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No doubt you’re prioritizing certain aspects of your business model, such as products, services, operations, and supplies. But none of these matters if you don't have the staff to manage and facilitate your business.
This concept drives today's companies to improve their cultures. And boosting employees' well-being translates into improved morale, reduced overhead costs, robust productivity, and more.
In this article, we'll share insights into the well-being and experience of employees, and strategies for improving your well-being programs. Here's the how and why behind your decision to implement a successful employee well-being initiative.
Employee well-being is more than just employee health or wellness. Wellness is connected more directly to physical health, whereas well-being encompasses the mental, physical, economic, and emotional health of a person. It also takes into account the individual's unique experiences and perceptions.
For employers, employee well-being is the big-picture objective for overall success. It's about thriving, not just surviving, in the workplace and beyond.
Well-being at work matters because if your team isn’t in full health, they can’t perform at their best. Healthier employees take fewer days off. They also perform at their peak capabilities. And when everyone among your ranks enjoys high rates of well-being and satisfaction, they'll be more loyal to your organization through achieving their career goals.
Employee well-being matters because if you can contribute to an employee's over-arching health, you're creating a win–win scenario. The employees rely on you to improve their lives. You rely on the employees to be the best versions of themselves on the job.
Based on recent studies, only 16% of US employees are enjoying a high state of well-being, compared with 58% working for the current 100 Best Companies to Work For brands.
Well-being at work matters now more than ever. The latest data shows why leaders and business owners should be prioritizing well-being efforts:
Employee burnout is real. The costs associated with voluntary "burnout" turnover range between 15% and 20% of annual payroll budgets.
For every 10,000 workers, there is an estimated $20 million in lost opportunity due to poor well-being affecting work performance and productivity.
Companies with recognition-led wellness and well-being programs say their employees are twice as likely to evaluate their futures and lives in a positive light.
Employee well-being programs lead to reduced burnout reporting, with 90% of employees less likely to respond as "always" or "very often" feeling overwhelmed or burned out at work.
Employees who express feeling on-the-job burnout are 63% more likely to not show up for their shifts at all.
Employees citing burnout are also twice as likely to be looking elsewhere for work.
Roughly 61% of employees