Ping pong tables, telecommuting, gyms and yoga classes were foreign concepts in the workplace 50 years ago. So why, in today’s age, should you care so much about providing employees with a space that caters to employees’ health and wellness and offers a host of entertainment features to foster a better work-life balance? Today, a dedication to providing work-life balance is an absolute necessity for companies that want to grow and be a major player in their industry. Increased productivity, improved engagement and higher levels of satisfaction are just a few benefits derived from a healthy work-life balance. If you’re still not sold on blurring the lines between work and life, read below:
Kathy Gyselinck is Executive Vice President for Southeast Mortgage
To attract and retain talent from the nation’s largest living generation, employers need to promote a strong corporate culture, which quite often is attributed to fostering a good work-life balance. According to Inc., the number one question millennials ask about when job hunting is a company’s culture, followed by perks and benefits. Forbes reports that employers who are most successful procuring and keeping millennial talent are those that promote a good work-life balance. Plus, offering work-life policies in your organization is one of the best ways to boost revenue. Why? If you don’t have a culture that fosters a good work-life balance, you may be looking at pricey turnover. The Center for American Progress found the average cost of employee turnover is 21 percent of an employee’s annual survey.
Hopefully, most people know by now that sitting in front of a computer for the entire work day is not the way to optimize productivity. Productivity is a byproduct of a refreshed and energized brain. Most people simply don’t perform their best when they are stressed or fatigued. Offering work-life policies offers employees the support they need to be productive and thrive. Benefits include reduced stress, more energy, less time off from illness and improved morale. One study shows that employees who feel like they have a good work-life balance work an astonishing 21 percent harder while another study found that an effective work-life balance increased productivity by 10 percent.
Healthier, Happier Employees
Did you know that one-third of workers report high levels of stress? While it goes without saying that stress can reduce productivity and increase employee turnover, stress is also an extremely costly concern for business owners. For example, it’s been found healthcare expenditures are nearly 50 percent higher for workers who report high levels of stress. Furthermore, “insurance claims for stress related industrial accidents cost nearly twice as much as non-stress related industrial accidents.” By adding fitness and entertainment features to your office, you can reduce employees’ stress levels and reduce healthcare costs.
“In short, by having balance between employee’s professional and personal lives makes for a happier, healthier, and less stressed workforce since they’ll be less likely to get depressed, get sick, and develop serious medical conditions like a stroke or heart attack,” according to Inc. Promoting a healthy work-life balance for your employees can greatly impact your business. Companies that establish a reputation for promoting a work-life balance are very attractive to prospective employees. These companies tend to have employees who have greater loyalty and higher employee retention rates, which in the long run correlates to less time and money training employees.