For many businesses and organisations at present, attracting and retaining top-tier talent is a perpetual challenge. This is an area of key focus for HealthNow, as we position ourselves as a strategic partner in best supporting businesses to optimise this area and their overall business success, be it through a satisfied workforce, enhanced profitability, streamlined talent acquisition and more.

If you’re not yet familiar with what HealthNow is, how it works or the range of benefits it offers to you or your company or organisation, read this first.

The High Stakes of Employee Recruitment and Retention

Let’s face it: our contemporary corporate landscape is demanding a nuanced approach to employee recruitment and retention. With the average cost of hiring skyrocketing to $23,800 across Australia and New Zealand, businesses grapple with financial commitments associated with ad placements, recruiting agencies, onboarding, and the indirect costs of losing an employee. 

Wellness Benefits as a Competitive Edge

In the contemporary corporate environment, wellness benefits emerge as a powerful tool for attracting and retaining top-tier talent, especially against the backdrop of escalating healthcare costs for employees. Employee Health Initiatives (EHIs) confer a competitive edge by not only attracting new talent but also fostering a healthier and more contented workforce. Mercer’s National Survey of Employer-Sponsored Health Plans establishes a compelling correlation between implementing well-being practices and lower turnover rates. Companies embracing five or more well-being practices exhibit an impressive 11% lower turnover rate than those with only 1-2 practices.

Employee wellness packages help to not only attract talent but also to elevate brand awareness and overall sentiment. Businesses recognised for prioritising their workers’ health and well-being send a powerful message – “we value and care for our people.” While the competition intensifies, business owners are now realising the importance of tailored, unique and person-centred healthcare packages to secure the interest of potential top-tier talent. This is an area where HealthNow is well positioned to meet the demands of the current employee market.

Tackling Turnover with Targeted Support

Staff attrition is a multifaceted challenge influenced by workplace culture, physical and mental health, and family-related issues. While some reasons for employee departure may be beyond an organisation’s control, focusing on factors within their purview is crucial. HealthNow steps in as a strategic ally, offering targeted support through personalised health and wellness care. Whether it’s access to a nutritionist, podiatrist, psychologist, or a sleep consultant, HealthNow empowers employers to address health-related challenges, enhancing overall well-being and contributing to greater employee satisfaction.

Strategic Talent Acquisition Through HealthNow

Attracting talent is not just about the perks; it’s about creating a workplace culture that values and cares for its people. Offering HealthNow helps businesses achieve this goal, enabling them to stand out in their industry or nationally as a company that prioritises the health and well-being of its employees. 

Measuring Success

With HealthNow only coming to the market as a business and health initiative in recent years, we are now developing strategies to better help measure the impact of investing in employee health, an often challenging task. Tracking the success of employee recruitment and retention strategies involves a comprehensive approach, with implementing HealthNow focusing on a number of key statistics over the coming years, including:

• Staff turnover rate: beyond industry standards, businesses leveraging HealthNow should expect to see improvements in staff retention metrics, indicating a positive impact on morale and company culture.

• Cost of recruiting: HealthNow, by reducing turnover rates, contributes to a decline in the financial costs associated with recruitment, including fees and new hire salary creep.

• Cost of training: with a healthier and more engaged workforce, the indirect costs of training, related to productivity loss, are likely to decrease.

• EHI participation rate & satisfaction surveys: monitoring employee engagement with HealthNow initiatives and conducting satisfaction surveys provides valuable insights into the program’s impact on the workforce.

Research Insights: HealthNow’s Role in Recruitment and Retention Savings

Research conducted by Avalere Health underlines the significant cost savings and benefits for employers investing in employee health through enhanced recruitment and retention. By 2024, recruitment and retention savings due to EHIs are projected to cumulatively account for US$22.4 billion in the US. Employers prioritising employee health and well-being can expect substantial returns on investment, with a projected $154 million in 2024, rising to $167 million in 2026.

Calculating the actual cost of voluntary turnover transcends direct costs per hire. Indirect costs such as the temporary salary reduction and lost productivity must also be considered. Bersin by Deloitte data estimates the average cost of voluntary employee turnover per lost employee at US$109,676, emphasising the substantial impact on businesses. A comprehensive understanding of these costs reinforces the strategic importance of initiatives like HealthNow in mitigating turnover-related financial losses.

In essence, HealthNow emerges not just as a healthcare solution but as a strategic partner in the complex realm of talent management. By addressing recruitment and retention challenges through targeted wellness support, HealthNow becomes an invaluable asset in shaping a workforce that not only attracts top-tier talent but also fosters loyalty and longevity within an organisation. For managers and business owners navigating the recruitment and retention landscape, HealthNow signifies not just a healthcare initiative but a visionary investment in the sustained success and growth of their businesses.

What is the ROI of investing in employee health and wellness for companies? We are currently working on a comprehensive report, examining how investing in employee health and wellbeing drives economic performance. Follow us on LinkedIn to be the first to hear when this report goes live.