Employee wellness programs have taken the business world by storm, especially since the pandemic. These programs are no longer just limited to being an employee perk, but also an imperative strategic business decision. According to a study by Harvard Business Review, Johnson & Johnson saved over $250 million in healthcare costs in a decade in lieu of improved employee wellness programs, returning $2.71 for every dollar spent. Employee wellness programs include fitness activities such as yoga, gym memberships for employees, preventative health check-ups, offering a range of wellness discounts, etc. The range of employee welfare benefits offered by a company may vary, depending on the brand, employee strength, and other factors. Ever since the outbreak of COVID-19, organizations-big, medium, or small have started offering wellness initiatives to improve productivity, performance, and trust of the employees.
Can wellness initiatives be measured?
Globally, wellness has been defined as a service provided by vendors, having expertise in delivering curated solutions based on the company’s requirements. These solutions can range from physical, emotional, spiritual, financial, social, and even occupational.
Organizations consider wellness as an added incentive, without measuring its effectiveness amongst the employees. Due to this, they cannot work on a further course of action to better the existing program or bring out a new one altogether. Hence, without a definite goal, it becomes impossible for organizations to benchmark improvement or measure return on investment.
It is imperative for companies to deliberate on the fact that a well-defined program with a view on long term results will increase healthcare costs for the organization in the short term. At the same time, the program, if implemented thoroughly and strategically, can save millions for the organization in the long term. Wellness can no longer be viewed as a soft HR metric but a key to measuring business employee engagement, performance, and retention tactics.
Given below are a few ways by which you can measure the effectiveness of an employee wellness program
Low absenteeism: A successful employee wellness program will help in improving overall employee health. With employees being healthy there is less scope of absenteeism, which eventually helps in improving efficiency.
Increased employee retention: Happy and content employees do not quit the company and instead, want to continue being a part of it. This helps the company retain employees and helps in saving time to conduct interviews and hire other employees.
Increased productivity: Employee productivity is directly proportional to an employee’s health and mental well-being. A physically fit, healthy employee will happily and comfortably work and is bound to deliver better results. Thus, helping the business expand and earn more profits.
Boost employee morale: Healthy employees are naturally happy. With professional assistance and wellness sessions, the work environment becomes positive, thus boosting their morale. Mental wellness sessions also provide employees with access to therapists.
Preventive care: By offering preventive care for employees and their families, organizations can ensure a smooth healthcare journey for their workforce. Early detection often helps in significantly lesser costs as against advanced disease treatment. Data based intervention in such initiatives will signify the actual benefits delivered to employees.
The nature of business determines the type of employee wellness program an organization should adapt to. For instance, a manufacturer will benefit from programs that help its employees improve balance and efficiency, thus helping them detect signs of physical damage due to harsh working conditions early on and consequently treat it. Though the world may be changing with smaller enterprises and freelancers, a comprehensive healthcare program is still a big card to pass on for many industries and will continue to have a major impact on the workforce, After all, great companies help change lives and it always begins at home.