Employee turnover is one of the biggest threats to the productivity and revenue of a business. In the Australian market, this is a growing threat showcased in a 2018 AHRI Survey that found 57% of millennial age employees leave their employer each year. High turnover rates not only inhibit the progress and productivity of teams but also create the costly expenses of hiring and retraining another employee.
More employers are now diversifying their offerings to make their workplace culture appear more lucrative. As part of this diversification, wellness programs are used increasingly as indicators for the health and condition of an organisations culture. With the narrowing job market, employers must work to better stand out for top level candidates.
ATTRACTING TALENT WITH WELLNESS
In the competitive Australian labour market, employers that show wellness is an organisational priority are more likely to attract top level talent. A recent report found that 87% of employees consider health and wellness packages when choosing an employer and 58% of millennials consider company wellness programs as important or extremely important when making a job decision.
Employers that invest in an evidence based and proactive employee assistance program (EAP) can hold an edge against their competitors in attracting talent. Uprise is one of the only EAPs that offers a digital app with on-demand access to wellbeing checks, training programs and coaching. By offering employees an EAP that is research-based, highly accessible, and discrete, employers can demonstrate that wellbeing is a priority at their organisation.
RETAINING TALENT WITH WELLNESS
With the average employee tenure at four to five years, retaining top talent can be as difficult as finding it. Employees may leave an organisation due to a lack of motivation and engagement or increasing stress or pressure relating to their role.
A 2017 survey found that employers doing the most to promote well-being have average turnover rates that are 11 percentage points below those employers doing the least. Some initiatives that help employees to better thrive in the workplace include offering technology-based wellbeing resources, stress management, resiliency or mindfulness programs and incentives to encourage participation in well-being programs.
Uprise is an EAP that focuses on providing preventative training to help employees self-manage their mental health. By following an early intervention model, Uprise reaches out to employees before they are in crisis to equip them with the skills to later manage stress effectively. Users of the Uprise program show improvements across a range of wellbeing indicators including productivity, mental health and turnover risk.
Uprise is able to measure whether employees are at risk for turnover by asking on how many days in the last week did they strongly consider leaving the company. It is estimated that only very high and high risk employees are at risk of leaving the company. In 2018, the percentage of employees with an imminent risk for turnover, reduced on average from 19 to 9% after completing the Uprise program. These users also showed improvements in the level of support they perceived from both their manager and company.
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Uprise is a preventative employee assistance program (EAP) provider that improves employee engagement, retention and performance by enhancing psychological wellbeing. Learn more about how our program solves employee stress.
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