Have you heard about The Great Resignation? Americans are quitting their jobs at a record pace since the middle of 2021. The Bureau of Labor Statistics estimates that as of December 2021, 4.3 million people quit or changed jobs and 10.9 million job openings remain unfilled.
What is causing people to leave their jobs? We know that COVID has had a huge impact on individuals. Parents are struggling to find childcare as daycares and schools close. People are navigating safety protocols, or lack of safety, at their workplace. While some have left the labor force entirely, others are taking advantage of the opportunity to make career changes.
Resignation rates are highest between the ages of 30 and 45 and are happening mostly in the tech and health care industries. It’s important that employers determine why people are leaving, who has the highest turnover risk, and what can be done to avoid it.
Why are employees quitting?
Many people feel undervalued, underappreciated, and are no longer are they rewarded for loyalty to a company. Wages have not kept up with inflation and employees are getting fewer raises. Employees feel stuck in positions that don’t value their skillset, nor offer them opportunities to grow.
How can a wellness program help employee retention?
A corporate wellness program fosters a positive work culture. For instance, team-based challenges offer an opportunity for employees to build connections even if they’re working remotely. A wellness program shows your employees that you value them by putting their health first.
Every industry is different, and it’s important to evaluate the needs of your employees. Investing in a comprehensive wellness program provides an opportunity to take care of your team on multiple levels. Providing mental health resources, financial education, and offering stress management opportunities are all good ways to add value.
In conclusion, employers know it takes a lot of effort to recruit and train a new employee. Why not keep the employees you have? Take a hard look at your current workforce and ask them what they need. Chances are, a dedicated corporate wellness program would help meet many of their needs.