Wellbeing strategies and their impact on candidate development, retention and exit
‘Wellbeing Strategy’ can be an ambiguous term in many ways as it can mean so many different things to so many businesses. For the purposes of this blog and so you know what I’m talking about here I will define this as everything your business does to help improve the physical and mental health of your employees both in and outside of work. This can include all manner of things from providing fruit in the office, to flexible working, unlimited holidays, mental health days, running clubs, encouraging mindfulness and so much more.
Having a comprehensive Wellbeing strategy in place can help your teams to develop both professionally and personally and though the two are clearly linked in many ways they can also be exclusive. People with healthy minds, healthy bodies that lead generally healthy lifestyles are often more productive which often leads to higher performance. This in turn leads to more of your teams pushing for development within a business, so coupled with a strong development program can see your business flourish due to the calibre of the people within. A strong employee development program which enables high performers to capitalise on their good work is also very positive for their wellbeing and can avoid frustration. An environment which encourages people to improve their all round health often means people feel good, are more productive, climb the ladder, feel good about the path they are on, help others as they have been helped and all round breeds a culture of personal and professional development.
Development can be crucial when talking about a businesses retention rates and strategies. Those that progress in their career and are fairly rewarded within the market without having to look externally are far less likely to ever leave. Add to this an improvement in their wellbeing and ideally a clear attribution of their personal and professional development towards your company’s wellbeing strategy and you are going even further to ensure that your retention is where you want it to be. As an aside, people who are progressing personally due to a company’s focus on wellbeing can mean they will stay in a business longer than they might do otherwise, even if they did just miss out on the latest promotion. People who are happy, healthy and well functioning are likely to enjoy being in an environment that supports and nourishes these factors and promotes, encourages and champions this way of operating as a business.
Of course, there are few businesses which can provide an environment which is perfectly suited to everyone’s goals and circumstances at all times (I can’t think of any at least, if you know of any then please let me know!!) and so people will leave. However, when people leave a business which has improved their wellbeing they are highly likely to be doing so for reasons which are right for both parties. They will hold your business in high regard with fond memories and be a fantastic ambassador for the culture of your business within the market for years to come.