Posted November 5, 2018
Every business struggles to keep talented people. Employment experts report that at least 50 percent of current employees are looking for new career opportunities. Many employers have high employee turnover, which can significantly impact their bottom line. While employees leave jobs for many reasons, it’s possible to keep turnover to manageable levels by focusing on employee well-being.
Moving from wellness to well-being
For years, employers have offered a range of wellness programs to assist employees in making healthy lifestyle choices. Recently, employers have moved beyond wellness to focus on overall employee well-being. They recognized that employees have needs in many areas, especially financial well-being, which can create stress and worry. Often these distractions impact employee job satisfaction and work productivity.
Surprising impact on turnover
Mercer, a global leader in the health and benefits marketplace, has tracked benefit trends for many years. Recently, Mercer researchers discovered a surprisingly strong impact of well-being programs on employee turnover. In every industry, employers that offered extensive well-being resources and programs had an 11 percent lower turnover compared to those who did only a few things.
Communicate well-being programs
The connection of well-being programs and employee turnover was the topic of discussion in a recent Ameritas podcast of The Benefits Workstation. Featured guest Beth Umland, director of employer research for health and benefits at Mercer, shared insights on benefit trends and well-being programs. She encouraged employers to:
- Offer many well-being benefit resources, and brand them under one program name.
- Educate employees about well-being options frequently throughout the year.
- Communicate the business’ focus on employee well-being in mission statements and goals.
- Personalize well-being programs by employee segments and use communication formats that connect with each group.
Be sure to subscribe to Ameritas podcast program to receive future episodes of The Benefits Workstation.