Leaders have an overwhelming amount of responsibilities and accountabilities to focus on at any given time – with many of the biggest concerns centering on employee retention and engagement. Right now, there is an abundance of research highlighting the significant influence worker satisfaction levels can have on performance. According to Harvard Business Review, 71 percent of businesses agreed employee engagement is critical to achieving organizational success.
When people are not engaged – with their work or the organization as a whole – their productivity tends to suffer and, in turn, so does the performance of the company. In addition to production delays and drops in morale, high turnover rates can lead to unnecessary costs. Given the highly competitive nature of today’s recruitment landscape, hanging on to top performers is a priority – which is why ensuring employees are happy and thriving should be of utmost importance.
However, there seems to be one area that is too often overlooked by employers: blending work and life successfully. In Ceridian’s recent survey of over 350 HCM professionals, we discovered an alarming 39 percent of businesses said they do not prioritize work-life balance at all.
Biggest benefits of prioritizing work-life blending
This is an issue that perhaps wouldn’t be so prevalent if more organizations understood the wide range of benefits they can gain when prioritizing work-life blending, such as the following:
- A highly engaged workforce:As mentioned in the HBR stat above, the more engaged workers are, the better they tend to perform. In addition to that, engaged workers are more likely to stay with an organization. All of this amounts to lower turnover and better profitability for the company.
- Reduced costs associated with talent acquisition: When considering job opportunities, candidates tend to heavily consider the benefits offered by the organization. A Deloitte study found that, among millennials, a healthy work-life balance was one of the top factors they considered in potential employers. Being able to choose from a bigger, better talent pool increases the likelihood of finding the perfect fit for a role, thereby reducing the chance of turnover (and those costs associated with it!).
- Stronger sales and marketability: Your company culture and brand doesn’t just influence the type of workers you attract – it also plays a role in which organizations want to do business with you. Companies are drawn to businesses with strong, thriving cultures and engaged people. When you have a workforce that is satisfied and engaged, it creates a level of health and happiness in employees partners and customers feel when they engage with them.
- Greater productivity and revenue per employee: Talented people want to work for the best companies. And when they are part of something amazing and feel like they work for a company that values them, they tend to work smarter, not harder.
It’s win-win for both employers and employees when work-life blending is a priority. That said, it is one thing to acknowledge the need to achieve a greater level of blending throughout your organization – and another to actually know how to do it. In part two of this blog series, we’ll go over some of the best strategies for making sure doing this is a priority.