Reduce your turnover rate by boosting employee wellbeing January 21st, 2013, by Ken Buckley

Did you know employees who have thriving wellbeing have a 35% lower turnover rate than those who are struggling?

So say Tom Rath and Dr Jim Harter, authors of Wellbeing: The Five Essential Elements.

According to Rath and Harter, overall wellbeing is more than just good health. They say wellbeing encompasses five distinct, interrelated elements: career, social, financial, physical, and community.

Rath and Harter  say they’re beginning to see a  shift in how organisations view corporate health programs. The most successful ones are focusing less on “health risks” on focusing more on helping employees improve their overall wellbeing. Seeing employees less as liabilities, and more as assets. 

Says Rath: “I’ve spoken with a few employers who have moved away from what has to be some of the least attractive language you could use about health risk to start talking about wellbeing. As soon as they do, their participation rate goes up dramatically simply because they’re reframing the conversation and how they want employees to be involved in a workplace.

“For wellbeing to take hold, it’s got to be something that individual team members are getting excited about in their own lives. It can’t be something that a company is forcing top-down through hierarchical structures.”

What Rath and Harter have to say is interesting because it goes beyond the usual US-focused health insurance discussion. They look at how an organisation can add value to an employee’s overall life and wellbeing, and the long-term benefits of that commitment — to the business.

“Organizations that focus on the wellbeing of their employees have a significant advantage in attracting and retaining top talent. They can easily demonstrate how working for them leads to better relationships, more financial security, improved physical health, and more involvement in the community.”

Read more here, or find out more about the book here.

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