In the transformative business landscape, recruiting and retaining the best talent has become a significant challenge. Recent studies suggest employee attitudes towards job stability are changing, with over 60% willing to explore new opportunities. The price of employee churn, in terms of reduced productivity, recruitment costs and training, makes building a workplace for long-term employees critical.  Once you reach this positive stage, the strategy must continue to ensure it’s still performing for everyone in the business. 

While finance is still vital, the culture is very influential, when it comes to recruitment and retention, with wellbeing now regarded as essential for successful recruitment and retention plans. Employee wellbeing and business success involve two sides; a workforce that is valued will be more productive and attract the best talent. Employees are looking for organisations that prioritise wellbeing, viewing it as a core indicator of their commitment to their people.

With the number of sick days rising and research suggesting that over 80% of employees would leave a job if wellbeing isn’t supported, businesses are facing some critical decisions to enhance productivity, strengthen wellbeing and engage with their employees. Those companies that integrate wellbeing into their business strategy will create a competitive edge by attracting and retaining skilled talent.

Building this strategy requires ensuring you have the investment from the entire business, particularly the leaders.

A Committed Leadership

The backbone of a successful wellbeing strategy begins with building leadership commitment. When leaders support employee wellbeing, it provides a strong message within an organisation. As such, leaders should participate in wellbeing plans, promote the importance of a work-life balance and integrate wellbeing into their decisions.

Make sure that senior figures are driving the strategy and living the principles that you want employees to uphold themselves, as this will make your workforce and prospective hires more engaged and comfortable to promote their own wellbeing too.

When developing a health and wellbeing strategy, it's critical to listen to employees and recognise their needs. Creating employee engagement surveys and measuring data can generate valuable insights into areas that require improvement. Specific data sets can be applied to explore health-related patterns within the business and enable a specific strategy to be designed. Recognising the relevant healthcare requirements of your team will allow for appropriate support to be incorporated into your strategy, so employees have the required support. 

Implementing suitable health and wellness support is a critical part of any wellbeing strategy. These programs can include fitness plans, mental health support and preventative care measures. 

Ensuring these plans are suitable for all employees is critical. Businesses must ensure everyone can utilise what is on offer.

Integrating Flexibility

Recognising the broad needs of employees, businesses should ensure they incorporate flexibility if they want to deliver a strong wellbeing strategy that can support recruitment and retention. Whether it be in the form of remote working or flexible hours, providing flexibility builds trust in the ability of employees to manage responsibilities while embracing the importance of work-life balance. A recent study from CIPD found that over 70% of employees consider a flexible working pattern as critical when considering a new role, while 69% believe the ability to work remotely is vital.

When people can work in a way that suits them, they endure less stress, are more engaged and are less likely to leave the business.

Prioritise careers over jobs

Wellbeing goes beyond physical health - it incorporates a sense of purpose and belonging. Providing career progress and professional development contributes towards the overall sense of wellbeing. If an employee feels valued, it strengthens job satisfaction and encourages people to stay within a business. 

Prioritise communication and engagement

Building a culture that embraces open communication and dialogue is critical for employee wellbeing. Creating opportunities for discussions and enabling employees to voice their opinions builds a sense of belonging and ensures that business policies align with the needs of the wider team.

By consistently discussing wellbeing plans, you can strengthen the culture and remove any barriers connected with discussing health in the workplace. In a world where talent is critical to success, businesses must understand the role that employee wellbeing has on recruitment and retention. Building a structured wellbeing strategy needs a holistic approach that incorporates the physical, mental and emotional elements, not just focusing on employee benefits. 

By building a culture of wellbeing, businesses can attract the best talent and create an environment where employees succeed, delivering higher productivity and progress.

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