Lower Staff Turnover
Staff leaving and having to find replacements can be costly and time-consuming. You start off by advertising the vacancy and then there is the time spent reviewing all of the applications you receive. When you have whittled it down to the few you want to interview, you then have to spend the time speaking with them all. That is not so bad if you find a suitable person the first time around, but what if no one seems to be the right person for your business? You have to start the process all over again.
Once you have found someone, they will need training in the way you work and for the first few weeks at least you cannot expect them to be very productive.
When employees are healthy and happy in their job they tend to stay longer. Recruiting and retaining them is of utmost importance. Productivity suffers with a high rate of turnover.
Promoting health and well being in your workplace can help to make employees loyal. For instance, if the health coverage you provide gives help with coronavirus to your employees, they will be forever grateful. This type of benefit is crucial to retaining and recruiting staff.
Two of the best-known entrepreneurs, Bill Gates and Richard Branson, both advocate health and happiness in the workplace and attribute it to part of the reason their businesses have been so successful. In fact, Richard Branson has been quoted many times as saying ‘Take care of your employees and they’ll take care of your business’.
Providing staff with health care coverage used to be seen as a perk of the job, but these days’ employees expect to be covered by some sort of workplace health insurance and stay more loyal to businesses that provide it.
An Improved Bottom Line
The overhead of a business is really important if there is to be a profit made. Salaries are one of the biggest overheads for any company and if you want to make sure you get value from your staff you will keep them healthy and happy. The benefits of this will be seen in an improved bottom line.
The cost of keeping your workforce in a good state of health will be offset by the increased productivity, the pleasant workplace atmosphere and their loyalty to you as a boss. The return on investment (ROI) for employee wellness is well documented in the research.
There are many things that businesses spend money on that turn out to be a waste, but that will not be the case with health and wellbeing programming. Fewer days will be lost through sickness and this will help to keep your business running smoothly.
At the end of the day, your employees want to be healthy and happy in their job, and you want them to be so too. Implementing a health and wellbeing program ensures that this happens, and both you and your staff will feel the benefits of it.