Rather than responding reactively to turnover, take a proactive stance with a retention strategy that builds capability for the future, is cost effective, and easy to deploy. HealthCheck360's integration with meQuilibrium can help you quickly deliver resiliency support to your employees.
Prolonged uncertainty has led to a very real, rising threat to the wellbeing, engagement, and job
satisfaction of your employees. As a result, 40% of employees are considering leaving and 70%
of employers are struggling to find talent. In April 2021, the Bureau of Labor Statistics found the
quit rates 24% higher than they were before the pandemic.
The Cost of Turnover
There are many factors contributing to the overall cost of turnover.
- $1 trillion a year in the US is exclusively spent on resignation (voluntary) costs [Gallup]
- Replacement cost averages 213% of the annual salary for highly-skilled employees [American Progress]
- Negative effects to customer experience results in a loss of your competitive advantage [Research Gate]
Today’s Biggest Threats Contributing to Turnover
Burnout is on the Rise: A 2020 Mental Health America report found 83% of respondents felt
emotionally drained from their work. The report adds that 1 in 4 employees experienced more
severe signs of burnout, including loss of productivity and cynicism towards to their coworkers
and jobs.
Low Engagement: Gallup found that 70% of the variance in employee engagement is attributable to a person’s manager.
Lack of Employer Support: A study by Qualtrics, SAP, and Mind Share Partners found employees who felt their managers were not good communicators are 23% more likely to experience mental health declines. Additionally, 46% of respondents stated their company does not proactively share mental health resources.
Wanting to Leave: HR experts now predict people leaving their jobs voluntarily will increase
significantly throughout 2021 and beyond.
How to Help Retain Employees With Resilience
Highly resilient people are:
- ½ as likely to quit
- 60% less likely to experience burnout
- 4x higher job satisfaction
- 31% more engaged at work
meQuilibrium helps you build a more resilient workforce. Through HealthCheck360's partnership with meQuilibrium, members have access to a digital coaching platform that delivers clinically validated and highly personalized upskilling to improve engagement, performance, and wellbeing. meQuilibrium's digital asynchronous coaching is proven to reduce stress and burnout, delivering primary preparedness against behavioral health issues in the workplace.
meQuilibrium also supports employees across the employee lifecycle. By embedding meQuilibrium into your existing HealthCheck360 well-being ecosystem, you can support employees in the key moments that matter:
- New Employee Onboarding: Demonstrate your commitment to and investment in the employee's personal and professional success from day one with essential resilience skills.
- Performance Review: When performance reviews uncover key soft skills gaps, meQuilibrium provides relevant microlearning to effectively change behaviors and help build new habits. Empathy, emotion control, focus and problem solving skills are personalized and delivered to individuals or teams through targeted microlearning exercises.
- Life Milestones: When an employee takes time off for life milestones, such as parental leave or bereavement, the transition to and from “normal” life can be challenging. meQuilibrium offers specific skills to deal with difficult milestones (grief and loss) as well as joyous ones (new baby).
- Busy Periods: Demonstrating how you are supporting employees' emotional wellbeing, and empathizing that support when the pressure is on, is not only appreciated by employees, but improves their physical and mental wellbeing by supporting their stress management efforts.
- Getting Promoted: Leading a team for the first time can present new challenges. People leaders need to not only be resilient themselves, but model and mentor resilience. meQuilibrium arms new managers with skills to build agile, resilient teams, plus insights to boost team performance.
- Retirement: If you extend your employee support programs to employees who leave the
organization, meQuilibrium offers support in navigating the transition to the next stage of life.
I said to my talent teams and to our people, resiliency is going to be key for us to all to emerge
… stronger and we all need to start building those [skills]. We began to work with meQuilibrium
because when they demoed this for me, I thought, ’this is common sense, easy to use, applicable to everyone.'Melanie Foley
EVP/Chief Talent + Enterprise Services Officer at Liberty Mutual Insurance
Learn more about HealthCheck360's partnership with meQuilibrium here or get in touch with HealthCheck360 today.
