At a time of economic uncertainty, employers that show they care about the mental, physical, and financial wellbeing of their teams stand to pay off when it comes to attracting and holding on to the best talent.

Below, we explore wellbeing initiatives employers can put in place to help recruit and retain talent.

How does wellbeing impact recruitment and retention?

When organizations invest in wellbeing we see employee productivity, advocacy, and performance all improve. Employees who rate their work-life balance highly are 10% more likely to stay at their organization and 37% less likely to take time off sick.

However, if employees feel overworked, unsupported, or lonely they lose motivation, mentally ‘check out’, and will ultimately look for a role elsewhere. Indeed, nearly half of HR leaders cite employee burnout as a key reason for employee turnover, and 89% of Gen Z employees would quit if their employer did not focus on wellbeing.

 

Wellbeing factors into the race for talent too; a staggering 87% of jobseekers consider the wellness packages on offer.

7 wellbeing initiatives to improve recruitment and retention

1. Attract talent with tailored benefits

Make sure benefits like flexible hours, mental health days, private healthcare, and online therapists are signposted in the job description. Gen Z employees are particularly keen to work for companies that reflect their lifestyle and values, so focus on benefits that showcase your employer brand. For example, the Gym Group offer discounts on healthy meal kits and gym wear, online physiotherapists, and free access to gyms across the country.

2. Start as you mean to go on

Incorporate wellbeing into the onboarding phase to support employees from day one and set the tone for your culture. Microsoft pair new joiners with a buddy to help ease the stress of a new job by answering burning questions, while Accenture include a wellbeing centre in their Virtual Reality induction.

3. Ask employees what they want

If your aim is to improve engagement and retention, then your staff wellbeing program must be based on data. Before launching new initiatives, run a wellbeing survey to measure how your employees are feeling and highlight pain points. Your survey results will act as a benchmark to measure how wellbeing is improving; you can also link up your wellbeing and employee turnover data to understand the relationship between the two.

4. Rethink the office environment

The physical environment can have a huge impact on stress levels, physical health, and interactions with others, which all factor into how engaged and loyal employees feel. Despite employees working from home more, the office still has a role to play in wellbeing. An office that supports good wellbeing might include:

• Bright, open spaces with plenty of natural light and greenery to encourage productivity and relieve stress
• Workspaces designed with specific tasks in mind such as private booths for deep work, cozy spots for conversations, and more formal meeting rooms.
• Wellbeing perks that promote a positive lifestyle such as healthy snacks and meals, lunchtime running clubs, or subsidized gym passes.

5. Wellbeing ideas for a hybrid team

Over half of employees would quit if the option to work from home was withdrawn. Important for employee retention, hybrid working also brings wellbeing benefits such as better work-life balance, lower stress levels, and improved mental wellbeing. Further support the wellbeing of hybrid teams by agreeing days to be in the office together, and hosting team socials to help build connections. Also encourage employees to set boundaries between work and home for instance by removing email and messaging apps from their phones or taking a short walk before and after work.

6. Focus on financial wellbeing

The cost of living crisis is putting pressure on us all, and employees are looking to their employers for help. As we saw during the Covid-19 pandemic, employers who act with empathy and honesty during times of crisis see this pay off in engagement and turnover rates. Financial wellbeing initiatives can range from one-off payments and salary increases, to interest-free loans for train tickets, childcare vouchers, and financial literacy workshops.

7. Support women’s wellbeing at work

Supporting women’s wellbeing issues and tackling stigma around issues like the menopause will be a key driver of employee engagement and wellbeing in 2023. Ideas to make workplaces more inclusive of women’s wellbeing include adapting policies so women can flex schedules around doctors’ appointments, or adjust their start time following a broken night’s sleep (a common symptom of the menopause). Employers leading the way include Co-Op who have provided training to over 4000 managers about how to support colleagues through the menopause. They also hold monthly coffee mornings where colleagues can hear from menopause experts.

Employee wellbeing has a huge influence on how engaged employees feel, and how likely they are to stay with an organization. Use the ideas above to create initiatives that help employees avoid illness and stress and improve business performance.