You probably know that wellness programs can increase employee engagement and help improve their overall health. But are you aware of the impact such programs can have on your company’s bottom line? According to some recent studies, the average return is $1.38 per dollar invested, with some companies seeing a ROI as high as $3 for every buck they put towards their wellness initiatives.
So, whether you see average returns or end up doubling or tripling your investment, the data shows that wellness programs are well worth the money spent.
But how do you analyze how well your programs are working?
Well, there are a lot of different metrics you could use to evaluate your results.
- Health insurance spending – Since this is a significant expense for employers, even a small reduction can have a major impact on the bottom line.
- Absenteeism – Many studies show a reduction in absenteeism after wellness programs are implemented.
- Productivity – Studies also show a direct correlation between obesity and productivity. Employees’ weight loss can actually improve their performance.
- Job satisfaction – Happy employees also translate into improved productivity and lower turnover.
- Recruitment expenses – In a competitive job market, wellness programs can improve a company’s attractiveness to potential employees.
Some of these areas may seem hard to measure, but there are a number of options for gathering data you can use to evaluate your program’s effectiveness. Your health insurance provider can help you analyze your claims to see if they’ve decreased. Employee satisfaction surveys can gauge your workers’ opinions of the program. Health risk assessments and biometric analyses can give you actual input as to whether your employees’ health has improved, allowing you to tailor a program that delivers the maximum benefit.
For more information on how to effectively measure the impact of your wellness program, check out the full article here. You can also contact us to discuss how we can help you invest in the wellbeing of your employees and your company.