Employee Wellness Incentives That Work
Employee wellness is a hot topic for employers in an environment where healthcare costs are rising and there can be a lot of confusion around new Affordable Care Act rules taking effect. Here are a few ways to ensure that your employee wellness incentives provide the ROI that you seek in investing in employee wellness.
Employers Offering More Health and Wellness Benefits
Employers are spending more on health and wellness benefits while decreasing the amount of spending on other types of benefits. According to the Society of Human Resource Management's (SHRM) 2014 Employee Benefits report, 28% of employers have increased the benefits they have offered to employees in the last year. Employers are finding it crucial to maintain or increase key benefits in areas where costs are rising - which has mainly been healthcare and wellness. And decrease benefits like undergraduate tuition, personal car use for business purposes reimbursements, and long-term care insurance.
Boosting Wellness Program Participation
Regular medical checkups and tests can help spot issues before they become expensive to treat complications. One Florida school district has launched a wellness rewards points program that has been showing phenomenal results. To obtain a $50 reduction in premium, employees just have to earn 300 points a year, and points are quite easy to obtain. Points are earned through a variety of health related activities like,
Employee Wellness Programs Reinvigorated
In 2012 half of all companies with at least 50 employees had a corporate wellness program that incentivized employee wellness through either direct financial incentives or non-financial recognition. Companies larger than 50 employees were even more likely to have an employee wellness program in place, at 79%. These programs do simple things to prevent avoidable conditions like health risk assessment, weight management and nutrition education. The investment is a low-risk high-reward endeavor, especially as components of the Affordable Care Act take affect that further encourage employers to implement programs directed at employee wellness. The average investment in wellness has doubled since 2009, skyrocketing from $260 per employee to $594. The 2014 figure is also significantly higher than the $521 average investment made per employee for wellness in 2013. Employers increased investment and encouragement of employee wellness shows that it is working.
Check out this infographic and more great information from Modern Healthcare on where the employee wellness industry is going and growing in 2014 and beyond.
Inside the World of Corporate Wellness
Corporate wellness programs have become popular in recent years. Simply put, corporate wellness is any health initiative or program within a company that focuses on promoting good health and employee comfort, rather than dealing with poor health and low morale at a later date.
It should come as no surprise that most of the companies on the top 100 companies to work for list, year after year, offer corporate wellness programs. Companies that offer corporate wellness programs are striving, and people enjoy working for them. Not only do companies that offer such programs have happier staff, but they end up doing better financially. Research shows that for every $1 spent on corporate wellness, a company saves $4 in sick time, health costs and overall work productivity.
Top Corporate Wellness Programs Google is regularly on the top 100 companies to work for list. In fact, it has topped the list for several years. It makes sense then, that Google also has one of the most comprehensive wellness programs in the industry. The company offers on-site gyms, healthy eating options in the dining area, fully paid sabbaticals, volunteer opportunities, and health classes and screenings. SAS, a software developer, comes in at number two on the list. The company offers their employees on-site child care and fitness centers, a multitude of medical staff on-site, reimbursed gym memberships, healthy eating options and dietician services. With compressed workweeks, job sharing, 100% health coverage and paid sabbaticals, The Boston Consulting Group comes in at number three on the top companies to work for list. While these three companies are worlds apart in many ways, they share one common factor; solid wellness programs that ensure their staff is working to the best of their abilities.
Creating a Wellness Program It is understandable that not all companies are going to be able to offer the same perks as Google. Google is a behemoth in the business world, with untold amounts of money to spare. Smaller companies, clearly, will be unable to procure the "campus-style" structure of Google, nor will they be able to offer the round-the-clock day care services that SAS gives to their workers, but every company can instill a wellness program that is sure to raise productivity and boost morale. To begin a wellness program a company must work to better understand their internal culture. Once the internal culture is understood, a better understanding of what the employees need out of a wellness program will arise. Before you begin a wellness program ask these questions;