Business leaders are sharpening their focus on the reality of today’s hybrid workforce. As companies grapple with converging pre-existing
With an unprecedented number of options of
At the same, companies can now re-allocate their budget, as large sums aren’t being used to maintain physical office spaces anymore. To ensure
Introduce new and improved benefits to boost employee experience
Putting tangible resources behind employee wellness will maximize employee stability, productivity and focus, which will ultimately improve bottom-lines, boost retention and help to avoid costly insurance claims. What’s more, the past year caused employees’ mental and physical wellness to plummet. Now employers find themselves in a unique position to provide tools that specifically focus on how to improve employees’ lives.
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The employee experience is the driving force in how HR managers shape company programs, as the lines between work-related activity and personal lives become increasingly blurred. Company decision-makers will need to use extra funds to offer perks, benefits, and company-wide resources to provide employees what they need to navigate working from home successfully.
For example — employers can offer weight management programs, holistic benefit options, health and wellness guidance, stipends for remote work technology, or wellness reimbursements. These can lessen outside stressors, improve employee experience, and help employers maintain a competitive edge through increased employee retention and decreased healthcare costs.
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It’s a simple concept: happy and healthy employees work better and more efficiently which directly impacts engagement. Understanding that the employee experience and overall employee wellness are deeply interconnected is critical to an organization’s success.
Reinvigorating training and development
With many organizations still undergoing hiring freezes, there is an increased need for internal creativity to retain and grow talent. There is also an increased appetite to invest in in-house learning and development programs that allow employees to learn new skills. These programs not only meant to ensure employees can expand their expertise to meet demand, but it also improves retention, which is one of the most important factors in cost-saving efforts, since onboarding and sourcing new employees can cost thousands of dollars and take months to break even on the investment. In fact, turnover costs exceeded $630 billion in 2020.
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By focusing diverted funds on career maturity, employee education, skill development initiatives, and company-wide training, companies can boost employee engagement, morale, and overall well-being. This year, managers will need to think outside of the box to enhance wellness, engagement, and skill development through newly found funds from unused reserves.
The challenge of finding new resources and using budgets strategically to help employees may appear daunting at first. But with the help of department leaders, these new — and potentially permanent — budget allocations will become a piece of cake to ingrain into your company well-being programs.
