How Resilient Employees Significantly Impact the Bottom Line.
Last week we discussed the power of resilience in battling stress. We talked about what resilience is (the ability to bounce back from adversity), why it’s important (for good overall health) and some scientifically proven suggestions for improving your resilience.
Today, we are going to take it a step further and focus on the financial impact that resilient employees have on their place of work. Whether employees are part of our health care system, working for a corporation or in a public school, how they handle the day to day stress of their jobs (and lives) collectively has a huge impact on who they work for- both financially and with regard to the positive emotional work culture.
Having a resilient workforce is beneficial for many reasons. Resilient employees are less likely to feel overwhelmed, have a lower incidence of perceived stress, are more effective with the work they do and are generally happier and easier to work with. They don’t call in sick very often, have fewer physical and mental health issues and make fewer errors on the job. But the most compelling reason for many employers is that all of these things lead to a significantly better bottom line.
The cost of having a highly stressed workforce:
Studies show that 1 million employees miss work each day due to the effects of stress.
High turnover is very costly (an estimated 150% of a midlevel employee’s annual salary is needed to replace that worker).
US companies shell out an estimated $300 billion annually for issues stemming from workplace stress.
According to the Harvard Business School, Physician burnout costs the US health care system $4.6 billion a year.
A 2019 study revealed that the US is tied for #4 on the list of most stressed out countries in the world.
When organizations put an emphasis on building a resilient and healthy workforce the benefits are striking. Not only is the organization not bleeding out money in response to turnover, mistakes and missed days of work, but as noted in a recent study by BetterUp, companies that initiated consistent resilience measures reported 60% higher revenue growth than those that grew their resilience the least.
Ways that organizations can support improved resilience among employees:
1:1 coaching and mentoring.
Training and educational materials.
Programs that support well-being (physical, emotional and mental).
Good support of management.
Personalized growth- for employees, teams and the organization as a whole.
Supporting and encouraging resilience among employees is more than just an added benefit to them, it truly benefits the entire organization- including the bottom line.