Your team members are facing economic uncertainty and many are experiencing high levels of stress as a result. If left unchecked, this stress can lead to burnout, reduced performance and productivity, and lost revenue.

Investing in your team members during this challenging time will benefit them enormously and demonstrate the value you place on each of them. This can lead to many beneficial returns for your company as well.

Prioritizing well-being enables your team members be the best version of themselves

A third (35%) of employers are planning to invest more in health and well-being programs in the coming year, and 43% are planning to invest the same. 

For example:

  • 90% of employers will be investing more in mental health
  • 80% will be investing more in telemedicine
  • 76% will be investing more in stress management and resilience
  • 71% will be investing more in mindfulness and meditation

These investments appear to be paying off, as measuring ROI from benefit changes is a top influence in employers’ benefits decisions. Employers are also influenced by a desire to create competitive compensation plans and match employer-employee interests. 

Employee well-being initiatives help your team members practice self-care and be the best version of themselves. This enables your team members to do their best work and contribute to your company in a meaningful way—which can boost innovation, productivity, and profitability.

Competitive benefits also make your team members less likely to leave for better benefits elsewhere. Three in four workers factor benefits into their decision about whether to stay or leave a job, and turnover costs employers one-half to two times each departing employee’s annual salary. Offering the right wellness benefits can significantly reduce costs at your organization. Survey your team members regularly to understand what they need and how you can improve in this area.

Offering development opportunities helps your team members reach their full potential

Nearly half of organizations increased their learning and development (L&D) budgets in 2022—and for good reason. Investing in employee development can increase employee engagement, which can lead to higher employee retention, productivity, and profitability.

Most remote HR leaders (93%) who increased their L&D budget in 2022 planned to spend more on learning and training technology. And three-fourths (73%) of L&D professionals expected to spend less on instructor-led training, while 79% planned to spend more on online learning. This is perhaps due to the fact that online learning is both cost effective and accessible, giving employers a great return on investment.

Other development activities might include:

  • Leadership coaching
  • Mentorship
  • Job shadowing
  • Stretch assignments

It’s important to take employee development a step further and offer opportunities for career growth as your team members learn new skills and gain more experience. Career development conversations on an employees’ first and second work anniversaries more than doubles the likelihood that they’ll feel fulfilled instead of needing a backfill. You will see even greater returns on your L&D investment if you can retain your highly skilled talent long-term.

Planning team building activities fosters stronger connections between colleagues

Investing in opportunities for your people to get to know one another on a more personal level can help them work better professionally. And teams that work well together can be more innovative, productive, and successful. 

Team building activities include:

  • Offsites. Also known as company retreats, offsites are events where your team gathers in a single location to focus on a particular project or goal. 
  • Escape room. Level up your next game night with an in-person or virtual escape room, where your team members will need to solve a series of puzzles to escape from the room before time runs out.
  • Community service. Volunteering for a good cause, like cleaning a park or feeding the unhoused, is a great way to bond with colleagues while giving back to your community.

In-person and virtual team building is especially important for distributed teams where remote team members may be experiencing feelings of loneliness and isolation. Helping your remote team members forge stronger connections to their colleagues can improve their overall well-being and help them perform better at work. 

Design a strategic employee onboarding process to enhance the employee journey

Strategic employee onboarding takes time and effort, but the resulting impact in productivity, culture, and retention provides an ROI of $6,044 - $11,799 for each new team member. 

For example, 70% of those with exceptional onboarding experiences say they have "the best possible job." These people are also 2.6 times more likely to be extremely satisfied with their workplace. Happy, satisfied team members are more motivated to do good work and stay with their employer.

Strategic employee onboarding goes beyond the process and paperwork to help new team members acclimate to their new company, role, and team. For example:

  • A welcome email once the offer letter has been signed helps new hires feel like part of the team and sets expectations for next steps.
  • An onboarding buddy gives your new team member a point of contact for all the little questions that pop up as they settle in and helps them meet other team members.
  • Goal setting and career pathing ensure team members know what they’re working toward so they feel supported and stay motivated.

Final thoughts: Investing in your team is worth every penny

Your team members are the lifeblood of your company. If you take care of them, they’re better equipped to perform their jobs well and help your business grow. Get their input on how you can best support them and know that your investment is good for your team members—and it’s good for your business.

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The ROI of Investing in Your Team