How to Attract and Retain Top Talent with Your Company's Employee Wellness Program
In a highly competitive market, companies need new strategies to attract and retain top talent. Salary is no longer enough! Employees want to feel that the company cares for them and helps them grow personally and professionally. A new generation of workers is demanding more of their employers – so how do you stand out to attract and retain them in a competitive market?
Let look first at what top talents are looking for in a job: they want flexibility, a good company culture, meaningful work, and attractive benefits.
A unique corporate culture that emphasizes its genuine concern for its employees’ well-being is essential for this. Corporate wellness programs are quickly becoming the ultimate employer differentiator. Companies that focus on enabling their workers to find a work-life balance enjoy a significant return on investment, contributing to their success! Indeed, an employee who feels well in his body and his mind is a happy employee and therefore is more productive at work! So, let’s start from the beginning.
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Why implement an employee wellness program?
Even today, plenty of companies do not invest in programs to encourage a healthy lifestyle for their workers. Most corporate jobs consist of a sedentary lifestyle, unhealthy food habits (the infamous lunch al desko). Mental factors such as stress and the imbalance between work and private life have only recently gained more attention as factors that impede employee performance.
Beyond the short term impact on productivity, the long term effects on costs from chronic diseases for employers and employees can not be negated. Needless to say, healthy employees make for a healthy company!
The expectations of the more health conscious workforce
Research by Forbes has shown that the importance of corporate wellness program shave grown across the board. 87% of employees even consider health and wellness packages when choosing an employer. And as was mentioned above, the younger generations entering the job market put even more value on these programs. For 54% and 58% of Gen Z’s and millennials respectively, it is even a determining factor when making a job decision.
Furthermore, a recent survey determined that 67% of employees who work for organizations with wellness programs like their jobs more and are very likely to recommend their employer to others. And it’s not just the employees: 73% of consumers think wellness should be an essential element of a brand’s strategy. After all, consumers like brands that have more consideration for the health of their employees better.
Despite this, only 40% of employers prioritize their employee wellness strategy, and only 25% emphasize it in their recruitment strategy for new talent. So, time to step up and stand out from the competition!
Together with Virtuagym you can set up an easy-to-use corporate wellness program. With your own branded app, integration with wearables and other software, you can offer your employees a complete health and wellness experience. Attract and retain top talent for your company with a corporate wellness program that benefits everyone.
5 benefits of a good wellness program for your company
Above we talked about why employees think corporate wellness programs are important, and we briefly touched upon the benefits for your company. Let’s dive deeper into that, and see how a solid health and wellness program can help you as an employer.
1. Better health and less tress
Reduce health care costs by improving your team’s health. A recent Harvard research study showed that for every dollar spent on the employee wellness program, the company saves about $3.27 in medical costs.
A study found that about one-third of employees feel that their workplace is a significant source of stress and directly affects their health. They experience fatigue, anxiety and sometimes observe weight gain. So if you provide your staff with tools to help them take care of their health and better manage stress at the same time, they will reward you with loyalty. But ultimately, healthier and happier employees make for a happier and healthier company.
2. Lower absenteeism & presenteeism
A company culture that focuses on employee health and wellness, supported by a robust corporate health program, will result in a workforce that is ultimately more productive. Not only that, but in the long term, employers will be able to save on investing in healthcare costs.
Fewer, less often absent employees
Wellness programs have been shown to reduce employee absenteeism and related costs by $2.73 for every dollar spent on it. On average, it reduces absenteeism by 1.8 days of absence per employee per year. This means healthy and well rested employees take less sick days and are more productive.
While a robust corporate health strategy can help your employees to be healthier and thus take less sick days, it can also save cost and human capital on the side of presenteeism. This means your employees are physically present in the workplace but not working – wether this is because they are struggling with mental of physical ailments. It is currently estimated that the cost around presenteeism is two to three times greater than direct health care expenditures.
3. A better work-life balance
As our jobs have come into our homes since last the pandemic, it has caused a shift in the perception of the work-life balance. More than ever, employees are conscious of their time and how that is affecting their health. A survey shows that work-life balance is the second most important thing, according to the 39 000 developers that were asked. A corporate health program for remote and in-facility employees is at the core of fostering a culture focussed on health and wellness. And it has other benefits for both employees and employers.
45% of employees in small to medium-size companies would stay at their jobs longer if they felt the company care about their well-being and offered programs to support their health and wellness.
We mentioned this earlier, but it bears repeating: healthier employees are happier, and happier employees are more productive, contributing to companies’ financial health. Research shows that on average, the higher productivity per employee results in an 11% increase in revenue.
Learn more about how to inspire you remote workforce through fitness and wellness!
4. Enhanced brand reputation
“Customers can sense when an employer takes care of its people.” Healthy teams are committed to going above and beyond for your company, and that will improve your reputation with customers. It highlights that you genuinely care about the well-being of your employees, and so your customers will therefore be sensitive to the values your brand conveys.
5. Financial benefits
Of course, while you invest in your workforce, you need to look after the bottom line of your enterprise too. We mentioned some financial benefits of corporate wellness programs above, we are even more long term high level financial benefits it brings.
There is a clear link between companies that invest in employee wellness programs and stock performance. Generally, companies that foster a healthy workforce were rewarded with a higher stock market quotation. It is suggested that a better brand reputation, but also more productive teams, add to this.
Finally, it is really worth looking to look into local, state or federal tax incentives and grants, that have been made available for launching these types of programs.
Your employees spend a lot of time at work, making it an ideal place to introduce new healthy habits. Show them you care about their long-term well-being by investing in their health and earn their loyalty. However, for this to work, you need to design a quality health program. We can help you with that!
Virtuagym is an all-in-one and easy-to-use solution for your company. Use it to organize fitness and wellness challenges for your remote and in-facility employees in one centralized digital hub. Provide your staff with a unique 24/7 service that gives them access to virtual training, live workout videos, meditations, challenges, and much more!
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