With healthcare costs rising faster than overall inflation, employers are looking for new ways to save money on employee benefits. Corporate wellness programs have emerged as a favorite to not only bring down costs associated with health, but to improve morale, productivity and the company’s bottom line. While employers looking for a quick fix may overlook wellness programs as a viable option for reducing healthcare costs, the long term outlook is as bright as ever. The most successful programs are those that grow beyond year 2 and ultimately result in a significant ROI increase. So, what can a wellness plan do for you?
Reduce Healthcare Costs
More and more companies are experiencing positive results in healthcare reduction after implementing wellness programs, and according to SHRM’s 2015 Employee Benefits Report, 70% of US employers currently offer a general wellness program – up from 58% in 2008. More results from the study indicate 25% lower obesity rates than companies without effective strategies, roughly half the rate of diabetes/ high-glucose risk, and nearly 1 less day of unplanned absences.
Improve Morale and Productivity
Does it ever seem like your employees are just going through the motions? Maybe they are – unhealthy employees could be unengaged in the workplace due to poor health habits resulting in fatigue, added stress, and burnout. A well-rounded wellness program focuses on everything from the employee’s physical health and nutrition to financial, social, and mental wellbeing. Improvements in these areas may very well lead to happier employees who are better rested, less stressed, and simply happier overall! In turn, a healthy and happy employee is a more productive employee and the morale throughout the workplace will be uplifted.
Improve the Bottom Line
According to the Institute for HealthCare Consumerism, US businesses lose $300 billion annually to stress-related illnesses and absenteeism. A good, engaging corporate wellness program will create healthier employees who will not need to take as many sick days. When employees are not taking sick days, they are producing in the office and not visiting the doctor as often, lowering your claims. On the same token, there are wellness program offerings specifically catered to reducing stress employees are experiencing whether it be financial stress like needing help with budgeting, or any other mental health concerns related to mindfulness. Wellness programs can also help avoid high healthcare costs by providing incentives for biometric screenings, health risk assessments, flu shots, preventive care, and much more. All of these programs help catch major illnesses early and prevent them from occurring, ultimately avoiding high healthcare bills and improving the company’s bottom line.
Health promotion is not only an investment in your bottom line, but in your most valuable asset – your employees! If you would like more information on corporate wellness programs or a free consultation, Contact Us!