an employee’s salary.
The Limeade Institute recently explored the connection between turnover and well-being program participation. Data from more than 500,000 employees, who came from U.S.-based employers ranging from 1,000–20,000 employees in healthcare, retail and technology sectors found:
- Turnover rates were four times higher among employees who weren’t registered for a well-being program compared to registered employees
- Turnover rates were two times higher among employees with low levels of participation vs. employees with high levels of participation in the well-being program
Recent research from Aberdeen echoes these findings: Best-in-Class companies find that the availability of employee wellness resources improves employee retention.
C-suites can’t afford to ignore employee well-being. It impacts the physical and fiscal health of your organization.
To learn more about employee wellbeing programs and how you can implement them, visit SelfCare for HealthCare™.
