By promotingworkers' well-being, employers show they value their employees,thus incentivizing them to stick around longer. (Photo:Shutterstock)

America's workers are in high demand.

Unemployment is hovering near its lowest rate in nearly 50years. There are 1 million more job openings than job seekers.Workers are quitting at the fastest pace in 14years–a sure sign of confidence in their ability to quickly findbetter opportunities.

This tight labor market is good for employees. But it createschallenges for employers who want to prevent their workers fromleaving for greener pastures. Millennials now make up the largestshare of the workforce — and they're particularly likely to jobhop.

Related: Millennials look to be the boss, not findone

In past decades, companies could keep workers happy by offeringhigh salaries and generous benefits. Competitive compensationpackages are still important, of course, but alone, they aren'tsufficient. Millennials now expect more from their employers.Nearly 90 percent say they'd take a pay cut to work at a companythat shares their values, compared to just 9 percent of BabyBoomers. More than 70 percent want their coworkers to be like asecond family.

Companies can recruit and retain these younger employees bycreating holistic wellness programs that appeal toworkers' interests and values.

Millennials particularly care about maintaining healthylifestyles. They work out far more than Baby Boomers or Gen Xers.They also know that healthy living goes beyond diet and exercise —it encompasses stress reduction, sleep management, mindfulness, andeven financial well-being. At WebMD Health Services, we find thatemployees under age 30 are the most likely to engage inemployer-sponsored well-being programs.

It's important that employers do not rely on a one-size-fits-allapproach to well-being programs. Millennials valuepersonalization–from flexible work schedules that reflect thereality of a digitized, around-the-clock work life, to well-beingprograms with tools they can tailor to their specificlifestyle.

By reframing expectations around well-being — both in and out ofthe workplace — millennials have driven employers to offer creativewell-being solutions. And they view these programs as essential.When properly designed, these programs can boost employeeperformance, productivity, and morale.

Most employers have responded accordingly. More than 80 percentof large employers, and half of smaller employers, already sponsorat least one wellness initiative.

Companies need not install huge fitness centers to pleaseworkers. Smaller, creative initiatives work just as well, and manytap into other ways to be healthy besides burning calories.

A major online shoe retailer encourages employees to compete infinancial, mental, and physical fitness challenges for quarterlyprizes. A global online travel company provides workers in its U.K.office with a "wellness allowance" to spend on everything from newfitness gear to gym memberships. A multinational consultancy givesemployees support systems to mitigate stress, anxiety, anddepression.

Some critics argue that wellness programs aren't worth the costto employers because they don't yield immediate savings in the formof lower insurance premiums.

These critics miss the point.

Employers frequently shell out thousands of dollars for companyretreats, happy hours, and charitable causes. No one expects theseinitiatives to save companies money right away. Executives rightlyview these initiatives as necessary expenses that help buildpositive workplace cultures and boost morale — thereby helpingattract and retain talented workers.

Similarly, most companies view well-being programs as a valuablebenefit rather than a direct cost-saver. Only 23 percent ofexecutives say their wellness programs were designed to decreaseinsurance costs, according to Deloitte's 2018 Global Human CapitalTrends report.

By promoting workers' well-being, employers show they valuetheir employees, thus incentivizing them to stick around longer.The more wellness initiatives a company offers, the more likelyemployees will recommend it as a great place to work, according toa survey of 1,200 employees by health care firm Optum. Sixtypercent of executives surveyed by Deloitte say their wellnessprograms improve retention.

In today's tight labor market, employees can more easily jumpship to a competitor. One in three workers considered quittingtheir job in the last three months.

Workplace well-being programs help limit turnover by showingemployees that management cares, and by helping employees enhancetheir health, manage their stress, and feel more positively towardstheir employer. Supporting workers' healthy lifestyles may or maynot reduce health insurance costs, but it certainly helps keepthose employees more present, productive, and engaged.

Andrea Herron is the senior director forhuman resources at WebMD Health Services.

Read more: 

• 10 unusual approaches to improving employeewell-being
• Wellness program success: Change your view ofparticipation
• Wellness programs evolving as employers up theirinvestment