Corporate wellness programs provide countless benefits to both employees and employers.
From the standpoint of employees, wellness programs lead to improved health, thereby increasing employee engagement, productivity and efficiency. Meanwhile, employers are able to retain the best talent in their organizations.
However, despite the importance of wellness programs, many organizations consider them as heavy expenses and are reluctant to implement them.
The question is, how much does a wellness program cost an organization? Read on to get the answer:
Cost breakdown
A recent survey from Fidelity Investments shows that organizations spent $693 per employee on wellness programs in 2015. This represented a 61 percent increase over the past five years. Larger organizations spend more on wellness programs.
If you’re wondering whether a wellness program is a sound investment or not, the simple answer is ‘yes’. According to a Harvard study, each dollar spent on wellness programs saves organizations nearly $3 in healthcare costs, along with $3 in reduced absenteeism.
Employee absenteeism is a common issue in organizations. A high absenteeism rate can cost organizations in terms of missed workdays, high medical costs, lower productivity and more. According to the Centers for Disease Control and Prevention (CDC), employee absenteeism drained the country’s economy $2 billion in 2016.
These numbers show that wellness programs can help companies save money in terms of employee productivity and performance.
Customization is key
While wellness programs play a crucial role in improving employees’ health, well-being, reducing absenteeism and enhancing productivity, it is important to implement a customized wellness program at your workplace.
Organizations have different goals and needs. A customized wellness program can provide your employees the benefits they need.
Generally speaking, traditional wellness plans tend to focus on diet management, physical activity and so on.
On the other hand, customized wellness plans can generate more savings in the long run as they focus on the things that employees want. This may include anxiety and stress reduction classes, nap rooms at workplace, and more.
Customized plans are specifically designed to prevent employees from developing health issues or worsening their symptoms.
If you need a customized wellness plan, contact JS Benefits Group.
JS Benefits Group offers tailor-made employee health benefits and wellness programs for organizations in the Mid-Atlantic.
The company creates innovative wellness programs tailored to the needs of their clients for employee health improvement.
The consultancy firm has worked with more than 1,200 corporate clients. To schedule a meeting, contact JS Benefits Group now.
