Most people know that great employee benefits and perks enhance the lifestyle of your employees, but did you know that it also enhances your bottom line? Employee wellness programs are a win-win for everyone. Your employees enjoy great perks and business owners benefit from the high ROI.
It might sound too good to be true but read on to learn just how employee wellness programs benefit your business.
A Cut In Short-Term Costs
So, how exactly does this impact your bottom line? Happy and healthy employees will show up to work every day, ready to be productive. Employees who are not healthy or happy often take sick days or spend more time visiting the doctor.
When employees are showing up every day more work is getting done and less money is going towards doctors’ visits. Your involvement in this change is minimal, but the ROI quickly begins to rise.
A Cut In Long-Term Costs
With employee wellness programs you are able to customize programs to fit individual lifestyles. For instance, an employee might be at a higher risk of developing heart disease, or maybe they are already battling it. A customized wellness program can help them to better manage their lifestyle.
You might not be fully aware of the health conditions your employees are going through, but the reality is, 40 percent of Americans suffer from a chronic disease. Unfortunately, many Americans don’t have the means to invest in wellness programs on their own. By implementing a wellness program, not only will you save money in the long run, but you can show your employees that you care about their well-being.
If a wellness program is not already in place, your employees might be heading down a road to declining health and, with time, it will cost your company. Once you offer the right wellness programs to your employees, you will be able to reduce those long-term costs.
Healthy Employees Equal A Productive Environment
When employees are healthy, not only are they less likely to miss days at work, but they’re also able to work up to their full potential!
We’ve all been there; came back from a vacation feeling refreshed or participated in a fun activity that increased our energy. After that, most people come back to work feeling refreshed, more energetic, and ready to work.
Productivity is one of the key elements to boosting your business’ bottom line and keeping it that way for a long time! Implementing a wellness program is one of the best ways to boost productivity so that you can improve your numbers.
Do you know the estimated cost of hiring a new employee? A study by the Society for Human Resource Management found that the average cost to hire an employee is $4,129 and it takes around 42 days on average to fill a position.
It might seem like no big deal to lose an employee because they can quickly be replaced. But it turns out that losing an employee impacts your bottom line more than you think. Think about the performance of your new employee. Sure, they will go through some sort of training, but in order to perform their best, chances are they will have to learn through experience, and this will take some time.
To keep a steady bottom line, you want to reduce employee turnover. So, how do you do this? By keeping them happy with a wellness program that interests them! Employees know that they can find a new job that pays them a good salary. But not many companies offer a wellness program to improve their health.
Reduced Health Care Costs
Health insurance does not come cheap, but it is an essential benefit. Many employees need health insurance for themselves and their family. Chances are, this benefit is not one that you can totally get rid of; but you can reduce healthcare costs with a wellness program.
According to the Kaiser Family Foundation, the average company-provided health insurance policy totaled $6,896 a year for single coverage and, on average, employers paid 82 percent of the premium, nearly $6,000 a year.
Healthier employees are a way to manage continually increasing healthcare costs. If your employees are practicing a healthy lifestyle, there will be less demand for healthcare which means, over time, you can save some money on the plan that you offer. It might not seem like a big savings, but over time you will see a boost in your bottom line.
What Is a Wellness Program And How to Get Started
Employee wellness programs are an additional perk to health benefits. The goal of the perk is to help employees stay healthy. There are quite a few types of wellness programs including gym memberships, nutrition counseling, employee assistant programs to help manage stress, and more!
To get started, think about the type of wellness programs your employees would enjoy. You can even ask them about their interests. Once you have a few ideas in mind, it’s time to search for a service that offers exactly what your team needs.
At Work2Live, we realize that not every employee will be interested in the same wellness program. For instance, some employees might benefit from fitness memberships while others can benefit from counseling or spa services to manage their stress and anxiety.
With our Lifestyle Spending Account program, your team can get the different services they need.
Lifestyle Spending Accounts (LSAs) are an employer funded account that covers any cost that contributes to employee wellness. Companies love LSAs because of how flexible they are. For the first time, you no longer have to guess what type of perks your employees would enjoy! Also, money won’t go to waste because your employees have the choice of how they would like to use the funds (with your approval.)
If you’re looking for a cost-efficient wellness program that will enhance your bottom line, talk to us about our LSAs!