Company Well-being Programs Retain Top Talent
In today's fast-paced, constantly changing work environment, it is becoming increasingly important for companies to prioritize the well-being and mental immunity of their employees, it is a strategic imperative more than before. Talented professionals are looking for companies that not only provide competitive salaries and benefits but also care about their mental well-being and work-life balance. A recent study by the American Psychological Association found that employees who feel valued by their employer are more likely to report better mental health and job satisfaction.
Investing in employee well-being not only benefits the employee but also the company. According to the Harvard Business Review (Dec 2010), "for every dollar invested in well-being or wellness programs, there are $6 in healthcare savings" which that is worth $7.82 in today's dollars.
As the percentage of remote work increased significantly after the pandemic of 2020, with many companies implementing remote work policies to comply with social distancing guidelines. According to a study conducted by Upwork, the percentage of the workforce that is remote is expected to be around 36.2 million Americans by 2025, an increase of 87% compared to pre-pandemic levels. Workers reported mental distress affecting their productivity since the coronavirus outbreak in 2020. 28% difficulty concentrating, 20% task taking longer, 14.7% decrease in critical thinking and decision making.
To address these challenges, companies need to plan their workplace readiness plan that includes the promotion of mental health and well-being. This includes providing resources and support for employees, such as access to counseling services, flexible work arrangements, and stress-management programs.
For every $1 invested in a well-being program, there are $7.82 in savings in healthcare costs.
Organizational psychology and quality systems management can play a crucial role in helping companies achieve these goals. Organizational psychology is the study of human behavior in the workplace, and it can provide insights into how to create a positive work environment that supports employee well-being. Quality systems management, on the other hand, focuses on improving the quality of products and services, and it can help companies develop policies and procedures that prioritize employee well-being.
HR departments can also play a critical role in this process by working closely with organizational psychology and quality systems management professionals. HR departments can provide valuable insights into the needs and concerns of employees, as well as the organizational culture and structure. By working together, these departments can bring about fundamental improvements to the workplace, including increased resilience, productivity, engagement, and retention.
In conclusion, investing in employees' well-being and mental immunity is critical for companies looking to attract and retain top talent. Studies have shown that employees who feel supported and valued are more productive, engaged, and likely to stay with the company long-term. It is likely that remote work will continue to be a significant part of the workforce. The top three challenges that remote working brings to organizations are communication, productivity, and technology, and companies must address these challenges to ensure the success of remote work as well.
To achieve these goals, it is essential for organizational psychology, quality systems management, and HR departments to work together to create a positive work environment that supports employee well-being.