For a long time, concepts like employee engagement and wellness were sidelined for the human resources department and not integrated into the central business strategy, but not so today. Our world has changed, and so our lifestyle choices. Millennials, today, are looking for workplaces with purpose and meaning. Research suggests that mere access to wellness programs and the concepts of employee engagement at a workplace influence employee engagement, job satisfaction, and productivity.
There has been so much air surrounding the concepts of engagement and wellness at the workplaces today, but are they connected? Does a business benefit in real terms when it invests in the wellbeing of its employees? Or are they just ‘feel-good’ words striving to accentuate the goodwill?
Employee engagement and wellness are about shielding and nurturing human resources, a company’s most valuable asset. A satisfied workforce and a robust work culture, in tandem, form the secret sauce for a successful business. According to researches, every dollar invested in the wellness of employees reaps an ROI thrice the amount invested.
In this article, we list statistics for you to grapple the importance of these concepts and how you need to integrate them into your core business strategy to remain afloat and thrive.
Workplaces with engaged teams demonstrated 21% higher profitability
Healthy employees are higher and demonstrate higher rates of engagement and productivity at the workplace. Teams that exhibited higher levels of engagement also showcased a 41% reduction in absenteeism and a whopping 59% in employee turnover.
61% of the employees claim that they have made better lifestyle choices owing to the healthcare programs at their company
Millennials, more than any other group today, are getting more and more inclined towards workplaces that offer comprehensive healthcare programs. Employees are more likely to make healthier lifestyle choices resulting in increased productivity and employee engagement.
89% of employees at companies supporting and sponsoring wellness initiatives said that they were more likely to recommend their employer
According to a report by the American Psychological Association, one factor that plays a critical role in the success or failure of a wellness program is the participation of the senior leadership at the workplace. In workplaces where management does not seem interested in well-being, only 17% were likely to recommend it as a good place to work. Initiatives like these reveal the broader work culture at an organization.
Employees who feel that their opinions are heard and acknowledged at a workplace are 4.6 times more likely to perform to the best of their abilities
Great potential is lost when voices are stifled for whatever reason; Companies that promote the culture of open communication, diversity, and inclusiveness at their workplace gets to be more benefited in terms of a broader range of perspectives in their decision making policy. Getting more diversified learned people on the table and listening to their outputs is a win-win situation for everyone, enormously benefiting the business as lack of employee appreciation is one of the major reasons for employees quitting from their jobs.
Disengaged employees are going to cost you an immense amount of money
According to a study of the times India, one-third of workers in the world’s 17 most influential economies are disengaged. The study also found that most of the highly engaged employees were from developing economies and vice versa.
Disengaged employees translate into lost money, slow projects, and drained resources. Also, disengagement at a workplace means 37% higher absenteeism, 18% lower productivity, and 15% lower profitability, which when translated into money results in 34% of the disengaged employee’s annual salary.
Related Article: Workplace Wellness Statistics every Employer must Know.
An engaged workforce will always mean an extra edge to your business keeping you afloat and thriving. An inclination towards employee engagement and wellness has signified a paradigm shift towards a culture of social responsibility, purpose, and meaning in the business world. And the trend will only strengthen now with the more conscious millennials.