The new necessity in employee benefits is workplace wellness. Eighty-three percent of our employer partners believe wellness programs are absolutely necessary to attract and retain employees. Amidst an economy with record highs of employment, every perk an employer can offer solidifies the relationship with top talent – queue corporate wellness programs. Companies in various industries are recognizing the importance and relevance of wellness and are rushing to implement these programs. Beyond employee satisfaction, what is the corporate benefit of wellness? Most importantly, how will it affect an employer’s bottom line?
Axion applies risk management techniques, such as wellness program implementation to alleviate some of the healthcare costs. One of the primary objectives of a wellness program is financial success within a company. With chronic conditions, the goal is to mitigate risk by diet and exercise versus reliance on prescriptions. What does ROI look like for a successful wellness program? We see an average of $3 to $6 for every $1 invested over a 5-year (or longer) period. Savings can be seen in medical costs, worker’s compensation claims, absenteeism, presenteeism, and short-term disability claims. A reason for low ROI on wellness correlates with the time frame for implementation and utilization. A company will not see a one or three-year return because the goal is to keep low-risk members on a healthy path to prevent a shift to a high-risk category in the future. Wellness initiatives are a long-term approach to managing costs and maintaining a healthy, productive population.
Today’s workforce is intelligent, resourceful, and highly motivated. While it’s cliché, companies must seek ways to continually encourage and support their people. Where does wellness play a role? Health, morale, and team-bonding are only a few advantages generated from programs. Statistics show a two-fold increase in productivity for active and healthy individuals. In addition to health and productivity benefits, team challenges established through a wellness program increase camaraderie, friendly competition, team-building and employee encouragement. Moreover, the ability to recruit and retain talented human capital is at an all-time high.
For more information on wellness programs/steps for implementation, please contact Axion’s Wellness Consultant:
Haley Shaw – Wellness Consultant
O: 630.366.7418 M: 224.406.0822