With time, employee expectations about employee benefits and perks are changing. Employers must cater to their needs to ensure better employee engagement and retain their skilled workforce. Right from financial benefits, to flexible working hours, paid leaves, and other workplace benefits, employers are offering different amenities to hire and retain skilled talent.
One of the most effective employee benefits and perks is employee wellness programs.
Over the years, the demand and traction for employee wellness have rapidly increased, and so, corporate wellness programs could be a successful investment for organizations.
Implementing the right employee wellness program at work can give many benefits like low healthcare costs, better productivity, boosted employee engagement, lower turnover rates, and more. And this has been proven by many statistics and studies.
1. Build Healthy Habits and Lifestyles – The primary goal of a corporate wellness program is to promote healthy habits in employees, leading to a behavioral shift. Many studies have proven that well-planned corporate wellness programs can help in triggering this change, motivating employees to follow healthy lifestyle habits, like – healthy eating, regular physical activity, better sleep, smoking cessation, responsible alcohol drinking, stress management, and more.
2. Reduce Chronic Health Risks – Wellness programs aim to boost employee holistic wellness – physical, mental, financial, and social wellbeing factors. A study by the New England Journal of Medicine revealed that for every 1% drop in cholesterol levels, there is a 2 – 3% lower possibility of getting a heart attack. Also, with lower diastolic blood pressure counts, there is a 2-3% drop in the possibility of heart disease. An NCBI study showed that employees who participated in corporate wellness programs and followed healthy habits were likely to reduce their possible health risks by 5 – 7%, compared to people who did not participate in the wellness programs.
3. Lower Healthcare Costs – A study by Health Affairs reported that for every dollar spent by employers towards corporate wellness programs that focus on improving employee health and wellness, there was an almost $3.27 drop in healthcare costs. Many studies have proven that health issues like obesity, diabetes, stress, and others are associated with increased absenteeism, lower productivity, and higher healthcare costs. Investing in employee health and wellness by adopting employee wellness programs can help with better budget management, organizational productivity, and overall profits for the business.
4. Higher Employee Productivity – A Health Benefits study reported that for every dollar spent towards employee healthcare through corporate wellness programs, there was a $2.73 reduction in costs associated with absenteeism. There is a lot of evidence proving that employees who follow healthy habits are more likely to have lower absenteeism rates, thus reducing healthcare costs with increased productivity. Studies have also revealed that the cost of absenteeism due to poor health is 2 – 3 times more than the direct healthcare costs.
There are plenty of reasons why employees could have low productivity at work. This is where employers need to step in and seek employee feedback to know their concerns and work on them to build a healthy workplace culture. While it can help in better employee productivity, establishing a healthy workplace culture with the right corporate wellness programs also contributes towards employee health and wellness, thus reducing healthcare costs and better business growth.