As a business owner, your employees are the backbone of your success. Most entrepreneurs and business owners know that they need to hire the right people, train them well, and create a positive company culture. But how often do you consider the importance of your employees’ overall wellbeing?
Here are three of the top reasons why employee wellbeing needs to be on every business owner’s priority list.
To avoid employee burnout
Burnout is a huge problem in the business world. It has officially been deemed an “occupational phenomenon” by the World Health Organization and is thought to cost the country between $125 billion to $190 billion each year in healthcare expenses. Employees who burn out are more likely to miss work, are less productive, and often become cynical toward their jobs and coworkers. If you want to build a successful company, you must do all you can to avoid employee burnout, which starts with a focus on employee wellbeing.
To increase employee engagement
Companies that value their employees’ wellbeing have higher rates of employee engagement. Maintaining high levels of employee engagement is important for numerous reasons. Employees who are engaged in their work are happier, healthier, more reliable, more loyal, and more productive. Companies with engaged employees also have an average 21 percent increase in profitability. It all comes down to this: When your employees know that you genuinely care about them, they are willing to work harder for you. It’s a win-win.
To attract the best talent and reduce turnover
When business owners make employee wellbeing a priority, their companies gain favorable reputations within their communities. This positive reputation will attract the best talent to your organization and allow you to choose from a larger pool of qualified candidates. You will also reduce employee turnover, which will, in turn, improve your bottom line.
Because it’s the right thing to do
Lastly, viewing your employees’ wellbeing as a high priority is important simply because it’s the right thing to do. Don’t lose sight of the fact that your employees are human beings first. They have lives outside of work and they deserve to be treated with respect, as all people do. Choose to care more about people more than you care about profits, and in the end, you will all be more successful.