Vivian Fong · 20 Oct 2022
The wellbeing of employees is becoming increasingly important for organisations, when it comes to recruitment and retention. What if you are an organisation that wants to redesign a wellbeing centric strategy for your people, but have no idea where to start?
In other words, how do you diagnose the health of your organisation?
Do you have a problem competing for good hires or keeping them around?
Nearly 70% of people in Singapore say that they would prefer working for a MNC rather than SME, while 80% of the jobs belong to SMEs. While people catch up to the idea of smaller companies with faster growth, it is crucial for SMEs to step up their games in employee benefits - and guess what, it does not need to add more cost - if designed in a customised way. It is often reported that staff turnover has a negative financial impact due to the cost of recruiting, hiring, and training a replacement employee and the overtime work of current employees that’s required until the organisation can fill the vacant position. With everything considered, it’s been estimated that a lost employee can cost 6 to 9 months of that employee’s salary on average. There’s a clear need for employee retention strategies.
We have put together a list of strategies that are designed to improve employee wellbeing, in order to help retention in the long run.
Whether it is as simple as sending a birthday wish to your colleague, or having that 5 minutes catchup to ask about their personal life. A little act could go a long way. Don’t ever feel shy to thank a colleague for a little act they did of the day on your workplace platform. Create the culture starting today.
Are you the type of organisation that has sky high expectations for your people and only focused with their performance numbers? For the workers, this can be detrimental to their wellbeing and could mean less time devoted to personal care, leisure activities, and family. It has been proven over and over again that performance is correlated with wellbeing almost at all times. Consider turning off the light earlier every Thursday or make “Wellnesdays” happen where the team collectively make an effort to show each other that wellbeing matters.
It is often realised by the HR professionals that by the end of a recruitment process, there is an obvious power shift - the right talent will normally have options. And that is when companies are being judged on not only the market rate, but also the benefit packages. 39% of companies in this day and age offer mental health support for example. It is not something you could ignore, if want to stay competitive.
Culture and what the company offers in value and society impact is important for millennials and Gen Z. At the workplaces, not only should we make our people’s work more meaningful and provide them a growth encouraging environment, but also provide them with the right tools to do some self help whenever needed. Positive psychology is a series of courses to help the majority of human being in their day-to-day life. Consider sending one of your management to take some of the classes, it will not only help them be a better manager, but also will help your organisation have a internal expert in the topic that will benefit internal team bonding as well as outward facing activities, such as sales.
All companies should implement at least one employee centric value into their company mission and value. This will create a domino effect to encourage everyone to take care of themselves and each other, in order to dedicate to the companies as well as its served audiences/clients. Do a gap analysis to really understand whether the company value gels with your employees' personal values in life.
When it comes value, the younger generation are paying more attention to whether the company's mission gels with their own. Hence they will feel their wellbeing peak if everything is in line personally and professionally. Making people understand and truly "grow" with the organisation is the best way to indirectly help improve their lives.
Let CHOYS conduct a wellbeing gap analysis for your organisation for free today!
Have more requests or want to republish this article?
Share this post: