For many businesses, employee wellbeing never used to be a priority. In the post-pandemic world, though, it's increasingly front and centre. That's not because CEOs have all become touchy-feely altruists. It's more that business leaders are realising that considering their staff's wellbeing, and making them feel looked after, is actually vital for success and profitability in the modern world.In other words, in 2023, supporting employee wellbeing is not only a compassionate choice but a wise business decision too. In this article, we'll share some facts and figures that highlight exactly why this is the case.Wellbeing is central to recruitment and retention We'll start with one uncomfortable truth. Since the pandemic and the 'Great Resignation' it unleashed, businesses have been struggling to attract and retain the best talent. And that trend continues to this day. Vacancies remain near a historic high in the UK, with approximately 1.02 million unfilled positions in the three months to July 2023, according to Statista.com. That means employees who aren't happy in their jobs no longer have to "like it or lump it", and they're very much taking advantage of the situation. According to a survey by YuLife this May, conducted in partnership with YouGov and HR Ninjas, almost 40% of UK working adults have either started or been actively looking for a new job in the past year. Even more telling is that one in three intend to change jobs within the next 12 months. So anyone making assumptions about their workforce's loyalty needs to think long and hard about whether that's really the case.After all, it's neither easy nor cheap to replace good employees. The costs of high turnover can be devastatingApart from the additional costs of recruitment, there's typically a lengthy period where the company is short of staff, leading to inefficiency, low productivity and extra pressure on remaining colleagues. This can prompt some of them to leave as well, and the whole process starts to become a vicious circle. Not surprising, then, that in YuLife's latest survey, 89% of employees and 97% of HR professionals agreed that high employee turnover can negatively impact productivity and morale at work.And the financial hit to companies can't be overstated. For instance, the Society for Human Resource Management (SHRM) estimates that replacing an employee costs a firm between six to nine months of that employee's salary.Salary increases have traditionally been the go-to solution for persuading your best staff not to fly the nest. But perhaps surprisingly, in 2023 this option is increasingly becoming less effective.Salary rises aren't enoughIn YuLife's May survey, just 28% of working adults indicated that a higher salary would be enough to persuade them to stay in their current jobs. And much larger numbers of respondents pointed to other factors. For example, 60% said that flexible working conditions were an important factor when choosing an employer. Additionally, 59% identified the benefits available to employees and 45% said the company culture was important.In this light, wellness benefits can be seen as not just "nice to have", but a crucial tool in retaining and attracting the best workers; not to mention getting the most out of them. After all, common sense suggests that a strong focus on employee wellbeing will reduce sickness and absenteeism and increase productivity and creativity. And there's plenty of research to back this up too. For example, this 2019 study of call centre employees found raising their mood meant they handled calls more efficiently and were better at solving problems. Similarly, a 2022 study by the University of Warwick showed that happiness made people around 12% more productive during randomised trials and piece-rate working under laboratory conditions. Employee wellbeing is a worthy investmentIt's clear that a holistic approach to employee wellbeing, encompassing not only financial rewards but also a supportive work environment and comprehensive benefits packages, is vital in 2023 to retaining your best staff, and getting the most out of them.In this light, it's not surprising that a World Health Organisation report found that, for every $1 invested in scaled-up treatment for common mental disorders, there is a return of $4 in improved health and productivity. Of course, that's easier to say than it is to do. With recession and rising inflation biting around the world, many companies simply don't have the budget to invest in improving employees’ wellbeing. Change, however, doesn't necessarily have to involve extra costs; often, it's simply a shift in focus that's needed. For example, is your current life insurance provider contributing effectively to your employees' wellbeing strategy? If not, switching to an alternative provider might be the change you need to make. YuLife is currently disrupting this particular sector by integrating group life insurance with a comprehensive wellness platform. This creates a holistic approach to employee benefits that can benefit both employees and employers alike. YuLife's disruptive approach is workingCentral to YuLife's approach is its free employee app, which features a rewards system that encourages employees to engage in healthy behaviours. Employees earn YuCoin for participating in wellness activities and challenges, which can be redeemed for a variety of rewards. This gamification aspect helps motivate employees to take better care of their health. And it's been a huge success wherever it's been introduced, with an average of 72% of employees downloading the app, 43% using it at least once in the last month, and 17.4% logging on up to five times a day.YuLife also recognises the importance of mental health and offers resources and support for employees in this area through the app. This can include access to mental health professionals, meditation and relaxation apps, and educational content on stress management and resilience. That's a valuable benefit given that according to Mind, some 25% of employees will experience a mental health problem each year. Deloitte estimates this costs UK employers more than £45 billion a year.YuLife's platform also provides financial wellbeing tools and resources to help employees manage their finances better. This can include budgeting tips, financial planning resources, and even access to financial advisors. According to research by the Money Advice Service, 50% of people in debt are unwilling to talk to friends and family about it. So this is definitely a benefit employees will value.More broadly, YuLife fosters a sense of community and social connection among employees by allowing them to join teams or compete with colleagues in wellness challenges. This can help combat feelings of isolation and improve overall wellbeing. At the same time, employers receive data and insights from the platform to understand their employees' health and wellness trends. This can help in tailoring benefits and wellness programs to better suit the needs of the workforce.ConclusionTaken as a whole, these statistics provide a compelling argument for businesses to prioritise employee wellbeing. While a competitive salary is important, it's not the sole driver of job satisfaction and retention. Companies that invest in employee benefits, mental health support, physical wellness programs, and data-driven insights stand to benefit not only from improved employee morale but also from financial returns and a more stable, engaged workforce. In the evolving landscape of employee expectations, wellbeing is proving to be a game-changer for businesses seeking to attract and retain top talent. And the unique combination of group insurance and wellness services provided by YuLife makes it the perfect choice for any company looking to reinvigorate its employee wellness programs.To find out more about YuLife’s game-changing approach to insurance, schedule a short 10-minute call with our team here.