By Henry Penix, Entrepreneur and CEO and Co-Founder of Soaak Technologies.
Halfway through 2022, recruiting and retaining employees remains just as challenging as it did a year ago; some may even say worse! Call it the Great Resignation or Reshuffle, employees find themselves with unprecedented leverage in the marketplace. This predicament leaves businesses, HR departments, and recruiters scrambling to find and retain talent. For business leaders, retention ranks as the top priority, while 60% believe that the current talent shortage is long-term or permanent.
However, businesses still use the same pre-pandemic tools to recruit and keep employees, namely salary and benefits. While these are top concerns for employees looking to stay at or join a company, they are increasingly not the only concerns. And in a tight labor market where companies compete on salary alone, finding a boost in pay isn’t too difficult. With pay transparency becoming more prevalent and required among workers, companies don’t have the leverage they once did. Competing solely on pay isn’t going to get the job done in this market.
But what is? Benefits that address values and general support. A recent survey showed that 56% of workers wouldn’t consider a company that doesn’t align with their values, with 40% saying they would quit a company that didn’t align. Workers are increasingly looking for work environments that reflect their values, make them feel seen and heard, and support them both in their work and home environments. Companies that align with their team member’s needs are finding more success in retaining and recruiting employees.
A Renewed Focus on Mindfulness
Companies that focus on Mindfulness see greater financial returns from their employees. They are generally happier, more engaged, and less stressed than their counterparts. A 2022 study by Deloitte found that employers who focused on providing Mindfulness, mental health, and wellness services to their employees saw a return of approximately $5 for every $1 invested. And, being proactive in this approach resulted in nearly a 1.5X greater return than merely being reactive – build it, and they will come.
Investing in Mindfulness and Mental Health is especially helpful for employees that have suffered the most during the pandemic: younger employees, those with caregiving responsibilities, service industry, and essential workers. The study goes on to say that listening to employees’ specific needs, rather than using a one-size-fits-all approach produces the best results.
Daily Mental Health and Wellness Challenges
Focusing on employee mental health and wellness helps with recruitment and retention and addresses a critical business need. Every year, U.S. businesses lose $300 billion from workplace stress, with depression as a leading cause of absenteeism. These are some very real-world problems that employees and employers need to address. Looking at the statistics, workers are feeling the burden of stress now more than ever:
- 51% of workers are mentally “checked out” at work.
- 55% of workers are stressed throughout the day.
- 66% of employees report sleep deprivation from workplace stress.
- 83% of employees suffer from work-related stress.
Focusing on mental health and wellness as it relates to stress can impact employee performance. The pandemic only exacerbated these issues. When retaining and recruiting employees, it’s essential to understand the nature of the stress, where it comes from, and how it can present itself in the workplace. Employers must address these issues with their eyes wide open.
Implementing a Well-Rounded Wellness Model
The focus on employees’ well-being is generally centered around a suite of benefits coupled with healthy snacks, a gym membership, and ergonomic office furniture. These items are undoubtedly a start in the post-pandemic world but fall short of other very important post-pandemic employee expectations. And for many companies, it can be challenging to have conversations around overall well-being, stress, and mental health with employees. Many professionals, especially in small and medium-sized businesses, might not be equipped to handle these conversations properly. However, there are options available for companies of all sizes looking to incorporate Mindfulness, mental health, and wellness solutions into their business model at very modest costs.
One industry leader, Soaak Technologies, does this by pairing Mindfulness, mental health, and wellness solutions with customized employee inspiration and training, delivered to any mobile device, accessible 24/7. Employees can choose which path is best for them: motivation to move along their career path or stress relief to better manage external stress. This clinically proven system uses a combination of auditory stimulus and custom training led by industry experts, backed by daily mindful intentions to reset the mind, fulfilling employees’ needs and expectations.
Supporting Mental Health in the Workplace
Services like Soaak provide an employee-driven way to offer Mindfulness, mental health, and wellness services to employees without the awkwardness that sometimes accompanies this topic. Improving employees’ Mindfulness and mental health will boost job performance and employee morale, while reducing downtime. This solution also helps reduce overall claims costs and increases profitability from a more secure and healthy workforce. Upon adoption, the company will enjoy the benefits of a secure employee base that wants to remain at their job and grow with the company. When employees witness the company’s commitment to its workers by offering these more personalized services and support, the company becomes a more attractive workplace. While many companies are starting to sort out what this looks like moving forward, implementing a wellness-first solution such as Soaak can make a company a leader in this space immediately, while positioning itself at the forefront of employee well-being.
Employee Benefit and Profit Center
As an added benefit, Soaak Technologies can also serve as a profit center for certain businesses. When Soaak is offered to customers of service businesses, such as hotels, airlines, hospitals, and cruise ships, the business can profit share with Soaak by offering these services at a deep discount to their customers when they return home. This model helps companies to create a significant income stream that could help recover lost profits from the recent pandemic. The company also adds a new market differentiator to advertise in this post-pandemic, competitive marketplace by providing these services. And to eliminate risks, all Soaak services come with a 100% money-back guarantee.