Is skipping out on a workplace wellness program costing your business?
As national insurance costs and health awareness continue to rise, more and more companies are turning to workplace wellness programs as a way to lower medical costs and encourage health in general. In fact, a large majority – as many as four-fifths of companies with at least 1,000 employees – offer wellness programs. These corporations recognize the tangible value of helping employees get healthy.
If you’re hesitant to implement a wellness program, you might be surprised to learn that you could be missing out on key benefits for your business. Here’s what you need to know.
Wellness programs: a definition
While there are many different ways to set up and incentivize a wellness program, the essential components remain the same. Wellness programs are usually offered through work to improve employee’s health and wellness.
Clearly, the definition is broad and can encompass many different methodologies. What works for one company may not be suitable for another, which is why LiveWell 1440 specializes in helping companies choose and implement programs designed specifically for their unique culture and needs.
All our wellness programs are designed to encourage healthy habits and prevent costly health issues via a healthy lifestyle.
So what are the drawbacks of not offering a program like this?
Less-than-stellar employee satisfaction
Companies with wellness programs report higher employee satisfaction overall. These sentiments were echoed by the international Workplace Wellness 2017 Survey Report, which showed that companies that offered programs of this type had employees that were 67% more satisfied than employees in companies without wellness programs.
Satisfaction can have a big impact on a company’s bottom line by resulting in better job performance, better retention, and healthier employees.
Lackluster employee productivity
In addition to overall job satisfaction, research suggests that workplace wellness programs may even boost employee productivity. When employees are dissatisfied with their jobs and are physically unhealthy, they can find it difficult to focus on job performance. Barriers to good health, such as untreated ailments, disease, mental illness, and addiction, can add up to produce very real effects on the quality and quantity of an individual’s work.
The good news is that studies continue to show that workplace wellness programs improve employee health and productivity. And because polls estimate that poor employee engagement costs employers roughly $450 billion every year, it stands to reason that smart employers will make use of wellness programs to combat this egregious loss of productivity.
Nonoptimized health care costs
Without an expertly executed wellness program, your company could be spending a ton of money on health care expenses that are entirely avoidable. The amount of potential savings can vary based on a variety of factors, but companies who have successful wellness programs usually report that by encouraging and facilitating employee health, they get a pretty significant return on investment. For example, Johnson & Johnson famously reported that it had saved over $38 million in just four years as a result of its health-promotion program.
A review of 22 scientific studies on the matter shows that these programs have the potential to reduce a company’s health care expenditures significantly. Implementing a program may be extremely valuable to your company – and that’s saying nothing of your employees, who will reap the rewards of better health and lower out-of-pocket costs for their health concerns.
The benefits of a successful program
If you want to implement a wellness program, you should know that the most successful programs are those that are tailored specifically to your company and culture. That’s why our approach to implementation involves assessment, intervention, education, motivation, and coaching.
At LiveWell 1140, we make wellness fun and socially responsible! We’re a workplace wellness consulting company that’s dedicated to using a more organic approach to delivering effective wellness solutions through motivation, inspiration, education, engagement, and accountability. Contact us today to find out what we can do for your organization!