First came the global pandemic, then the ‘Great Resignation’, and now it’s the ‘Great Regret’, as one in five employees realises the grass is not greener on the other side. In Australia, LinkedIn reported that last year 4.5 per cent of new hires were ‘boomerang’ employees, returning to a former employer, up from 3.9 per cent in 2019.
This leaves businesses with a great opportunity to regain a little control in the war on talent and engage in the ‘Great Re-Negotiation’.
One of the benefits of small business is fostering a sense of connectedness, and understanding across the team to create buy-in, inclusion, and to enable the team potential to work together, and learn from each other, which can minimise them looking out the window for greener pastures.
However, post-pandemic, one of the key reasons cited for staff seeking better options is the search for a business culture that is focused on their mental and physical wellbeing, and which offers impactful benefits that align with their life values, to enhance work fulfilment, as we all re-evaluate how we live and work.
A recent PWC report included 1800 workers and showed while salary was a definite consideration, 22 per cent favoured benefits to improve and manage their mental and physical health.
Innovative business managers and owners realise that money won’t fulfil employees beyond a certain point and are re-evaluating employee benefits, aware that consideration of their mental and physical wellbeing is having an impact.
The new business landscape means finding the sweet spot between these two key offerings, to offset workforce instability. Business owners have the opportunity to prove they are invested in their employees through initiatives that are important to the employee.
As a medical professional and founder of a successful virtual healthcare company for business, our start-up research prior to the pandemic is echoed in what the surveys are showing now: that employees expect businesses to be active partners in their broader personal requirements.
Most employees want support for their health and wellness as part of their packages in the new business models. Never has our physical and mental health been such a priority across all demographics, and it makes sense for businesses to support the wellbeing of their teams, for the success of both.
There are myriad mental and physical health initiatives that businesses can innovate so their benefits are impactful, such as gym and lifestyle memberships, and private health cover subscriptions.
However, I strongly believe that the future is in holistic healthcare options, that are available for employees through their place of employment, to benefit both the employee and the bottom line. Increased productivity, less downtime and absenteeism for the business, and the support of, or alleviation of the burden of managing – or preventing – ongoing illness, and the related costs to the individual, could be that sweet spot.
It’s a valuable consideration – to welcome back ‘boomerang’ employees with open arms and an upgraded employee value proposition. They already know your culture, and it could strengthen the offering, outside of a pay rise, as a meaningful welcome-back package. Introducing health and wellness management access, in-house, can also reinvigorate the interest of staff that may be looking for greener pastures.
No matter what size the business, ensuring long-term, personalised and highly valued benefits for teams needs to be considered an investment, not a cost.
Adjusting offerings to focus on holistic benefits and workplace culture, for employees returning and new, will ensure that your grass is greener and sustainable.
