We are in the middle of what economists are calling the Great Recession. Amid uncertain times and burdened by exploitative labor practices, employees are leaving their jobs en masse in search of better-paying, more secure work. And one of the top reasons employees are citing for leaving? Workplace stress taking a toll on employee mental health.
In today’s blog post, let’s go over how to drive employee retention by focusing on mental health.
High employee turnover has a high cost
A common obstacle for skeptics is that the importance of mentally healthy employees is not always quantifiable. Mental health initiatives are preventative care and it can be hard to calculate dollars saved on things that never happened.
Instead, let’s look at it from a different angle. We know that employees who are overburdened by stress at work are more likely than ever to leave their jobs. We also know that the cost of recruiting, hiring, and training someone to replace them is a lengthy, expensive process. Gallup estimates that replacing an employee can cost as much as double the annual salary of the employee being replaced.
But look at what else you’re losing: your talent. Employees who are dependable and who do good work, who are experts at what they do.
If that’s not enough, consider how a high turnover might look to outsiders. Repeated resignations can reflect poorly on your organization, and a damaged reputation can be fatal in the world of business.
Mentally healthy employees are more productive, innovative, and dedicated
You understand the importance of keeping turnover as low as possible. How do you get started?
The simplest way is to ask your employees what they need and then give it to them. Anonymous feedback surveys are a great way to get honest feedback.
Looking at larger-scale data can also be helpful. One popular request among surveyed employees is some sort of mental health support. As we mentioned earlier, a top reason employees leave a job is because of the stress it causes them. That’s why we recommend tackling stress reduction and mental health support as soon as possible.
An abundance of stress has a ripple effect. Employees are anxious, depressed, and exhausted. This affects their performance at work, which affects the greater performance of the company.
On the other hand, employees with the right mental health support have more energy, think more clearly, and collaborate more easily. Keeping your employees in top shape keeps your organization in top shape, too.
Fabulous can help bring mental wellness to your workplace
If you want to support your employees’ mental health and improve employee retention, Fabulous can help. We’re a digital health and wellness solution that has been supporting millions of people since 2014.
Armed with the latest in behavioral science, mental health experts and coaches, and a Google Material Design Award-winning app on both Android and iOS, Fabulous teaches users how to build healthy habits step by step.
Fabulous for Work is our latest endeavor to empower people to make positive changes in their own lives. With the extra support of personal coaching sessions and workplace-specific content, Fabulous for Work does all the heavy lifting in supporting you and your employees.
We’re ready and waiting to help you get started. Take the first step in supporting your employees and book a demo with us today.