Invest in Employee Wellbeing | Grow Your Business

Today companies no longer compete only for customers. They also compete for the best people available (and sometimes unavailable) in the labor market. Terms like “company culture,” “employee wellbeing,” and “work-life balance” fill most online job boards because employers hope these perks will attract top talent.

Not all perks are equal, though. In fact, most business owners tend to focus on surface-level benefits that look flashy and exciting but offer little long-term value for building a culture that supports growth, retention, and employee wellbeing.

Your team’s wellbeing is key to your success

You simply cannot build a strong company culture without balanced, stable, and healthy employees. If the people on your team are not operating at the full range of their skills and talents, your entire team never will either.

Multiple studies show that happy, healthy, and engaged employees are more productive and help lower company costs. Employees with more positive workplace experiences were “far more likely to report significantly higher levels of discretionary effort,” according to the Employee Experience Index, the workplace quality measurement tool developed by IBM and Globoforce.

On top of that, 83% of employees feel their wellbeing affects productivity, and 33% said low wellbeing was a factor in leaving a job. The same research found that 24% of employers name employee turnover as the number one challenge for their people strategy.

That means investing in employee wellbeing equals investing indirectly in your company’s productivity, which can deliver major returns down the road. It also means that neglecting support for employee wellbeing can cost you people, especially strong performers who expect more from their workplace and know they can likely find it elsewhere. That then turns into lost time, money, and resources spent replacing those employees and training the new ones.

How to improve employee wellbeing

Many business owners mistakenly believe that investing in company culture and employee wellbeing means stocking a snack kitchen, adding video games, and putting in a foosball table. Those things are nice to have, but they barely matter if you do not also put more substantial cultural support in place.

What truly builds a highly engaged, productive team is investing in their growth and development, both inside and outside the workplace.

The number one key to a full life is growth. It is part of the 6 human needs. When you create opportunities to grow, you show your employees that you care about them beyond their job duties.

Consider the changes and get support to implement them

To build an environment centered on growth, progress, and development, consider offering ongoing training not only for your employees’ job roles but also for their lives outside work.

At my group of companies, CPF Group, we have brought in a financial consultant for lunch-and-learn sessions more than once, and we have offered free yoga classes where employees can learn strategies to relax and refocus. We have paid for online courses or sent people to workshops and conferences that expand their networks and help them establish themselves as industry experts.

Start implementing a wellbeing program in your company today with support from the Damien Soitout team. Book a call with us to review opportunity areas so you can grow your business through a completely new program.

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