Companies do not wish to lose their skilled and valuable employees. Having a high employee turnover number can affect workplace productivity, increase unnecessary recruiting costs, and affect workplace culture. In short, high employee turnover rates impact the business. Employers are looking for different ways to attract skilled candidates and retain valuable employees to reduce turnover rates and improve workplace productivity.
Implementing suitable corporate wellness programs is one of those effective employee engagement strategies that also reduce turnover rates and increase productivity.
Why Valuable Employees Leave Their Workplaces?
There are plenty of reasons why valuable and talented employees leave their workplaces. Surprisingly, most of the time it is not related to the money, and it is not something that can be fixed by raising their payscale. Here are a few common reasons why valuable employees leave their organizations –
- No appreciation or recognition at the workplace
- Lack of employee engagement
- Excess workplace stress and burnout
- Lack of support at the workplace
- Disturbed work-life balance
- Looking for an employer with better workplace culture
Fortunately, most of these concerns can be addressed through well-planned corporate wellness programs.
Employee Wellbeing Programs and Turnover Rates
Most corporate wellness programs incorporated with corporate wellness technology that can improve employee engagement, health and wellbeing, workplace culture, and decrease employee turnover rates.
Limeade, a corporate wellness software vendor, surveyed more than 500,000 US employees in 2015, who worked in big-sized companies in the healthcare, technology, and retail industries. The outcomes of the survey reported that employee wellbeing was closely associated with employee engagement, which in turn, reflected employee turnover rates.
Based on these outcomes, it was evident that employees with higher health and wellbeing aspects outperform the low wellbeing employees in many of the categories that are associated with turnover rates. The lower turnover rates have been closely correlated with employee wellbeing programs that implement corporate wellness technology.
Employee Wellness Technology and Turnover Rates
Forrester Research analyst Claire Schooley concluded from his research that many HR vendors including Virgin Pulse and Limeade were focusing on employee health and wellbeing. He said that the key employee engagement aspects that need to be focused on, like –
- Coaching and performance
- Learning and occupational development
- Rewards and recognition
- Employee health and wellbeing
Employee wellbeing programs that provide the wellness initiatives through the wellness program platform equipped with the latest corporate wellness technology are more likely to have better employee engagement outcomes.
Corporate wellness technology and wellness software in the employee wellbeing programs attract workforce attention to improve employee engagement. These fun and engaging activities include wellness challenges, rewards and incentives, device integration, tracking activities, real-time reporting, and more. With the help of these features and modules supported by the corporate wellness software, employees can be engaged in healthy competitions, health and wellness habits, disease management practices, and follow a healthy lifestyle, which improves employee wellbeing and workplace productivity. Also, corporate wellness technology in a robust wellness program platform with an interactive dashboard and real-time analytics system are effective ways to improve employee retention. On the other hand, employee wellness programs that offer only health assessments and screenings did not engage their employees as much as the ones with the right corporate wellness technology did.
Employee wellbeing programs are essential to improve workforce health and workplace wellbeing. However, without the right employee engagement strategies, they will not give the desired outcomes. With a user-friendly wellness program platform bedecked with the latest corporate wellness technology will not only improve employee engagement, but will also reduce employee turnover rates and retain valuable employees for a long time.