Employee wellness benefits can benefit both employees and employers. Research reveals that organizations with highly impactful and employee-friendly health and wellness benefits have 40% more chances of reporting greater financial performance than organizations with less impactful health and wellness benefits.
Employee wellness benefits are no longer good to have, they are a must-have in today’s world.
Employee wellness programs are no longer limited to employee perks. Today, many employers are leveraging these programs to improve employee health and help individuals deal with specific health issues. Your employees are your most valuable assets. You need to ensure their mental and physical well-being to keep them motivated and improve their productivity. Research shows that employees are more likely to recommend organizations that support their well-being.
7 Reasons Why You Should Focus on Employee Wellness Benefits
Here are seven significant reasons why employee wellness benefits are a win-win for organizations:
Minimized Health Costs
Employee wellness benefits can greatly reduce healthcare costs for organizations. Based on 22 different studies on employee wellness benefits and healthcare costs, it was found that the average return on investment (ROI) was 3.27. In simpler words, for every dollar that an organization spends on its employee wellness program, the organization saves $3.27 due to minimized healthcare costs.
An excellent example of this finding was Johnson & Johnson’s employee wellness program. The company saved almost $38 million in its first 4 years. The average saving was $224 per patient per year.
Per the Centers for Disease Control and Prevention (CDC), productivity losses resulting from personal and family health issues cost US organizations $225.8 million annually or $1,685 per employee per year. However, organizations that have employee wellness programs report improved employee productivity.
For 25% of organizations, the primary goal of employee wellness benefits is better productivity.
According to a Gallup research, employee engagement is a result of good health. American employees who are healthy are more engaged. Another study by the American Psychological Association revealed that in organizations that support employee wellness, 91% of employees are engaged and motivated.
Employee wellness programs result in higher attendance in organizations. In other words, in organizations that support the well-being of employees, employees are less absent from work or less likely to skip work.
Research shows that for every dollar an organization spends on employee wellness, it saves an average of $5.80 in absenteeism costs.
According to an article on Forbes.com, 96% of employees strongly believe that showing empathy is a good way to improve employee retention. Therefore, employee wellness benefits can help you tackle employee attrition.
Another critical benefit of employee wellness programs is that they draw candidates and help you beat your competitors in the labor market. Having employee wellness benefits enhances the value of your brand and makes it easier for you to draw top talent.
According to a survey by Virgin HealthMiles and Workforce Management, 87% of employees consider health and wellness benefits when choosing an employer.
Better Organizational Culture
Employee wellness programs help in fostering a positive organizational culture. Approximately 77% of employees believe that workplace wellness benefits positively impact the organization’s culture. In other words, employees who rest assured that their organizations take care of their wellness are happier and promote a positive work culture.
3 Employee Wellness Ideas to Consider
Here are three interesting employee wellness programs you can implement to boost employee productivity, retention, and engagement:
- Mindfulness classes: Yoga and meditation can help a great deal in tackling stress, especially during these tumultuous times. You can organize yoga and meditation classes for employees to help them relieve stress related to remote work and the pandemic.
- On-site workouts and wellness seminars: You can organize monthly or weekly on-site workouts and wellness seminars for employees. Some seminar topics could be dedicated to managing health issues and interests such as diabetes, promoting a balanced diet, emphasizing the need for adequate sleep, and so on.
- Employee wellness assistance: Wellness is not limited to the body, it is also important for the mind. You can also offer wellness sessions for employees for challenges like anxiety, depression, stress, and substance abuse.