CEO of Green Circle Life focused on building the number one employee engagement platform – SmartFHR – and a culture of health and wellbeing.
Economists say it could take years for U.S. jobs numbers to recover from the current historic shortage of workers. Some people who were either let go or furloughed during the recent pandemic have not been rushing to become reemployed. According to several reports, employment numbers have begun to rebound slightly as the economy and schools have once again opened up. Of the 10.9 million jobs that were available as of the end of July, according to the U.S. Department of Labor and Statistics, there were 116,000 more in finance and insurance, while the lion’s share of the additional positions were in healthcare and social assistance at 294,000.
Along with the people who are unemployed and taking their time to find the right fit, there are employees doing self-reflection as to whether they are truly content and fulfilled in their current jobs. More companies are now amenable to having remote employees and offering benefits that fit the growing desire to live more holistically. Gone are the days when landing your dream job requires you to endure a long commute or physically be in the office. Employers have learned that it is possible for employees to be productive and satisfied working from the comfort of home — or anywhere, for that matter. One wonders, has “relocating to get a new job” become a thing of the past?
Employers have the opportunity to develop compensation packages that show they are concerned about more than productivity and a job well done, but rather with the whole person — including their overall mental and physical well-being.
In today’s environment, companies need to determine how they can attract talent and keep them so they do not jump ship a few months later for a position that may sound more appealing — either in compensation, location, benefits, flexibility, culture, etc. Building a strong company culture and brand identity for employees and using an enterprise-wide platform to communicate and cater to the areas that are of interest to employees will go a long way toward keeping people in place long after the initial onboarding and probationary period is over. Involving family members in the company brand and benefits is also important, as they are important to your employees and have material influence on employee engagement.
People are more attuned to their holistic well-being and how to manage the stress that comes from any job. They have become more aware of what makes them happy, whether that’s taking a walk in the middle of the day to collect their thoughts, spending rewarding time with family or cooking a well-balanced and tasty meal. Based on the data that we have collected, people who engaged in well-being programming had less than half the turnover rate compared to those who did not engage in such programming.
These and many other non-work-related activities have become a priority in people’s lives. If an employer can provide relevant information focused around employees’ daily lives (such as physical and mental health), that company could stand a greater chance of keeping employees over the long term. Employees will feel that the company is invested in their well-being.
Additionally, there is an entirely new generation in the workforce that is being very selective and looking for companies that meet more of their current needs. Companies such as Starbucks, Google, Amazon and others that are offering to foot some or all of the bill for employees’ higher education are very attractive to this generation. And these companies are reaping the benefits from offering more than just a paycheck. The loyalty, high morale and productivity that result help create employee and company stability.
Human resources managers have a great opportunity to think outside the box when highlighting the benefits of working for their company. In addition to monetary compensation, childcare, vacation days and healthcare benefits, companies have a chance to outshine the competition if they provide more unique offerings to meet an employee’s wants and desires. For example, there seems to be an app for everything these days from shopping to music to banking; you name it. Having your own company-branded app with benefits and service information — including information on physical health, exercise options, mental health, weight management and meal planning and prep — that is easily accessible could be enticing to an employee who wants a healthy lifestyle. A company that builds partnership with employees and their families in their journey for better health will attract and retain hard-to-find talent.
As companies determine how to best represent themselves to attract qualified employees, thinking outside the box will serve them well. HR managers have a daunting task at hand, and they should use every tool possible to ensure they can differentiate themselves and hire and retain top talent.