Whether you're an employee or an employer, you've probably heard about this new strategy of introducing a wellness program into a company. This may seem like a fad, but, in reality, wellness programs are a lasting trend that show real results that can highly benefit both employees and employers. They not only create a better workplace, they also lead to better business. These are just six of the reasons of how a wellness plan can benefit your company.
It is often said that actions speak louder than words. Many companies say that they care for their employees, but the benefits given to them do not reflect this statement. By instituting a wellness program at your business, you're actively showing that you care about your employees, which will increase their overall morale. This increased morale makes employees two or more times more likely to stay at the company. Not only does this give you a group of dedicated workers, but it saves you money, as replacing an employee can cost up to 60% of one’s salary.
Obviously, when you institute a wellness program, there is a large health benefit. Wellness programs lower the annual work day cost: If your employees are healthy and active, they are less likely to take sick days. Fewer sick days and more work days can save you up to $350 per employee. Unfortunately, wellness programs are not miracle workers, and cannot prevent all types of illnesses. However, since your employees will have a good, healthy base due to this program, it is shown that even when they do have to go the hospital, they spend less time there.
There's a reason that lists are made every year of companies that have the highest employee satisfaction. That is what job seekers are looking for when they apply for work. Wellness plans are a huge step in the right direction for improving employee satisfaction, which will attract the top talent in new employees. The new job force is increasingly using a company's employee health and benefits as a huge factor in where they apply and accept work, 87% in fact. In order to be competitive in the job market and maintain a high rate of applicants, you have to introduce something that shows that you take your employees’ health seriously. What better than a wellness plan that also benefits you?
Access to Incentives
Though tax and government incentives are determined on a state-by-state basis, due to the fact that wellness programs are becoming increasingly more common, it is likely that your state does (or will soon) offer incentives for your installation of a program. There are government incentives of up to 30% available if you choose to institute a wellness program. Part of it can even be deducted as part of a business expense. If you're a small business, you may worry about how much a wellness program could cost. However, you, too, can have a wellness program as, under the Affordable Care Act, up to $200 million is available in grant money to start and maintain your own program.
Lower Health Care Costs
Health care costs take up a large amount of the budget for any company. However, wellness programs can greatly reduce those expenditures. Sixty-one percent of companies that use a wellness program have found that it keeps health care costs down. Since 90% of health care spending is on minor issues that could be cured by a wellness program, you can gain $3.27 for every dollar invested by simply having less employee illness. Disability costs are another huge expenditure for your company, and 90% of those costs are spent on overweight employees. By instituting a wellness program, you can save $358 per year because employees are more likely to maintain a healthy weight.
Ultimately, wellness programs have a large impact on what businesses appreciate most: productivity. These programs enhance employee engagement, as you're more focused and sharp if you're active and healthy. Employees that participate in wellness programs give back 10.3 hours per employee per year, and they decrease voluntary turnover. This means no wasting time looking for and training a new worker. In exit interviews, the number one thing that employees say that they will miss is their wellness program, and they'll fight to stay in a company that gives them the benefits they desire to maintain a healthy lifestyle, creating an even greater incentive to be productive.
You may be thinking, after reading all of this, that while all of these benefits are well and good, you wouldn't even know where to begin. Luckily, due to the rising trend of wellness programs, companies like Capital Benefit Services can be hired to make a customized wellness program to your needs, and take the hassle out of it for you. So what are you waiting for? Take advantage of this win-win situation, and start getting ready for improvement.