Retaining talent is a tricky thing to do in today's competitive job market. Yet 70% of employees say well-being programs are one of the main reasons they stay at their jobs, according to a new report by human resources company Alight. Offering your workers the support they need is a great way to not only convince them to stay on board but ensure that you get the most out of them. To this end, it pays to focus on these three aspects of employee well-being.
1. Financial well-being
An estimated 20% of employees today are struggling to cover their monthly living expenses, and 25% say that their debt is negatively impacting their lives. Money problems are a major source of mental distraction on the job, but as an employer, you can help in a number of ways. First, aim to offer a solid retirement savings plan -- ideally, one you also contribute to on your employees' behalf. Next, run on-site seminars at which employees can learn money management tricks or even get paired with advisors who can provide ongoing guidance.
Another benefit to consider? Student loan repayment assistance. Educational debt is a huge burden for working Americans of all ages, and helping to ease that load could make a world of difference in your employees' lives.
2. Emotional well-being
A large number of Americans are overworked and overstressed, which can take a toll on their health and productivity. As an employer, it pays to invest in helping your employees better manage their stress. One route you might take is offering on-site seminars on stress relief, acupuncture, massage, and other such helpful in-office programs. At the same time, make it easy for your workers to take mental health days as needed. You could even go so far as to give employees one free mental health day per month that doesn't count against their paid vacation time and then mandate that all workers use it.
3. Physical well-being
The healthier your workers are, the less time they'll need to take off for illnesses and such. That's why it pays to focus on helping your employees stay physically well. You can accomplish this by making fitness activities more affordable for them, whether by subsidizing gym memberships or reimbursing for exercise equipment to be used at home. You can also install fitness equipment in your office and encourage workers to attend conference calls while walking on treadmills or biking on stationary machines. Providing healthy snacks and meals to employees is another way to contribute to their physical well-being.
But perhaps the most important thing you can do in this regard is provide a solid health insurance plan. This way, your employees won't be tempted to neglect medical issues because they don't want to deal with high deductibles and copays.
If you make an effort to show your employees that you care about their financial, mental, and physical well-being, they're more likely to remain loyal and perform their best. It pays to invest in employee wellness, so if your business has historically failed to focus on it, consider this your wake-up call.
The Motley Fool has a disclosure policy.