In today’s competitive landscape, companies grapple with the challenge of balancing employee well-being with financial success. This insightful conversation explores Terumo’s innovative approach, where a focus on employee well-being demonstrably fuels profitability.
Ritu Anand, Senior Director-Human Resources, Administration and Corporate Communications at Terumo India, unveils specific examples showcasing how their people-centric practices cultivate a thriving workforce. These practices not only improve employee morale but also directly translate into positive business outcomes. She offers valuable insights and best practices, providing a roadmap for other organisations seeking to achieve similar success.
Here are some excerpts.
How does Terumo manage to balance the goals of employee well-being and organisational profitability?
Finding the delicate balance between organisational profitability and employee well-being is crucial for sustained success. Our company’s strong culture and values, like ‘Powered by People,’ ensure everyone feels included and supported. By integrating best practices such as prioritising health and well-being, implementing a hybrid work model, offering flexible timing, and establishing Associate resource groups focused on inclusion and diversity, we not only strengthen associate morale and spirit but also enhance organisational performance. For instance, prioritising health and wellbeing initiatives not only fosters a healthier and happier workforce but also reduces absenteeism and boosts productivity. Additionally, our hybrid work model and flexible timing options empower employees to achieve a better work-life balance, resulting in increased job satisfaction and retention rates.
Moreover, initiatives like our Employee Assistance Programme provide vital support to associates facing personal or professional challenges, reinforcing our commitment to their holistic well-being.
By aligning our People Practices with our core values of Unity, Transformation, and Growth, we create a synergising environment where both the company and its employees thrive.
This holistic approach not only drives organisational profitability but also ensures the continued growth and development of our associates, making us a Great Place to Work in every sense of the word.
With such a low attrition rate, what key strategies or cultural elements do you believe have been most effective in retaining top talent at Terumo? What best practices would you recommend to other companies?
Our Hybrid workplace model stands as a cornerstone, seamlessly blending remote work with office work to provide our associates with unparalleled freedom and autonomy in managing their work schedules. This model prioritises flexibility while simultaneously driving remarkable business outcomes and fostering a healthy work-life balance.
A pivotal element contributing to the effectiveness of our hybrid model is the cultivation of trust among our associates and leaders alike. We firmly believe in the principle that trust is the bedrock of any successful working relationship. Hence, we have consciously refrained from micromanaging log-in and log-out times, choosing instead to focus on the tangible outcomes achieved.
Furthermore, our commitment to promoting a work-life balance mindset is reflected in our initiatives such as Mental Health Matters Day, flexi work hours, and mandatory pens-down days. Importantly, our familial and inclusive culture extends not only to our associates but also to their families. We actively involve family members in our celebrations, promoting a sense of belonging for everyone.
Moreover, our recognition programmes, including SPOT awards, Samurai Awards, and Peer Empathy Awards, play a pivotal role in nurturing a supportive environment where outstanding performance is acknowledged and celebrated.
How are you supporting gender diversity and inclusion within the company? Are there specific programmes or initiatives that you would like to share?
One of our flagship initiatives is YUME, our Women’s Associate Resource Group. YUME aims to amplify women’s voices, promote a learning mindset, and co-create an inclusive familial culture based on our core values. Under YUME, we conduct yearly focus group discussions to explore ways to accelerate women’s associate careers and better understand their diverse needs. We also celebrate DE&I week with events such as Empowering Women: A Day of Shared Experiences and Fun, and sessions like “How to be your own best friend.”
Additionally, our comprehensive leave policy supports gender diversity and inclusion. This includes an extended eight-month maternity leave policy, exceeding government requirements, and flexible work arrangements for returning mothers. We also offer paternity leave, adoption leave, and caregiver leave to promote gender equality in caregiving responsibilities and support associates in balancing their personal and professional lives.
Other initiatives, such as menstruation leave, and pet care leave, further demonstrate our commitment to supporting the holistic well-being of our associates.
Terumo is known for its innovative approach to employee wellness and benefits. Drawing from your experience, how can organisations identify and implement wellness policies that address the diverse needs of its workforce?
We believe that wellness isn’t a one-size-fits-all concept; rather, it’s about recognizing and addressing the unique priorities and preferences of each individual.
Under our global commitment, “Your health, your happiness, our priority,” we’ve made it our mission to translate this ethos into tangible actions for all our associates. Since 2021, our journey towards enhanced well-being has evolved significantly. From partnering with Roundglass and launching our flagship digital wellness programme, #CommitTobeFit, to our recent collaboration with Cult Fit, we’ve continually adapted to meet the evolving needs and preferences of our team.
Our flagship wellness programme focuses on nutrition, fitness, family care, mental health, and preventive care. This reflects our commitment to addressing the diverse dimensions of well-being, ensuring that each associate can embark on their wellness journey in a way that resonates with them.
We’ve also introduced engaging fitness challenges like ElevateEnergy, 21-Day Power Up Challenge, Plank Perseverance, Do your best Plank Challenge, and Surya Salutation, Unleash the Master of Maximum which promotes healthy habits and fosters a sense of collective well-being through active participation.
In addition to these initiatives, we provide support through programmes like Terumo Cares and Doc on Call, ensuring that associates and their families have access to medical advice and counselling when needed. Our dedicated Safety Committee further reinforces our commitment to workplace safety and ensures that all associates are educated on safety guidelines.
Providing financial support to employees can be a significant trust-building measure. How can organisations invest in financial wellness to foster employee loyalty and engagement?
One key initiative is the introduction of an emergency loan policy. By providing financial support through emergency loans, companies offer a crucial safety net for employees facing unexpected financial difficulties. This assistance helps employees manage unforeseen expenses, reducing stress and allowing them to focus on their work.
Comprehensive insurance policies also play a critical role in financial wellness. Providing extensive health insurance coverage ensures that employees and their families have access to necessary medical care without incurring high out-of-pocket expenses. This significantly contributes to employee satisfaction and loyalty, as it demonstrates a company’s commitment to the well-being of its workforce.
Additionally, relocation allowances are another important aspect of financial support. Covering costs related to packing, moving, and unpacking can make a world of difference for employees embarking on a new chapter. At Terumo India, for instance, we offer up to three days of leave for one trip to the relocation site for both the Associate and their dependent family members. This policy eases the transition and shows our support every step of the way.
What advice would you give to HR leaders in other organisations looking to implement similar strategies? What are the key considerations and potential challenges they should be aware of?
In the journey to strengthen employee well-being and drive low attrition rates, one principle stands out: trust. Trust your employees, empower them, and watch them flourish. Here’s how HR leaders can make it happen:
Empower through Trust: Trust your employees to take charge of their well-being. Provide them with autonomy and control over their wellness journey, allowing them to choose initiatives that resonate with their needs and preferences.
Cater to Diverse Needs: Recognise that one size doesn’t fit all when it comes to wellness. Tailor your initiatives to address the diverse needs of your workforce, whether it’s physical fitness, mental health, or work-life balance.
Embrace Innovation: Don’t be afraid to try new approaches.
Provide Support: Offer support through employee assistance programmes, counselling services, and access to medical advice. Show employees that you’re there for them, ready to provide assistance whenever needed.
Communicate and Listen: Keep communication channels open and listen to employee feedback. Address any concerns or challenges proactively, demonstrating that their well-being is a top priority.
Our core value lies in the principle of being ‘powered by people,’ and we believe that making the above practices standard can motivate and energise employees, resulting in lower attrition rates.