Why You Should Hire for Skills and Prioritize Wellbeing@Work as a Top Competency in Your Talent Acquisition and Retention Strategy
Marc Michaelson
Trusted Advisor, Speaker, Executive Coach, Ageless Rebel, Leadership Development Innovator, "Total Life" Leader Guide, President, The Michaelson Leadership Group
Why You Should Hire for Skills and Prioritize Wellbeing@Work as a Top Competency in Your Talent Acquisition and Retention Strategy
In today's competitive business landscape, organizations must innovate and adapt quickly.
Ensuring employees possess the necessary skills and prioritize their wellbeing is essential for long-term success.
Here’s why hiring for skills and prioritizing wellbeing should be at the forefront of your talent acquisition and retention strategy.
Enhanced Performance and Productivity
Skill Alignment: Employees with the right skills perform tasks more efficiently, increasing productivity. A study by the Harvard Business Review found that highly skilled employees are 22% more productive.
Wellbeing Contributions: Employees whose wellbeing is thriving are more engaged and motivated.
According to Gallup's 2024 report, such employees are 45% more engaged at work and show a 35% increase in productivity.
Wellbeing enhances focus, energy, and resilience, which are critical for sustaining high performance and continually developing skills.
Increased Retention and Reduced Turnover
Job Satisfaction: Employees whose work aligns with their skills are more satisfied and less likely to seek other opportunities.
The Society for Human Resource Management (SHRM) reports that 89% of HR leaders agree that ongoing training improves retention.
Retention of Talent: By prioritizing employee wellbeing, you show that you value your team members, which can significantly reduce turnover.
Deloitte reports that organizations focusing on wellbeing experience a 50% reduction in turnover rates.
When employees feel supported in their wellbeing, they are more likely to remain committed to their roles and continue enhancing their competencies.
Improved Team Dynamics and Collaboration
Strong Skill Sets: Skilled employees contribute to team dynamics by sharing knowledge, mentoring peers, and solving problems collaboratively.
Wellbeing’s Impact: Wellbeing fosters positive interactions among team members.
The American Psychological Association found that employees supported in their wellbeing are 67% more likely to engage positively with colleagues.
Teams whose collective wellbeing is thriving are more collaborative, sharing skills and strengths more effectively.
Competency in Wellbeing: Promoting wellbeing as a core competency builds a culture of care and respect, attracting top talent who value a wellbeing First workplace culture
Cultural Fit: Employees who prioritize wellbeing naturally contribute to a thriving work environment.
The Great Place to Work Institute reports that organizations with strong wellbeing-first cultures have a 72% higher employee engagement rate.
Organizational Benefits: Organizations benefit from higher productivity, innovation, and customer satisfaction.
Focusing on wellbeing helps build a resilient and adaptable workforce, driving long-term success and sustainability.
Gallup research from its 2024 Report on the “State of the Workplace” indicates that organizations prioritizing wellbeing see a 21% increase in profitability and a 17% rise in innovation.
Wellbeing practices enhance and sustain employees' skills and competencies, ensuring they remain effective contributors to the organization's goals.
Leadership Benefits:
By developing their leadership and management skills focused on a wellbeing first culture, Leaders and managers can create a thriving work environment that boosts team morale and increases overall engagement.
These skills empower leaders and managers to effectively assist their teams in navigating change, coping with stress, building resilience, and sustaining peak performance.
A study from the Harvard Business Review found that leaders who prioritize wellbeing see a 25% improvement in team performance.
Additionally, Gallup's 2024 data highlights that managers who focus on employee wellbeing increase team engagement by 23%.
Leaders who model wellbeing can inspire their teams to develop and sustain their skills more effectively.
Wellbeing practices encourage positive interactions and support, improving dynamics and collaboration.
Teams whose collective wellbeing is thriving are more cohesive and effective.
According to the American Psychological Association, wellbeing-focused teams are 50% more likely to achieve their goals.
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Teams that focus on wellbeing continuously build and enhance their collective strengths and competencies.
Employee Benefits:
Employees enjoy greater job satisfaction and personal fulfillment, reducing turnover and increasing loyalty.
They develop critical skills such as resilience and emotional regulation, which enhance their professional and personal lives.
Deloitte's research shows that employees receiving wellbeing support are 38% more likely to stay long-term. Well-being practices help employees sustain and grow their skill sets and competencies.
Innovation and Creativity
Skill Utilization: Skilled employees bring diverse perspectives and innovative solutions, driving the organization’s innovation agenda.
Wellbeing and Creativity
Wellbeing boosts creativity. Research in the Journal of Occupational Health Psychology shows that employees with high well-being are 45% more likely to contribute creative ideas.
Employees can better leverage their skills and strengths to drive innovation by maintaining high levels of wellbeing.
This continuous creative output is essential for keeping the organization competitive and responsive to market demands.
Adaptability and Resilience
Skilled Workforce: A workforce with the right skills is better prepared to handle changes and challenges and quickly adapt to new technologies and processes.
Wellbeing as a Buffer: Prioritizing well]being helps employees manage stress, change, and remain resilient during challenging times.
The World Health Organization reports that high wellbeing scores increase resilience by 20%. Wellbeing practices equip employees with the adaptability and resilience necessary to sustain and enhance their skills and competencies, ensuring they can effectively navigate and thrive through organizational changes.
Enhanced Customer Satisfaction
Skill Proficiency: Skilled employees deliver higher quality service and products, increasing customer satisfaction.
Companies with high employee wellbeing scores have a 37% increase in customer satisfaction ratings.
Wellbeing ensures that employees can consistently apply and improve their skills, leading to superior customer interactions and loyalty.
Long-term Success and Sustainability
Investing in Skills: Continuously developing employee skills ensures competitiveness and innovation.
Prioritizing wellbeing as a skill and competency leads to sustainable work practices.
Companies investing in employee wellbeing see a 2.5 times higher return on investment.
Wellbeing is essential for enhancing and sustaining employees' skills and competencies, contributing to the organization's long-term success and stability.
Defining Wellbeing as a Skill
Wellbeing is increasingly recognized as a state of being and a critical skill and competency that enhances technical, functional, and adaptable skill sets.
This nuanced understanding shifts the focus from wellbeing as an outcome to wellbeing as an actionable and developable skill set.
Developing wellbeing as a skill includes, but is not limited to:
Conclusion
Ensuring employees possess the necessary skills and prioritize wellbeing is essential for long-term success.
By defining wellbeing as a skill and embedding it into your hiring strategy, you enhance organizational performance and create a more productive, satisfied, and loyal workforce.
This holistic approach ensures employees thrive in their roles, benefiting the organization.
By incorporating skills such as prioritizing wellbeing into your hiring strategy, you establish a foundation for a thriving workplace where both the organization and its employees can prosper.
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