What’s the Big Deal about Wellness Programs?
In the quest to attract and retain skilled workers, many employers are looking to incorporate wellness programs into their company.
More than simply a perk to be included in a benefit package, however, employee wellness programs are an effective means of improving a workplace and can have long-term effects on a company’s culture and bottom line.
Considering the addition of a wellness program to your workplace? Studies show that wellness programs are more than a ‘feel good’ addition to a benefits package and can have long-term positive results for both the employee and the employer.
Workplace culture can affect every aspect of a business. From employee turnover to customer relations, the culture of a workplace shows clearly. For many companies, the relationship between job satisfaction and corporate culture is clear.
When employees are happy with their jobs, they are more likely to perform better, have reduced absences and better interactions with other employees and customers.
A study in occupational health revealed that participation in a work provided wellness program can increase job satisfaction and improve corporate culture.
Payroll is typically the largest expense that companies face. In fact, labour costs can account for up to 70% of business costs. It includes taxes, wages, benefits and more. As payroll costs continue to climb, business leaders are searching for ways to reduce the costs associated with payroll.
According to one US study, implementing an employee wellness program is one of the most effective means of reducing costs. For every dollar spent on wellness programs, medical costs are reduced by about $3.27.
In addition, payroll costs can escalate as employees lose work time due to sickness or other health related issues. Reducing absenteeism is another benefit to implementing an effective employee wellness program. Employer costs associated with absenteeism can fall by $2.73 for every dollar spent on wellness.
Interested in reducing payroll costs? Calculate the savings you could see from the addition of a wellness program.
Corporate Buy In
Wellness programs are only effective when they’re being used by employees. How can you ensure that employees are aware of the program and receive the benefits of it? Corporate buy-in.
To maximize the effectiveness of a wellness program component, engage senior level management in the launch of your program. Demonstrate to employees that everyone within your organization sees the benefits of the program and takes advantage of the components it offers.
Does your wellness program promote walking? Encourage lunchtime walks, led by a senior management member to motivate everyone. Find ways to include corporate leaders in your wellness program.
Not only will they benefit personally, it will increase the level of engagement among employees overall. Experts agree that including senior management is one of the most important factors of a successful wellness program.
Adding a wellness program to your employee benefit package can be effective in improving corporate culture and reducing costs. Encourage participation at every level within your organization for maximum results in health, both physically and financially.
Michele Bailey is president and CEO of Blazing Agency and My Big Idea™. These two lines of business work congruently to support her clients’ success.