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What's the ROI of Employee Wellness Programs?
Posted: Jul 13th, 2017 at 12:00AM
Employee wellness programs have experienced their own renaissance as of late, with employers investing more in their employees' health in hopes of improving attendance, performance, and overall workplace morale. However, the mere hope of a wellness plan improving the workplace isn't quite enough to convince a business to invest in it; what does the data say? Do wellness plans work? What kind of return might you get on your investment?
First off, an employer needs to be aware of why exactly their employees' wellness is so crucial. Forbes reports that when businesses use some kind of wellness program, there's typically a noticeable reduction in workplace absences, turnover, and stress among employees. Workers who participate in wellness programs have also been found to eat more healthy produce, express more readiness to change their fitness behaviors, lose weight, smoke less, and enjoy better mental health. A happy employee is a productive one; so not only does the employee benefit, but the employer (and whole business) does too.
Now, let's talk numbers. The mystery surrounding the ROI of wellness programs might stem from the fact that many businesses simply aren't keeping an eye on the data. A mere 28% of organizations surveyed by the International Foundation of Employee Benefit Plans said they measure the success of their programs. Why is this number so low? Simple. Measuring the ROI can be expensive, complicated, time-consuming, and very difficult.
But it's possible.
Typically, the discussion surrounding the efficacy of employee wellness programs and how it's measured looks at two main factors: the savings in health care costs, and the increase in productivity due to employees taking fewer sick days. While the numbers will vary, some research has found that after just a sixth-month program, medical claim costs per participant decreased by $1,421. This means that for every dollar invested in their wellness, they saved $6 in health care costs. Other (very modest) estimates put the ROI at around at least $1.50 for every dollar invested. Even on the conservative end, the return is impressive.
A dollar here and there might not sound like much, but one mustn't underestimate the accumulative effect. Take Johnson and Johnson, for example. The company's wellness programs saved them $250 million in health care costs over the course of a decade. Their ROI? From 2002 to 2008, it was $2.71 for every dollar spent. Caring for your employees' health and happiness is paramount to the success of any business.
e7 Health offers all employee health services including vaccines, physical exams, laboratory services and more. If you are in need of titer tests or other kinds of vaccinations, you can book an appointment online, or call (702) 800-2723 (Las Vegas).
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