The COVID-19 pandemic has thrown the spotlight on the importance of employee health and wellbeing. It has also brought to light the close association of employee wellbeing with workplace productivity, employer-sponsored healthcare costs, and overall business growth. As many businesses are reopening their workplaces, employers are looking for the right employee engagement strategies to drive the momentum and for the business to flourish.
Employers are implementing well-designed corporate wellness programs to support employee health and wellbeing and to improve workplace culture. They are incorporating different employee engagement strategies like corporate wellness apps, wellness program platforms, disease management programs, incentives, tracking tools, and more, to drive engagement and bring behavioral changes.
One of the best employee engagement strategies is offering employer-sponsored health plans. Studies show that employer-sponsored health plans are providing high-quality healthcare services to almost 180 million people in the US. In addition to providing value-driven healthcare services, offering the best-suited health benefits plans also improves the workplace culture and improves employee holistic wellbeing.
When the right employee engagement strategies, along with well-designed corporate wellness programs are implemented the correct way, it can bring in many workplace benefits.
Better Employee Health and Productivity
Poor employee health can have a bad impact on their performance, thus affecting workplace productivity. Studies show that predominant chronic health conditions and their risk factors – hypertension, diabetes, obesity, sedentary lifestyle, and smoking – cost employers approximately $36.4 billion annually due to absenteeism caused by these health conditions.
Sometimes, employee health, especially mental wellbeing, is so affected due to stress or burnout that though employees are on the job, they experience “presenteeism”, impacting their productivity. Reports suggest that compared to absenteeism, presenteeism costs 10 times higher to the companies. Employer-sponsored health plans can improve employee health and wellbeing, encourage better lifestyle habits, and reduce health-related presenteeism or absenteeism rates.
Better Performance and ROI
There is enough evidence proving employer-sponsored health plans and well-designed corporate wellness programs can drive remarkable business growth, reduced healthcare costs, and produces higher ROI –
- For every dollar invested towards employee health and wellbeing, the healthcare costs are likely reduced by $3.27, and absenteeism-related costs drop by almost $2.73. This means it gave a 6-fold ROI on the invested amount.
- A Consumer-Driven Health Plan report showed a 13.5% rise in employee wellbeing rates, with an average drop of 5.2% in annual employee healthcare costs.
- Companies that invested in employee health and wellbeing had a 325% increase in their market prices, compared to an S&P 500 average appreciation of 105%.
In addition to reducing healthcare costs and driving market shares, employer-sponsored health plans also play a major role in recruiting and retaining skilled employees –
- 61% of employees said they were ready to change their jobs for a better health insurance package.
- Almost 66% of the workforce agreed their workplace benefits package was an important criterion for overall job satisfaction.
- 89% of the US employees who were offered workplace wellbeing solutions were more likely to recommend their company as a good place.
Better Business Growth and Economy
The pandemic has affected businesses, in turn affecting the global economy. Productive businesses have always helped the economy get back on the right track from its plunges, and they are very important for the country’s economic recovery. For the businesses to be productive, the employees must be healthy and give their best performance. Consistent investment in employee health and wellbeing through comprehensive corporate wellness programs and other employer-sponsored health plans contribute towards positive economic growth.
The sudden economic fall caused by the COVID-19 pandemic has showcased the importance of employee health and wellbeing, and its impact on business and national prosperity. As workplaces are starting to revive from the unprecedented situations, employers must prioritize employee health and wellbeing by investing in the right robust corporate wellness programs and other health plans.
By investing in employee wellness solutions and health plans, businesses can build a healthy workplace culture, boost employee engagement, and increase productivity, all leading to a flourishing business. In addition to helping the workforce live a healthy and productive life, offering employer-sponsored health plans also gives the company a competitive edge in the market, builds a supportable US healthcare system, and contributes to building a stronger US economy.