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Wellness can be a competitive advantage in attracting and retaining top talent. With economic fluctuations and its effects on the labor force, companies are looking for ways to differentiate themselves from competitors.
The Bureau of Labor Statistics noted that unemployment ticked slightly upward to 4.1% in June 2024. Economists consider an unemployment rate of 4% or less to be “full employment.” America has had an unemployment rate of less than 4% since December 2021.
An economy running at full employment combined with a labor shortage makes finding and retaining top talent increasingly important. Without enough people, serving your customer base becomes nearly impossible. If you can’t serve existing customers, how can you expect to grow? Having enough people is one thing. Having top talent is another.
How can wellness programs help attract and retain top talent?
This is a new way to look at the confluence of people, purpose, and companies, and how they impact each other.
Wellness programs actively convey the concept that people matter. In an article titled, “What It Means to ‘Matter’,” Psychology Today explains when a person feels valued, they become happier and healthier.
Employees that feel valued are more likely to perform at higher levels. Employees who feel valued are less likely to seek a new opportunity outside the company.
When new hire candidates are evaluating a job opportunity, they look at the full suite of benefits. Along with medical insurance, PTO, and compensation, they look for differentiators like wellness programs.
In their Back to 2024 Global Human Capital Trends Report, Deloitte points out that “when people thrive, business thrives.” This report ties greater health and wellbeing with increased belonging and a heightened connection to purpose.
Business leaders are also starting to see that meaningful work matters to people. When employees have meaningful work, they feel valued, and they add that value to their work output. When that happens, a business thrives. In that positive cycle, people enjoy success and want more of it. They look for opportunities to grow within the organization. When they find those opportunities, they have no need to search elsewhere.
A strategic wellness program is an essential element in creating the kind of culture and work environment that attracts top talent and makes them want to stay.