Is Investing in your employee's health worth it?
Lynne Oldham, Chief People Officer at Stash, succinctly captures this ethos when she emphasizes, “By investing in the health and happiness of employees, we not only create more productive and engaged workplaces but also generate tangible returns for companies in the form of higher employee retention and reduced healthcare costs.”
Why Invest in Employee Health?
The question lingers: Is investing in your employees’ health truly worth it? The resounding answer, backed by both empirical evidence and corporate success stories, is a definitive yes.
Productivity and Engagement: The Stash Approach
Companies like Stash have embraced this philosophy wholeheartedly, recognizing that a healthy workforce is not just a moral imperative but also a strategic advantage. By implementing comprehensive wellness programs, offering gym memberships, mental health resources, and promoting work-life balance, Stash has seen a remarkable uptick in productivity and employee engagement.
A study conducted by the World Health Organization (WHO) corroborates this notion, revealing that for every $1 invested in employee wellness, companies see a return of $4. Moreover, engaged employees are 21% more productive than their disengaged counterparts, according to Gallup.
Retention: The Move Example
Another key aspect of investing in employee health is its impact on retention rates. Move, a leading tech company, has experienced firsthand the benefits of prioritizing employee well-being. By fostering a culture of care and support, Move has significantly reduced turnover rates, thereby saving on recruitment and training costs.
Reduced Healthcare Costs: A Win-Win Situation
Beyond the realms of productivity and retention, investing in employee health also translates to substantial savings in healthcare costs. By proactively addressing health issues through preventive care programs, companies can mitigate the financial burden associated with medical treatments and absenteeism.
Holistic Approach to Success
The benefits of investing in employee health are undeniable. Companies like Stash and Move have demonstrated that by prioritizing the well-being of their workforce, they not only foster a positive work environment but also yield tangible returns in terms of productivity, retention, and cost savings.
As businesses navigate the complexities of the modern marketplace, it becomes increasingly evident that success lies not just in profits but in the holistic cultivation of human capital. Therefore, for companies seeking sustainable growth and prosperity, investing wisely in employee health is not just an option but an imperative. After all, as the adage goes, a healthy workforce is a happy and productive workforce.