'This isn't just an issue for the HR function, it's a problem for the CFO and executive team too'
Only half of 2 Australian employees are satisfied with the wellbeing support that they're getting from the employer, finds a survey, that underscores the important of wellbeing in recruitment and retention.
A survey commissioned by Sonder, involving 2,007 employees from Australia and New Zealand, found that only 53% of Australian employees are happy with the wellbeing support they receive from their employer.
In fact, one in three respondents have no idea what wellbeing support is available to them, while one in five say they understand what is available.
The findings come as the report also found that 49% have been feeling exhaustion or burnout in the last 12 months, according to the report.
Raechel Gavin, Sonder's chief people officer, said these findings should matter to all businesses.
"The wellbeing of your team is vital if you're going to attract and retain top talent. The cost to hire an employee in Australia has increased to an average of $23,000 per candidate – which is up from a typical spend of around $10K over the previous year and the cost of replacing an employee is approximately 1.5 times their annual salary," Gavin said in a statement.
"So, this isn't just an issue for the HR function, it's a problem for the CFO and executive team too."
Benefits of boosting wellbeing
Meanwhile, improving the workforce's wellbeing can lead to a variety of benefits, according to separate findings from Culture Amp.
Heather Walker, Culture Amp Senior Data Journalist, said employees who are less stressed feel more positively about their work and are also more likely to stay and recommend it to other people.
"Our data shows that at companies who score in the top 25% for 'I rarely feel overstressed by my work' - employees' commitment to stay is 12% higher, motivation is 12% higher, and willingness to recommend the company is eight per cent higher," Walker said in a statement.
"Furthermore, at companies who score in the top 25% for 'I generally feel positive towards work' - employees' commitment to stay is 23% higher, motivation is 19% higher, and willingness to recommend the company is 24% higher."
According to Walker, boosting wellbeing at work opens a "big opportunity" for organisations to retain their talent and build higher-performing teams.
"To prioritise wellbeing for the biggest impact, though, takes a bit more. The companies who pair holistic wellbeing programming with adequate staffing and sustainable workloads will see the most expedited improvement in employee wellbeing," Walker said.
