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Employee Attrition Costs & Mitigation Strategies to Implement
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2020 has been an eye-opening year. We have been fronted with challenges in our reality, that we couldn’t have imagined in our dreams. For many of us, this year has been a bad dream that we’re waiting to wake up from, that has touched the lives of so many, some positively, sadly most negatively. As a result of all the hardship we have endured, we’re left to pick up the pieces, mend ourselves, and do the best that we can to simply survive, knowing full well that this too shall pass.
With hardship comes complexity and challenges, but equally opportunities for growth and development. We’ve all come to realise that it’s ok to struggle, and it’s also possibly to struggle and thrive. According to the Wellbeing Lab research carried out in August this year, 81% of Australians have reported struggle in 2020. What’s also interesting is that almost half of Australian workers reported living well despite struggles or constantly thriving. No surprise, less workers are constantly thriving this year in comparison to 2018 but more are living well despite struggles. It is evident that our general wellbeing has been compromised by a number of factors, affecting our physical, mental, emotional, social and financial wellbeing. Whilst challenging, it’s not all doom and gloom. There is plenty that we can do as individuals, teams and organisations to better combat our struggles and achieve a more stable state of being, that will allow us to thrive even through uncertain times.
Health clubs and fitness centres have been closed for most of 2020. In some states, restrictions have been imposed on where we can go and for how long we’re allowed out of our homes. We’re spending countless hours at home, with a significant increase in screen time. Many of us are working longer hours, with less breaks, and are struggling to find a suitable work/life balance. Often we find that when our daily routine and exercise regiment is interrupted, so too does our nutrition slip. If we’re not sleeping sufficiently nor exercising adequately, we’re likely too to be eating poorly, possibly succumbing to emotional eating in an effort to feel good, if not just for a few moments of comfort. Our physical wellbeing has been compromised, in turn influencing our mental state. We need to find our way back to some sort of ‘normal’ routine. Whether your goal is to lose the weight that you’ve gained through lockdown, or eat more whole foods and less processed foods, or try to move a little more and squeeze in 30 minutes of exercise each day, a little goes a long way and you’ll have your physical wellbeing to thank for it.
Mental Wellbeing has seen a significant decline since the start of the pandemic. Many studies conclude that the effects of COVID-19 on mental wellbeing is dire. Of 56 research studies, we’re seeing an increase in depression, anxiety, stress and loneliness. Healthcare workers, those ‘high risk’, the elderly, and low income earners were among the most susceptible to deterioration in mental health. It was found that those emotionally stable, self-controlled, with a positive coping style were less prone to any psychological implications. Society has become far more aware of the importance in mental health and the absolute necessity to prioritise it and support family, friends, colleagues and community members through these challenging times. Despite this, the Wellbeing Lab found that over a third of workplaces continue to provide no support for their people’s wellbeing. Now is the time for change. Struggles are real and if we don’t take action, we will start to see an increase in the development of far more complex psychological disorders with far-reaching implications.
“Man is by nature a social animal.” - Aristotle. We are innately social and mutually dependent on one another for health and happiness, in many cases imperative to survival. Social wellbeing refers to our ability to manage and maintain social connections and interactions. It’s closely related to inclusion and a sense of belonging, which in society translates to a supported person. Social intelligence factors such as EQ, moral code, upbringing, ability to adapt and altruism, all help to cultivate social wellbeing. Trust, freedom and equal rights also play an integral part, which can all be influenced by our lifestyle, value systems, beliefs, and traditions. Social wellbeing affects our physical, mental and in many cases our financial wellbeing. When we are socially active and engaged, and have strong relationships and bonds, we tend to be happier, healthier, and live longer. 2020 has posed a challenge to our social wellbeing, but individuals and organisations have worked hard to bridge the social gap, and adopt new ways to remain ‘connected’.
Financial wellbeing is far more influential than we may have thought. Our financial wellbeing impacts our feelings of safety and security, acceptance, confidence and comfort. The burden of financial pressures is never a positive one, and can influence our social, emotional, mental and physical state. On the flip side, when we’re effectively managing our financial wellbeing, enjoying life becomes that little bit more attainable and sustainable.
Humans are complex creatures but simple to understand. We all have basic needs, whether physical, mental, social, emotional, or financial, that need to be met. We’re all traveling through life on different paths, at different speeds, at varying stages. With the right amount of support, social connection, tools and guidance, we’re all capable of living our best life irrespective of how things play out in the world around us.
Drake’s Drake WellbeingHub was designed to bring to market a range of products to help individuals, teams and organisations along their health and wellbeing journey. The Drake WellbeingHub offers custom solutions in alignment with business needs. Contact our wellness consultants today for an obligation-free consultation.
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