For many businesses, employee wellbeing never used to be a priority. But in the post-pandemic world, it's become increasingly front and center. This is not because CEOs have all become altruists. It's because business leaders are realizing how much focusing on staff's wellbeing impacts their success and profitability in the modern world.In other words, in 2024, supporting employee wellbeing is not only a compassionate choice but a wise business decision, too. And here are some facts and figures that highlight why exactly 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, businesses have been struggling to attract and retain the best talent. And while the Great Resignation may be starting to slow down, according to Statista.com, the number of job openings still exceeds the number of unemployed workers — and employers are still struggling to attract and retain talent.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 conducted in May by YuLife 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 1 in 3 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-staffed, leading to inefficiency, low productivity and extra pressure on remaining colleagues. This can often prompt people to leave as well, and the whole process starts to become a vicious cycle. Not surprisingly, 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.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 6 to 9 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 surprisingly, in 2024 this option is increasingly becoming less effective.Salary raises aren't enoughIn YuLife's survey, just 28% of working adults indicated that a higher salary would be enough to persuade them to stay in their current jobs. And a much larger number 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, it’s common sense 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. For example, this 2019 study of call center 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 in the UK showed that happiness made people around 12% more productive during randomized 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 2024 to retaining your best staff and getting the most out of them.In this light, it's not surprising that a World Health Organization 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 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 behaviors. Employees earn YuCoin for participating in wellness activities and challenges, which can then be redeemed for a variety of rewards. This gamification aspect helps motivate employees to take better care of their health. 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 recognizes 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 the Mental Health Foundation, some 15% of employees will experience a mental health problem each year. Studies show that absenteeism from mental health is costing South African companies up to R19 billion each year and mental health problems overall are taking an annual R161 billion hit on the national economy.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.Taken as a whole, these statistics provide a compelling argument for businesses to prioritize 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. About YuLifeYuLife is an employee benefits and wellbeing app that’s reimagining the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioral science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance program, your team gets access to mental, financial and social support, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.