It pays to have a strategic plan for employee health and wellbeing. Studies show that the majority of workplace wellbeing program participants have lowered their healthcare costs and see that employees are making healthier lifestyle choices. Studies consistently have shown that improving employee wellbeing has positive outcomes for the employees as well as the organization.
The 2016 Progress Report for the HERO Health and Well-being Best Practices Scorecard found a correlation between companies with “best practices” wellbeing programs and their stock market performance. Analysts studied the top 45 publicly traded companies that participated in the study and compared their performance to the S&P 500. They found that the stock of those 45 companies that invested in comprehensive, best practice wellness programs appreciated at 235% compared to 159% for the S&P 500.
The worth of company wellbeing programs can be viewed in two ways, the return on investment (ROI) or the value of the investment (VOI). ROI can sometimes be difficult to measure because wellbeing programs generally save money rather than generate revenue. This is why most companies are now putting more effort in measuring the VOI and potential savings from wellbeing programs.
ROI of Wellbeing Programs
While it is more challenging to measure the ROI of a workplace wellbeing program, there are four factors that have data that can be analyzed. Most companies track data on these three categories and are able to easily report the costs in dollars.
- Medical Claims
Quality wellbeing programs will help employees reduce healthcare costs, sick days, taken and turnover. Wellbeing programs, such as Continuwell’s Health Ambassadors, are even able to help employees manage chronic conditions and reduce disability claims.
VOI of Wellbeing Programs
Although those three factors are easier to measure financially, the majority of the value of workplace wellbeing programs will fall into this category. These are benefits that are difficult to measure in dollars but still have been shown to contribute to financial gains for companies that implement quality wellbeing initiatives.
- Reduced health risks
- Reduced presenteeism
- Increased productivity
- Improved job safety
- Improved morale and loyalty
It does not take a major investment to begin your company’s wellbeing program. According to SHRM, the most common wellness benefit is providing wellness resources or information. For example, in the Continuwell app employees can easily search and access the resources that their company provides. Administrators can even send wellbeing tips to employees through push notifications.
Call Chrissie Pattison today at 844-258-HEAL (4325) to see how you can add value to your company by simplifying the employee wellbeing experience with Continuwell.