Employing diverse talent increases performance, no matter the industry. There are so many ways that cross-cultural influences have a positive impact on performance, productivity, and organizational growth. Unfortunately, a report found that 65 percent of full-time employees at large corporations experienced at least one basic need that went unmet.
Further, an increasing number of employees are considering or are, in fact, resigning due to the lack of healthcare needs being met. This clearly demonstrates that healthcare benefits and health equality is crucial to employee satisfaction, directly linked to retention, and affects organizational culture, including the bottom line.
Being at greater risk of losing talent due to the lack of adequate healthcare benefits, means leadership needs to be mindful of providing expanded benefits for current employees and future hires. This must be done in order to compete with a crowded marketplace full of robust talent and what has been deemed “the year of the employee.”
This cornerstone of high unmet needs is an opportunity for employers to evaluate and strengthen benefits to ensure alignment with the needs of their specific population and demographics.
One of the most significant changes that can be made to your organization’s culture is to demonstrate that employee health – mental, physical, and financial – is a priority to the company. Once that is communicated, leaders must act on this statement and make changes; these improvements have the potential to not only enhance company culture, but to also increase retention, improve morale, and positively affect the company’s overall fiscal health.
Another piece of this puzzle also involves access to care. Affordability is important, but other means of access are equally important. For example, access to telemedicine and other forms of digital healthcare is integral. For example, employees could receive mental health support via telemedicine and other members could take advantage of digital healthcare, for example to monitor and prescribe for conditions such as chronic diabetes.
Providing a more comprehensive healthcare benefits plan is a great start, and continuing education is also a key factor in success when making improvements to your organization. Communicate the importance of preventative and ongoing care, including mental health care, and provide an employee-centric atmosphere, where staff are encouraged to discuss needs with HR and other key leaders, and leaders offer an open-door policy.
You have an opportunity at your organization to make a meaningful difference in the lives of your employees, while promoting positive health initiatives and overcoming some prevalent workforce challenges. The factors discussed above, when implemented effectively, can create vast improvements to employee health, productivity, and morale, while also increasing retention and improving your company’s standing.