What does your employees’ wellbeing have to do with your company’s performance? Plenty. First, some facts:
The long-term goal: When you join a company, you should expect your life to be better in many areas.
- Employees who are thriving in their overall wellbeing have 41% lower health-related costs compared with those who are struggling and 62% lower costs compared with those who are suffering.
- Overall wellbeing relates to illness, which is associated with lower employee productivity and missed work.
- People who have thriving wellbeing have a 35% lower turnover rate than those who are struggling.
So report Tom Rath and Jim Harter, Ph.D., authors of the bestseller Wellbeing: The Five Essential Elements, the result of decades of research into wellbeing. Their study revealed that wellbeing encompasses five distinct, interrelated elements — Career, Social, Financial, Physical, and Community — and all of them affect the bottom line.
In this interview, Rath, who leads Gallup’s workplace research and leadership consulting practice, and Harter, Gallup’s chief scientist for workplace management and wellbeing, tell how companies can improve employee wellbeing and boost company performance.