As an employer, you understand the importance of attracting and retaining top talent, so how do you achieve this?
In today's fast-paced, technology-driven world, it can be difficult to strike a balance between work and personal life. However, prioritizing employee wellbeing and work-life balance can lead to better performance, higher job satisfaction, and increased loyalty. Here's what you need to know, based on Randstad’s Workmonitor report 2023.
The survey reveals that employees have been increasingly concerned about work-life balance since 2010. In 2013, 80% of workers said they needed a better work-life balance, and by 2019, more than two-thirds said they wanted their employers to invest more in digital skills. However, in 2020, COVID-19 introduced new challenges that tested employees' ability to adapt to remote work, blurring the line between work and personal life.
Going forward, it's clear that prioritizing employee wellbeing and work-life balance will remain a critical consideration for employees. According to the Workmonitor survey, job uncertainty will rise up the agenda, but other demands will remain. Inflation will increase the cost of living, and employees will continue to demand flexibility, values alignment, and a safe work environment.
Younger workers are particularly passionate about social and environmental issues and, according to the survey, the majority of those under 25 wouldn’t accept a job if an employer’s values didn’t align with theirs on social and environmental issues. To attract and retain top talent, companies must create a sense of belonging by aligning their values with those of their employees.
Prioritizing employee wellbeing and work-life balance can lead to better performance, higher job satisfaction, and increased loyalty. According to Deloitte, belonging can lead to a 56% increase in job performance, a 50% reduction in turnover risk, a 167% increase in employer net promoter score, and a 75% decrease in sick days.
So, what can employers do to prioritize employee wellbeing and work-life balance? Here are some strategies:
By prioritizing employee wellbeing and work-life balance, you can create a workplace culture that attracts and retains top talent. Use the lessons from the past to inform your strategies for the future.