The Importance of Workplace Wellbeing on Staff Retention

Unfortunately, COVID-19 has negatively impacted mental wellbeing this last year having a huge effect on staff retention. The pandemic had invaded people’s work and personal life. As an employer, workplace wellbeing should be at the forefront of your mind. Not just for employee engagement and retention, but because you care.

A staggering 89% of workers experiencing poor mental health report impacts on their working life. Whether through lower productivity, calling in sick, or even leaving their job, the signs are there, pointing to workplace wellbeing having a massive effect on working life.

Why You Should Help your People’s Workplace Wellbeing for Staff Retention:

Increase in Productivity

When your people feel stressed, they are distracted. If companies disregard mental health and workplace wellbeing, it threatens employee engagement and productivity. Furthermore, disengaged individuals are far more likely to leave their job for one they feel better suits them.

Company Costs

Mental health programmes can generate a return on investment of up to 800%. On top of this, staff turnover and lower productivity cost UK employers £42bn in 2017, and with mental health reaching crisis point, those numbers are sure to rise.  Lowering these costs gives you more to spend on perks at work, increasing staff retention.

Culture

Nurturing workplace wellbeing improves your company’s culture. Over half of those employed say company culture is more important than salary. For this reason, employers should work towards making their company a company of choice (an employer that offers a fantastic work culture that attracts and retains superior employees). So not only will a culture based on workplace wellbeing help staff retention, it will help bring in new talent.

At Each Person, we’re working on our Wellbeing Hub. A platform designed to help equip your people with all the tools they need to tackle whatever life throws at them.

How You Can Help your Staff Retention Through Workplace Wellbeing:

The Four Pillars of Wellbeing

The Four Pillars of Wellbeing can aid in the successful implementation of support and therefore, staff retention. These pillars include physical, mental, financial and social wellbeing. Lacking support in one area can have adverse effects on another. For example, those experiencing financial issues may experience a decline in mental wellbeing through stress and anxiety. Therefore, offering simultaneous support for these areas is vital to promoting your peoples’ wellbeing.

Building Better Communication

Communication between team members enables continued employee wellbeing. 30% of staff don’t feel able to talk with their line manager when feeling stressed. Without a strong foundation for communication, team members will become alienated and consequently less productive and more likely to leave.

Rewards and Recognition

80% of millennials suggest they prefer instant recognition instead of formal reviews. The correct rewards and recognition can result in individuals feeling more appreciated at work. Around 50% of UK employees say a simple thank you for your hard work would suffice. Therefore, having a successful employee reward scheme can have a positive influence on your people and improve staff retention.

In summary, workplace wellbeing is especially vital to staff retention in 2021. With individuals returning to the office and new ways of working, your people may feel overwhelmed, anxious and unsafe. Therefore, people no longer want to work just for a salary. You must keep workplace wellbeing at the centre of your company to help maintain a healthy, energetic and dynamic workforce.

To find out more about how Each person can help with your staff retention through a successful employee reward scheme, contact us today at [email protected]

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