Article: The link between employee wellness and retention

Talent Management

The link between employee wellness and retention

One of the critical issues faced by HRs is employee retention. More than 50% of organizations have difficulty retaining some of their most valued employee groups since most are open to new job opportunities with better pay and additional benefits.
The link between employee wellness and retention

According to a survey by Zoro, 72% of employees feel that having more work benefits would increase job satisfaction, making it imperative for companies to reconsider their existing policies and benefits to ensure maximum retention, especially if they want to avoid losing their top employees to competitors with better employee compensation packages.

But, when it comes to employee benefits, most companies don't tend to think beyond corporate health insurance. Although health insurance is a great way to make your team members feel safe and cared for, it is not the only way. With so many wellness platforms now available, companies can easily partner with different service providers to provide team members with a compensation package that covers all forms of well-being, including physical and mental.

Here are a few benefits that companies can deliver in addition to health insurance coverage:

Telehealth via teleconsultations

Partnering with virtual platforms to help employees avail free or discounted online consulting from top doctors and practitioners during times of emergency can be a great benefit that all team members will appreciate.

Physical Fitness

Apart from providing financial aid through health insurance, companies can also motivate employees to take care of their physical health by providing free access to online or offline fitness platforms.

Mental Wellness

Mental well-being should be considered as important as physical well-being. Therefore, to ensure the overall well-being of employees, companies can partner with mental health platforms, counselors, and therapists to provide free mental health support to team members whenever they feel the need for it.

Maternity Wellness

Providing free and personalized healthcare options to women during their pregnancy can also be a significant part of taking care of your employees during a crucial time in their lives.

Full-Health Check-ups & Discounted Medicines

Companies can also provide yearly full health check-ups along with membership to applications that can provide discounted medicines. This can further help in lowering the financial burden of medical costs on employees.

Sessions on Health Awareness

In the current scenario, it is more important than ever to stay aware of the best health practices, which is why companies can conduct health awareness sessions for their team to help them gain information on how to stay healthy and safe.

Educational Webinars

According to a report by Emplify, 70% of staff members would leave their current job to join a company known for investing in employee development and learning.  Apart from benefits that ensure better physical and mental health, companies can also host educational webinars to help employees upskill themselves in different fields. This can include webinars on:

  1. Financial planning
  2. Team-building
  3. Improved communication
  4. Strategic thinking

Community Engagement Opportunities

Giving the team members a chance to give back to the community can help in many ways, including team-building. Employees often tend to feel disconnected from everyday society due to their packed work schedules. Additionally, the feeling of not doing enough for society, especially for those in dire need, can cause members to feel frustrated. Engaging in community-based activities can help employees feel better about themselves while appreciating the company for providing such an opportunity.

This covers the additional benefits companies can take up to ensure that their employees feel thoroughly cared for. With changing times, it is essential to constantly be aware of employees' wants to avoid losing out on top candidates in the talent pool.

Read full story

Topics: Talent Management, #GuestArticle, #MentalHealth

Did you find this story helpful?

Author

QUICK POLL

What are the top work tech investment focus areas for your company currently?

2 months free subscription
q_auto,f_auto/v1639994115/mag-december-2021.png

Subscribe to all new People Matters HR Magazine

.

Subscribe
And Save 59% plus Two months free

Subscribe now

2022 is around the corner: what is next for the world of work?

READ the December 2021 issue to find out what global leaders and thinkers predict