New data from employee health, wellbeing, and safety platform Sonder reveals that while 54 per cent of Australian workers believe that wellbeing programs are a very important feature when considering their next employer, only 53 per cent are satisfied with the wellbeing support provided by their current employers.
The survey of 2007 Australian and New Zealand employees also found that about one-third of employees had no idea what wellbeing support was available to them and of those that are aware of the offering, only one-fifth believe they understand it.
Survey respondents admitted that in the last 12 months, they have often or always felt feelings of exhaustion or burnout (49 per cent), often or always felt feelings of isolation or loneliness (26 per cent), and had trouble sleeping (over one-third).
“The wellbeing of your team is vital if you’re going to attract and retain top talent,” Sonder Chief People Officer, Raechel Gavin, said. “The cost to hire an employee in Australia has increased to an average of $23,000 per candidate and the cost of replacing an employee is approximately 1.5 times their annual salary. So, this isn’t just an issue for the HR function, it’s a problem for the CFO and executive team, too.”
Heather Walker, Culture Amp Senior Data Journalist, commented that not only can a strong wellbeing offering help attract great talent, but the data also suggests that by looking after their employees’ wellbeing, businesses can foster a happier, more engaged workforce.
“When employees are less stressed, and feel more positively toward their work, they’re more likely to stay at the company, recommend others should work there and be more motivated in their own work,” Walker said. “Our data shows that at companies who score in the top 25 per cent for ‘I rarely feel overstressed by my work’ employees’ commitment to stay is 12 per cent higher, motivation is 12 per cent higher, and willingness to recommend the company is eight per cent higher.
“Furthermore, at companies who score in the top 25 per cent for ‘I generally feel positive towards work’ employees’ commitment to stay is 23 per cent higher, motivation is 19 per cent higher, and willingness to recommend the company is 24 per cent higher,” she added. “The data suggests that good leadership plays a key role in employees feeling less stressed.”
Walker noted, however, that employees don’t believe that support from their employer is increasing, with fewer employees believing that it’s a priority for their employer.
“Our data shows there has been a global three per cent drop in employees agreeing with ‘I believe employee wellbeing is a priority at my company’ (76-73 per cent) and there has been a global four per cent drop in employees agreeing with ‘The leaders here demonstrate that wellbeing is important’ from Jan 2023 to Jan 2024 has seen a four per cent drop, from 75 to 71 per cent,” she expounded.
“There’s a big opportunity to retain that talent and build higher-performing teams, too. To prioritise wellbeing for the biggest impact, though, takes a bit more,” Walker added. “The companies who pair holistic wellbeing programming with adequate staffing and sustainable workloads will see the most expedited improvement in employee wellbeing,” Walker further said.
Gavin pointed out that by focusing on your wellbeing offering, there’s “huge potential” to differentiate your employee value proposition and position your business as an employee of choice.
“This can help you attract and retain talent, saving you time and money on recruitment and onboarding,” Gavin averred. “Culture Amp data also suggests that it makes for a happier, healthier and more productive workforce.”
