By investing in the health of its employees, a company will see numerous advantages and benefits. When employees are healthy, they’re more likely to experience job satisfaction and productivity. And the flip side of this can have some heavy consequences, financial and otherwise. Here’s more on the advantages and benefits of corporate wellness programs.
Cut medical costs.
Health care costs can pile up per employee, and when employees deal with physical and mental health problems, that number spent skyrockets. And in 2020, company health care costs are expected to rise 6%. Interestingly, about one-third of company employees account for almost 62% of the health care costs. This means with an employee wellness program that’s tailored to these employees but broad enough to help all, health spending will go way down.
When less funds have to be allocated to employees with health problems, more can be allocated toward preventative health measures, keeping the cycle of a healthy and happy workplace.
Boost employee engagement.
Employees spend the majority of their week working. Which means engagement is a must to avoid burnout. They need to feel that they’re doing what they’re good at and making a difference. And one way to boost engagement is to implement more initiatives around wellness and balance. Because balanced employees are more healthy, physically and mentally.
A study of more than 12,000 employees found that 48 percent of workers who frequently participate in corporate wellness programs are extremely likely to recommend their employer as a place to work. Compare that to only 29 percent of those who never participate in programs and 18 percent of employees at companies with no programs.
Less missed work days.
When corporate wellness programs are in place and employees are healthier, they have to miss less days. Studies estimate that costs associated with this “absenteeism” are 2-3 times greater than direct health care costs. Not only this, employees will be more successful day to day when they aren’t bogged down by physical or mental health concerns. In a culture that prioritizes their wellness, employees should feel comfortable taking a sick day when needed. But, with adequate wellness programs, these instances can drop in number.
Helps with employee recruitment.
If your company has unique wellness initiatives and benefits for employees, that can be a driving factor in recruiting top talent. For many, wellness programs are a deal breaker. Doing it right and helping employees know they’re supported can set your company apart.
When a workplace prioritizes health, the company culture reflects that in the best way. Ideally, everyone will place that same value on balance, engagement, and physical/mental wellness. Some corporate wellness initiatives are great for promoting community. This can strengthen the bond between employees and help them feel more connected to the company that they know supports them.