in Your Success
Workplace wellness is an employee investment that improves your bottom line.
Think about the last time you had a cold, back pain, or stressful event in your life. Remember how hard to was to focus at work and feel productive? Take that experience and multiply it by every person in your organization. Consider the organization’s cost of these factors over time to understand how chronic poor health and stress is likely affecting your business in many ways. Here are just a few of the ways that wellness programs can make your organization more successful while improving the quality of life for your employees.
It may be that you already have the money to pay for a wellness program, but you are spending it in ways that you don’t realize. The obvious and hidden costs associated with poor employee health and low employee engagement add up to sap your organization of vitality and success.
Healthcare Costs Out of Control: Including high insurance costs (health and workers comp) and more sick leave time and disability claims.
Medical Costs are a Big Expense: in 2017, average annual health insurance premiums increased 3% to $18,764 per family covered. The CDC says 86% of healthcare spending is on chronic diseases (diabetes, heart disease, depression, etc.). On average, a person with one chronic condition with miss 20 days of work per year.
A Focused and Effective Wellness Program: Based on 42 published studies, a wellness program could reduce health care costs by 28% and could reduce sick days by 28%. There was an average 61% participation rate in the programs.
Staff Not Engaged and Low Camaraderie: The business culture isn’t encouraging production and effective teamwork.
Employees Not at Work, or Barely Working: With low engagement, employees lack a sense of purpose and social connections at work. They take more sick days and are more distracted when at work. They lack passion, job satisfaction, and are unlikely to recommend the company to others. Productivity suffers.
Opportunity for Connections: Wellness programs address this in two ways. First, the employer-employee connection is enhanced because the employee demonstrates that they care about employee wellbeing. Second, the employees get to know each other through group activities and friendly challenge competitions. 70% of employees believe that wellness programs contribute to their overall job satisfaction.
Hidden Overhead Costs Reducing Profitability: A variety of small factors combine to hurt the bottom line.
A Continuous Drain on Resources: A set of undesirable things happen when employees are not engaged. The employee turnover rate goes up which increases overhead labor cost. It is hard to recruit in this tough market without a wellness program. Customer service goes down and the cost of finding new customers goes up. Staff is at work less (absenteeism) and is more distracted when at work (presenteeism)
Get Value on Employee Investment: 65% of companies saw these improvements when implementing wellness programs, all of which increase productivity and reputation.
– 16% increase in employee sense of purpose
– 22% increase in sense of great work being done
– 16% increase in engagement
– 24% increase in sense of opportunity
– 19% increase in employee’s perception of leadership
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