Staff retention is a hot topic for today’s businesses – and the figures prove the point. On average, employee turnover rates in the UK have increased by 7.7% since 2019, and are estimated to increase even more in 2023, with a total predicted turnover rate of 35.6%.
For employers, this is a worry. The job market distortion caused by the Covid pandemic fuelled an exodus of employees from many businesses and sectors from which some companies have still not fully recovered. At the same time, the national skills shortage is also making it increasingly difficult to recruit.
Against this backdrop, anything that causes you to lose the workers you do have is a big red flag. And one of the most persistent culprits is poor employee wellbeing.
Below, we take a look at what wellbeing means, and how membership of Bedfordshire Chamber of Commerce can help your business get better at providing it.
What wellbeing is – and why businesses need it
Wellbeing is a very broad topic, and can cover everything from management culture and communication to social events and inclusivity.
But where wellbeing is most decisive in retaining people is where it addresses the greatest concerns shared by the greatest number – typically, the health and wellness not just of the employees themselves, but of their children and family.
Indeed, as one recent report put it, “affordable, value-based benefits that support health and wellbeing… appeal to employees and demonstrate genuine care and loyalty.”
But the world has come a long way since basic healthcare cover was considered an attractive benefit, so what should today’s take on wellbeing-driven retention look like?
Care at the next level
It’s important to understand that employees’ expectations of wellbeing transparency, accessibility, and comprehensiveness have changed.
Peace of mind for them and their loved ones now no longer means vague blanket cover, but clear specifics; like dental accident cover, for example.
It no longer means just treatment, but therapy, specialist consultations and diagnostics, and scans. It no longer means waiting for a callback, but 24-hour advice and information, with the option of counselling if required.
And it means being able to access GP services 24/7, and being able to quickly and easily obtain an expert second opinion on a diagnosis received from a local specialist.
Ultimately, the retention power of your wellness and wellbeing offering is determined by how convincingly it outperforms both mainstream State healthcare provision and the offerings of your competitors.
If it’s not beating both these, it probably won’t be retaining anybody for very long.
Help to keep your people happy and healthy
One of the benefits of Beds Chamber membership – one amongst many – is that we partner with one of the region’s foremost providers of wellness, and wellbeing services, Westfield Health, to deliver the Chamber Primary Health Cash Plan.
This is a comprehensive, integrated plan that supports retention not only through its health coverage, but through its low cost (a special deal for the Chamber and its members), and its flexibility for employees to extend the benefits of the plan to their children and adult loved ones.
In addition, this really is a plan that is totally inclusive; there is no medical required to join, and pre-existing medical conditions are covered. Cover starts immediately, so that’s a stressful weight off employees’ minds too.
And with discount and money back deals on shopping all part of the package, the plan recognises that, now and again, retail therapy is as good as any other for keeping your people happy where they are!
For more information on how the Chamber can provide you with access to employee health and wellbeing benefits and resources, and to find out how to become a member, please visit www.chamber-business.com or call our friendly team on 01582 522448.