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If you don’t have a financial wellbeing program in place – or if it’s not on your radar – then you’re simply not supporting your employees’ wellness at all. Inflation, cost of living, and static salaries mean employees’ financial health cannot be overlooked this year. Not convinced?
If your employees care about the role that they play within your business and the products and services that your brand provides then they'll perform to a higher standard. Assuming that a salary is enough to keep employees happy is a mistake that many business leaders make and, as a result, see high turnover costs and low productivity.
The cost of replacing a single employee. of their salary. https://hbr.org/2015/12/proof-that-positive-work-cultures-are-more-productive. https://www.americanprogress.org/issues/labor/report/2012/11/16/44464/there-are-significant-business-costs-to-replacing-employees/. Why Corporate Wellness Matters | The Huffington Post.
Prospective employees often look for organizations that offer more than just a salary. Take Hilcorp as an example: Hilcorp Energy Company is a notable example of successfully implementing employee incentives to drive performance. This ambitious goal motivated employees and fostered a strong sense of teamwork and accountability.
SHRM (Society for Human Resource Management) estimates replacement costs at 6-9 months of an employee's salary For a $60,000 annual salary, replacement costs could range from $30,000 to $45,000 The Hidden Costs of Lost Productivity, Training, and Onboarding The costs of employee disengagement are much higher than we often realize.
In April 2015, when the story broke about Gravity Payments CEO Dan Price taking a pay cut to raise his staff's salary to $70,000 a year and reward them for their hard work, the internet was divided. Heavily ridiculed, the young CEO stuck to his guns and cut his salary of $1.1 Opinions ranged from disbelief to disdain.
Prospective employees often look for organizations that offer more than just a salary. Take Hilcorp as an example: Hilcorp Energy Company is a notable example of successfully implementing employee incentives to drive performance. Let us share a list of employee incentive ideas to explore this year.
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