A workplace culture of compassion isn’t standard practice in the business world. Many management teams even believe showing compassion is a sign of weakness. However, this is far from true. A growing body of research shows that a compassionate workplace culture not only breeds happier employees, but also increases productivity, business efficiency, and employee loyalty.
Here we’ll explain 3 ways compassion sets your employees up for success, how it’ll benefit your company, and how you can improve employee wellness.
Stressful workplaces affect more than just employee morale, and more often than not, this stress is financial stress. In fact, 64% of all stress in America is money related. Prolonged financial stress—or acute financial stress—can cause or worsen weight problems, high blood pressure, high cholesterol, substance abuse, and even gastrointestinal issues.
By introducing compassion into the workplace, you’re encouraging and creating positive experiences for your employees. Positive social interactions at work have actually shown to improve employee health (i.e. lowering heart rate and blood pressure, strengthening immune system). Integrating compassion into the workplace by congratulating an employee on a job well done, or by providing financial wellness benefits to your team, lessens employee stress. In turn, employee health improves, productivity rises, and company success increases.
Employees who feel under appreciated are less likely to perform well. In fact, a study by online career site Glassdoor found that 80% of employees are motivated to work harder when their boss shows appreciation for their work. Contrarily, less than 40% of workers want to work harder when their boss is demanding or because they fear losing their job.
The fact is, happy employees are more productive Having positive exchanges with employees—or encouraging positive social interaction among coworkers via parties or lunches—increases employee morale and productivity. So, show compassion in new ways: praise their accomplishments, put treats in the break room, ask for their feedback, offer employee benefits that improve wellness and happiness. Compassion in the workplace promotes positivity. Naturally, positive environments produce positive outcomes.
Unhappy employees produce high turnover rates. Needless to say, the costs associated with high turnover are expensive (it costs $3,328 to replace a $10/hour retail employee alone). Employees leave companies due to poor working conditions, not enough benefits, a negative atmosphere, or poor management practices. Luckily, implementing positive practices to decrease high turnover are in your control, and fairly easy to accomplish.
For example: Employees who are supported with sufficient benefits, have positive relationships with their coworkers and management, and enjoy the workplace culture are unlikely to leave. Save for relocation or medical issues, why would they? By creating a workplace culture of compassion—encouraging wellness, showing appreciation, investing in employee benefits—you create the perfect recipe for low turnover rates and increased business efficiency.
Luckily, PayActiv offers a simple yet effective financial wellness program you can offer your employees to improve their financial health. With 71% of America financially stressed, now is the time to show support for your team and increase employee productivity. Click here to schedule a demo and start creating a workplace culture of compassion today.
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