Workplace culture and environment are believed to have a huge impact on job satisfaction, employee fulfillment, and overall productivity. Creating a human-centric workplace can help companies improve their relationship with employees and maintain a company culture that fosters better human experiences.
According to a recent survey by Gartner, Inc., employees who work in human-centric environments are 3.8 times more likely to perform at an elevated level. The survey also revealed that employees who work in these environments are 3.2 times more likely to retain their position with the company and 3.1 times more likely to experience low levels of fatigue.
Human-centric work environments focus on people and not just the company’s bottom line. Learn more about the impact of employee care and human-centric environments in the modern workplace.
MetLife Study Highlights the Importance of Employee Care and Human-Centric Work Environments
In 2023, MetLife released its 21st Annual U.S. Employee Benefit Trends Study, titled “The Advantages of Employee Care: Creating Human-Centric Employee Experiences and Work Environments.”
The report spans three comprehensive chapters that outline the importance of holistic well-being in an unpredictable time, the impact of employee care, and how employers can demonstrate care through targeted initiatives and actions.
Employees want to feel as though their supervisors and managers value them as people, and many are willing to work harder when they feel valued. Increasing employee appreciation can deliver countless benefits, such as greater job satisfaction, improved productivity, good customer service, high workplace morale, a positive work atmosphere, and loyal staff members.
According to the MetLife study, participants revealed that feeling “cared for” at work is vital for their overall holistic health and happiness. In addition, employees admitted that when they do not feel cared for at work, their happiness, well-being, and overall satisfaction are directly impacted.
These highly influential factors have a measurable effect on employees’ performance, productivity, and loyalty to the company.
Overview of the Employee Benefits Trends Study
Businesses that want to maintain top talent and improve performance must take the necessary steps to make their employees feel valued and appreciated. The MetLife 21st Annual U.S. Employee Benefit Trends Study discusses how employee care can be used as a powerful management tool for improving employee well-being and retaining talent within all departments of an organization.
The study defines “employee care” as a company’s genuine demonstration of interest in workers’ overall well-being both in and out of the workplace. It also states that employee care helps to promote a safe work environment and builds upon a foundation of fair compensation.
Financial stresses, diminishing mental health, and other challenges have led to a noticeable decline in employees’ holistic health, especially since the occurrence of major events like the Great Resignation and Great Reshuffle. Implementing actions to demonstrate employee care, such as adopting flexible schedules and offering better benefits, can help improve the holistic health of employees.
MetLife’s 21st Annual Study was conducted in November 2022 and includes two different studies conducted by Rainmakers CSI. The survey includes feedback from 2,840 employers who have influences or decision-making capabilities within businesses that have at least two employees.
The study’s employee survey consists of feedback from 2,884 full-time employees aged 21 or over who work for businesses that employ at least two workers.
Businesses Need to Prioritize Employee Care
Employee well-being plays a crucial role in attracting and retaining top talent, meaning every business should make employee care a priority. According to a recent survey published by Harvard Business Review that interviewed 1,073 business leaders, 96% of respondents found that a happier work environment made it easier to retain talent.
In addition, 94% of respondents agreed that it made attracting top talent easier, while 87% of respondents stated that it gave them a competitive advantage. Unfortunately, just one-third of business leaders surveyed said that they have made employee well-being a top priority within their organization.
Businesses across all sectors are experiencing economic uncertainty, resulting in a greater focus on cutting costs. A 2023 “The Future of Benefits” report by Care.com revealed that 47% of the 500 business leaders and HR respondents plan to trim their employee benefits in 2023. The report also showed that 95% will be reevaluating their business’s benefits strategies.
Investing in Employee Care Will Be Key to the Future of Work
In today’s competitive work environment, employers cannot afford not to care about their employees’ health and wellness. Businesses that perform tangible actions to attract and retain top workers are at an advantage.
Many employees now expect their employers to invest in employee care and when workers do not feel valued, they are willing to walk away from their jobs. According to a LinkedIn Workforce Learning Report, 94% of employees say that they would stay longer with a company that invested in their careers.
