Employees have lives and needs outside the workplace—needs beyond a paycheck and benefits. The needs were always there – what is trending is the conviction that if their current employer isn’t fulfilling their needs, they’ll leave their jobs to work for an employer that will.
Employers can see increased talent retention and performance by understanding the importance of employees’ holistic wellbeing and learning how to design a positive employee experience.
Think holistically and strengthen the employee experience
Employers need a deeper understanding of what employee needs look like and how they can help their employees outside the workplace. Supporting employees’ holistic wellbeing includes providing support in these key areas:
- Physical health: Level of illness, injury, preventative care, and general lifestyle.
- Financial health: State of personal and family financial security.
- Mental health: Condition of psychological and emotional wellbeing.
- Social health: The ability to form satisfying interpersonal relationships with others.
If you want to support your employees' physical, mental, financial, and social health, you’ll need a compelling employee experience. According to Met Life’s recent study, there are five key areas that will contribute to a good experience:
Purposeful work is a top driver for employee mental, social, and physical health. Employees are interested in their employers having a clear purpose and a positive impact, which significantly influences retention. People also want to feel valued at their organization, so it is not only about contributing to purposeful work but also being valuable.
Flexibility and work-life balance
Flexibility and work-life balance have become a priority. Seven in ten employees rank work-life management benefits and programs like flexible hours and financial allowance for their home office as their top needs. It’s essential to recognize that flexibility means different things to different people. The key factors include:
- Where they work (remote, hybrid, in-person)
- When they work (setting working hours and “protecting” pockets of time)
- What they wear
- How Paid Time Off (PTO) can be used
Employees who are satisfied with the flexibility their employers provide are twice as likely to stay with their current organization for as long as possible or until retirement, and 82 percent of employees feel mentally healthy.
Social and supportive cultures
Strong cultures bring people together and increase social health, resilience, and loyalty. People thrive off their connections with others, but it takes strong leadership and managerial support to bring that culture to life. For instance, 77 percent of employees with supportive managers say they feel mentally healthy versus only 47 percent of workers who do not feel supported.
Career development and training
Employees are serious about growing and advancing their careers and are not afraid to seek employers that will support their careers. Job seekers look for roles that offer development, training, and advancement opportunities and see them as a must-have. The number of job seekers looking for jobs with those coveted benefits has grown by 8 percent since 2020; employers that offer these opportunities are more likely to have successful employees.
Wellness programs and benefits
Regarding mental health, wellness programs and benefits are the best route. This may include fertility benefits, parental leave policies, pet insurance, and employee-assisted programs (i.e., mental health counseling, legal support, and credit counseling). These benefits support the inner workings of employees’ personal lives, produce resilience, and improve overall mental health.
Why it matters
Employers face a tight labor market marked by declining job satisfaction and loyalty. Only 66 percent of employees say they are satisfied at their place of work (a 20-year low). If you’re thinking, “Well, I know my employees are loyal and satisfied,” be cautious. There is a significant gap in employer and employee perceptions. While 86 percent of employers believe their employees are loyal and satisfied:
- 55 percent of employees say their employer has their best interests in mind
- 39 percent of employees would recommend their employer as a place to work
- More employees are quitting their jobs to work for an employer that meets their needs
The same study found that holistically healthy employees are more likely to be satisfied with their current job, feel engaged and productive, and intend to stay with the company for at least 12 months. Understanding the value of supporting your people can make a huge difference.
Pursuing wellbeing is good business
It is safe to say that employees expect more support from their employers in many areas, at work and beyond. The good news? Positive wellbeing is good business.
Organizations that care for their employees’ wellbeing, offer compelling benefits, and provide an attractive employee experience will seize the win-win opportunity. They will attract talent that will enable the organization to perform at its highest level. After all, employees are more engaged, loyal, and productive when their needs are met.
Content provided by Q4iNetwork and partners
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