Time to assess your workers’ wellbeing
A positive workforce has several benefits for a company. Happy employees are generally more productive and are inclined to stay with their organisations for longer, meaning reduced turnover and lower hiring costs.
However, the nation’s bosses may need to take a closer look at just how well their staff are faring if they’re going to make the most of a happier workforce. NAB’s Quarterly Australian Wellbeing Index for the final three months of last year shows some mixed results – and room for improvement.
Some discrepancies emerged across different parts of the country. Australia’s overall wellbeing reading fell 0.8 per cent compared to the previous survey, with Queensland scoring the highest and Victoria the lowest.
In addition, residents of regional cities recorded higher wellbeing than those living in the nation’s capitals. Rural areas, on the other hand, came out at the bottom of the list.
Women aged between 18 and 29 were found to be the demographic with the lowest wellbeing, while those over the age of 50 have the highest. Interestingly, men and women earning in excess of $100,000 recorded the second-highest level, while those bringing home between $75,000 and $100,000 came out on top.
This follows calls from Hays Recruitment for business owners to think about diversifying the age range of their workforce. Balancing the needs of new entrants into the labour market with ageing employees is what companies require to stay competitive in the long run.
“It therefore makes sense to retain mature age workers for as long as possible. But we must not do so at the expense of training and developing new entrants to the labour market,” urged Managing Director of Hays in Australia and New Zealand Nick Deligiannis.
Are you in search of a way to keep better control over your company? Take a closer look at HRMS for small businesses for a more streamlined approach.