Investing in employee care and development can deliver a variety of advantages to modern companies, including the following:
Attract top talent. Job seekers are looking for more than an income. Many seek companies that offer a positive work culture and are willing to help workers grow professionally. An employee who wants to achieve professional development is a great candidate as they are motivated to grow their skills and help the business succeed.- Keep employees engaged. Employees who are disengaged at work are less likely to maintain a sufficient level of productivity and more likely to experience burnout. Investing in employee care helps employees feel excited about growing and learning opportunities.
- Retain loyal employees. Some businesses are hesitant about investing in their employees, especially when they experience a high turnover rate. However, enhanced employee care has proven to have the opposite effect by encouraging employees to stay longer with their employers.
- Open Opportunities. Investing in employee care can help strengthen the business internally by making current workers more promotable. Businesses that build an internal talent pipeline, instead of constantly looking for new workers outside the business, can create a highly qualified workforce capable of upward mobility.
Employee Satisfaction Is Directly Tied to Innovation
Employers spend a significant amount of time and resources attracting and retaining top talent. Unfortunately, many businesses do not spend nearly enough time or resources on employee engagement and satisfaction.
According to a Rockbridge Associates report that surveyed 552 U.S. workers, just 56% of respondents stated that they are highly satisfied with their current job. In addition, 63% revealed that they are likely to continue working for their employer for at least another year.
With competition for talent fierce in nearly all industries, businesses must be forward-thinking and open to innovation. Innovation impacts nearly every component of a business, from client relations to team dynamics.
Innovation helps keep employees motivated by fostering creativity and staying ahead of the trends. It also shapes the way that a business develops new strategies, tactics, and processes.
Strengthen Your Retention Rates
Employee retention rates can have a major impact on the success of a business. A high retention rate can reduce company costs, improve employee engagement, and increase employee productivity. Knowing a company’s retention rate can also help address recruiting issues and areas that require greater focus.
When facing a high employee turnover rate, it is important for companies to understand why employees leave. Workers leave organizations for a wide range of reasons, such as to return to school, find a different job, transfer to a different location, or due to a personal or work-related issue. Dissatisfaction caused by poor employee care is one of the most common reasons why employees leave their positions.
A business is only as good as its employees, meaning every employee is important to the company’s bottom line and its ultimate success. Showing employees that they are valued and appreciated is critical to strengthen retention rates and to keep productivity levels high.
The Importance of the Human-Centric Work Environment
A human-centric work environment is a concept that is built on creativity, empathy and business needs. Creativity allows a workforce to adapt to new changes and challenges that may arise and become sufficient at problem-solving.
Empathy showcases the care that a business has for its employees and identifies their needs to form a healthy work environment. Meeting business needs involves setting up a work environment that enhances employee efficiency.
There are many benefits of fostering a human-centric work environment, such as a more efficient workforce. Employees are more likely to perform their tasks efficiently when they feel like their organization prioritizes their well-being over their profit margins. As employees are the driving force behind every organization, it is important that they are treated with care.
Maintaining a human-centric work environment can also result in highly satisfied customers. Having a workforce of highly motivated employees who are passionate about their work can help ensure that clients’ needs are always met. In turn, satisfied clients are more likely to continue patronizing the business, resulting in increased revenue and upwards organizational growth.
Contact New City and Start Investing in Your Employee Care Program
Maintaining a human-centric work environment benefits organizations in many ways, from improved service to customers to enhanced employee productivity. When employees feel that their employer cares and is acting in their best interest, it directly contributes to their positive employee experience, leading to happy, engaged and productive workers.
We understand the importance of employee care and creating a human-centric work environment. We work with businesses of all sizes to build well-structured employee benefits and wellness plans that improve employee health and happiness.
To learn more about the impact of employee care and human-centric work environments, request a consultation or call 888.210.2765 to speak with an experienced benefits consultant.