Why Workplace Culture and Wellbeing Is an Important Investment

Employee well-being is a top 2023 workplace trend, and investing in wellness programs can benefit your work culture, resulting in lasting, positive outcomes. 

By tackling burnout, improving productivity, retaining top talent, and building a better brand image, wellness strategies positively impact the organization.

Boost productivity with wellness

With work-life balance being a substantial contributor to employee engagement and productivity, Workplace wellness has become a critical factor in driving productivity. The impact of recent trends on workplace morale, including quiet quitting, financial stress, economic instability, and burnout, makes improving culture the key to motivating employees.

Ceridian's 2022 Pulse of Talent survey showed that 81% of respondents experienced burnout in the year prior to the study, with one-third of respondents feeling less focused and just over a quarter (26%) planning on taking a leave of absence/sick leave.

Organizations are therefore expected to focus more on the physical and mental well-being of their employees. Revamping wellness strategies by offering resources for stress management and work-life balance support can go a long way. To tackle burnout and boost productivity, organizations can leverage several tools. Encouraging employees to take short, frequent breaks during the day to recharge can go a long way, whilst gym membership discount schemes can also have a positive effect.

Organizations can also leverage technology to support employee wellness. Surveys can help track employee sentiments and engagement, providing quality feedback on employee sentiment and position leaders and wellness teams to make data-backed decisions to improve wellness strategies. Technologies can also help organizations create the best blend of benefits & rewards that provide a variety of options to employees.

Employers play a critical role in fostering the right health and wellness environment, positioning their employees to perform optimally as a result. A healthier employee is more engaged in their work and is more likely to feel satisfied with their job whilst absentee rates are reduced.

Combat turnover with better balance

Poor workplace culture is often responsible for high employee turnover rates. As the workforce evolves, individuals are no longer willing to sacrifice their well-being for a job that undervalues them. 

Studies show that 70% of workers are a flight risk, meaning that they are either open to other opportunities or actively seeking them. However, investing in workplace wellness initiatives can create an attractive culture that promotes employee retention. 

In fact, 49% of respondents consider flexibility and work-life balance to be imperative factors in their employment. By promoting well-being, companies are able to cultivate a culture that employees won’t want to give up and that prioritizes company wellness to reduce employee stress.

Numerous benefits come when a wellness-based culture is coveted and nurtured. Employee satisfaction increases and workplace culture remains a key indicator of performance.

Deloitte Research points out that 62% of employees are more likely to stay with their current employer if their well-being is prioritized.

Incorporating remote work or hybrid models into the work environment is another way to enhance flexibility and contribute favorably to work-life balance, especially when employees can empathize with each other.

Providing value to employees through mental-health days and employee assistance programs can help increase retention rates by supporting employee well-being. Companies can also cater their benefits to employees by providing mental health services or coverage relevant to their personal preferences.

Ultimately, prioritizing employee well-being, both mental and physical, underscores the idea that a healthy workforce is a productive one. Employers must recognize this relationship between wellness and retention as it is crucial to creating a positive workplace culture and retaining valued employees.

Boost your employee retention

During the current era of The Great Resignation, it is crucial for companies to implement an employee retention strategy. The organization's approach to employee wellbeing is directly linked to its turnover rate.

Here are some research-based wellbeing initiatives that can help improve retention:

• Develop a strong and supportive work environment. Offering employees a comfortable and encouraging work environment can help them perform at their best. Employers can achieve this by providing clear communication, adequate training and professional development opportunities.
  
  
• Recognise and validate employees' work. Recognising positive contributions and praising good work boosts employees' happiness, which improves productivity. Celebrating the achievement of goals and acknowledging the value of one's work can show employees that they are appreciated and valued. Encouraging autonomy over work can help employees feel empowered and less micromanaged.
  
  
• Offer comprehensive wellbeing benefits. Benefits such as mental health support, access to healthcare and additional paid time off are highly desirable to job seekers and can retain the top talent.
  
  
• Encourage healthy working practices. Be aware of bad working practices such as presenteeism and burnout. Supporting a good work-life balance and helping employees to disconnect from work at the end of the day can help prevent burnout and turnover.

It is essential to consider the experience of all stakeholders, including investors, consumers and potential new hires, in order to support employee wellbeing and improve retention. A focus on employee wellbeing can improve productivity, attract and retain top talent and positively impact business outcomes.

Check out our recognition and rewards platform which provides organizations of all sizes with simple, customizable solutions to engage and inspire employees to perform their best.