There's been a cultural shift happening around employee wellness, one which requires business leaders to factor in the health of their employees as a part of their company's overall success.
The simple truth is that seventy percent of workers are struggling with their health, jobs or finances, and more than 20% spend at least five hours each week stressing about these issues during active work hours. That means employers are losing billions on a workforce that is disengaged, unproductive, and even at risk on the job- because of stress.
Wellness programs, or additional benefits, are the first meaningful step in creating a progressive wellness culture within a company- one that not only makes for happier, healthier employees, but one that attracts, develops, and retains the best workers as long as possible. Still unsure about wellness programs? Let's explore what we know.
Benefits of Wellness Programs
Wellness strategies aren't going to be the same for every company, but the results of including greater worker benefits are unanimous and clear:
Turnover prevention: In an hourly workforce, turnover is inevitable. In fact, on average, The Society for Human Resources Management estimates that most companies undergo an annual turnover rate of 20%, with staffing and hourly workforce industries averaging much higher. Supporting the welfare of your employees doesn't go unnoticed, and is one of the top factors that keep the best employees happy and secure where they're at,
Cuts down on absences: Enabling employees to take care of both themselves and their families is of paramount importance. Insuring workers have the insurance, paid and protected leave, and opportunities to manage their wellness means less absences all around.
- Increase in overall morale, company culture, and productivity: Healthy individuals make for a much more positive and focused community at work. Nourishing that engagement and participation helps increase productivity and efficiency, while also building a reliability between members of your workforce and leadership.
Cuts rehiring costs: Some studies show that replacing an entry-level position can cost up to 40% of an employee's salary. And in an hourly workforce, where turnover rates can soar high above 100%, most companies cannot risk ignoring anything which might increase their retention rate.
Standard Benefit Programs
To better understand the the new wellness programs that are changing the job market, it's important to establish what the current standard typically includes. Here are some of the top benefits employers offer to full time employees:
- Health Insurance
- Dental Insurance
- Retirement Benefits or 401(k)
- Life Insurance
- Paid Time Off (PTO)
Standard benefits are hugely important, and remain a primary factor in whether or not an employee wants to stay with an organization. But they may not be enough to compete with these more recent, popular programs.
Here are of the new ideas giving companies a competitive hiring edge:
- Voluntary Benefits i.e. Vision Insurance, Long-Term Disability, Short-Term Disability
Access to app's, classes, or activities supporting mental health
Identify Theft Protection
Flexible Work Schedules
Professional Development Programs
Financial Wellness Planning
Gym Memberships or discounts
Paternity leave for new fathers
Student Loan Repayment Assistance
Specific to the Hourly WorkforceHourly workforce industries function differently than most corporate environments. And with that distinction, comes some specific benefits that employees find attractive. Some you may consider exploring for your future wellness policies include:
Uniforms paid for by the company
Language programs/pathways to further education
- Childcare Benefits
Increasingly tight labor markets have made the need to retain good workers a significant concern for most major industries. It's invaluable to know what impacts your workforce specifically and how those needs can be addressed with their employment.
Easy with EPAY
Managing HR benefits is complicated enough, without adding in new programs, hires, and employee turnover. That's why EPAY created a seamless, all-in-one Human Capital Management system with award-winning customization features, compliance reporting, stress-free onboarding, and self-service benefits enrollments and access. Ready to witness the power of EPAY's benefits portal first hand? Request a free demo.