How Employee Wellness Programs Save Business Owners Money and Increase ROI
Investing in Employee Wellness Programs is a huge cost effective way to save money, retain talent, and bolster your company culture. With so many employees shopping for the best benefits and place to work, it is a huge benefit they will consider. It shows the company is invested in their workforce professionally and in their personal well-being.
Why your Company Must have Employee Wellness Programs
Before even talking about how employee wellness programs save you money and help your company or business financially…we need to talk about what an employee wellness program means.
Apparently (or as most business owners think about it), such programs are “additional” expenses. But wait a second.
Employee wellness program, in simplest words, is an initiative that supports your employees’ physical, mental, and emotional health. You can support your employees’ wellness in different ways, like providing them with fitness classes or nutrition workshops, allowing them to work in flexible arrangements, or even giving them a yearly bonus.
Your employees (staff, workers, or whatever you call them) are your assets. If they are fit and well their work is getting done faster, in a smooth, and timely manner. If they are exhausted, tired, and ill, their work is being compromised.
Think like this and you will understand that employee wellness programs are not an expense but rather an investment.
This is exactly the purpose of this blog… I will describe how such programs can benefit your company and help you make more money.
ROI on Employee Wellness Programs
Before I jump into the smooth waters of benefits and money an employee wellness program offers you, I want you to be practical.
- Employee wellness program won’t bring results in 1 week. It takes time and is a long-term game.
- You must have a dedicated budget for wellness programs. Some programs like financial and health wellness really need money to operate.
Sounds scary?
But believe it or not, a wellness program gives you 6x ROI!!
This isn’t me claiming this number. A research study on employee wellness published in RAND claim that if a company invests 1 dollar in employee health, it saves them 6 dollars in health costs.
A similar study published in Harvard Business Review states that wellness programs were most beneficial for those at high health risk (body fat, chronic anxiety, heart issues, adrenal burnout, stress, etc.). They saved the company $1421 per participant.
These numbers are just for health wellness programs. I can list as many studies as you want to prove that employee wellness programs bring more money than you spend. Here is another bonus point – wellness programs cultivate a culture of mutual understanding, connection, and bond that makes your company a happy environment for your employees. You are setting the culture, vibe, and stage for success.
You can’t buy everything with money, and loyalty and honesty are among them. But, you can establish an honest and loyal connection with your employees through wellness programs. Now, with that being said, let’s see how wellness programs help you save money.
4 Ways Employee Wellness Programs (actually) Save Business Owners’ Money
The corporate sector is notorious for workload, no care for health, no flexible work arrangements, and rude or dry employer’s behavior toward their employees, which results in disloyalty, no job satisfaction, increased resignations, quiet quitting, and a bad reputation for the company.
I know why most companies follow this traditional and ragged old way of controlling their employees. Somehow, they want to save their money and increase their revenue. But in 2024 this is not going to work.
You need to care for your employees (I can’t stress it enough). A wellness program is one of the most proven and tested ways to do it.
Here are some logical reasons wellness programs save you money and greatly increase revenue and ROI.
Healthy and happy employees are more productive.
When your employees feel their best physically, mentally, and emotionally, they bring their A-game to work. Imagine a team that’s energized, focused, and enthusiastic about their tasks. That’s the power of employee wellness programs.
By investing in their well-being, you’re investing in their productivity. Productivity equals profitability.
When tasks are completed efficiently and effectively, your company’s bottom line sees a positive impact. It’s a win-win situation: your employees feel valued, and your business thrives.
Fit and financially carefree employees have less absenteeism.
If your employees aren’t worrying about their unpaid bills or healthcare costs, they’re naturally more focused on their work, and they feel more financially secure. With the support of wellness programs that address financial wellness, your team experiences fewer distractions and absences due to personal monetary stress or physical illness.
As a result, productivity remains high, deadlines are met, and your business stays on track without the disruptions caused by absenteeism.
You save on disease management costs.
Illnesses and health issues can be costly for both employees and employers. With proactive wellness initiatives in place, you’re tackling health concerns head-on. When you promote healthy habits and preventive care, you’re reducing the likelihood of illnesses and injuries among your workforce.
This means fewer medical expenses, lower health insurance claims, fewer absences, and ultimately, significant savings for your company’s bottom line. Investing in employee wellness now means minimizing costly disease management expenses later.
You don’t need to spend on training new employees.
Employee turnover can be a major expense for businesses, especially when you factor in recruitment, hiring, and training costs. However, with a thriving wellness program, you’re fostering a positive work environment where employees feel valued and supported.
This leads to higher job satisfaction and employee retention rates. When your team feels connected to your company’s mission and culture, they’re more likely to stay long-term, saving you the time and money associated with constantly hiring and training new employees.
Take It or Lose It!
You don’t need to be a mathematician or a finance expert to understand how wellness programs can increase revenue and improve your company. It’s simple. When you take care of your employees, they take care of your business with their whole heart. Their loyalty and honesty increase and they never leave their favorite company.
Givers always get.
Hair Analysis and Employee Wellness Programs
If you are a business boss/CEO/owner/executive and want to learn more about wellness programs, how to choose the best program, or need help implementing one, then LET’S CHAT!
I help businesses thrive in wellness through my natural individualized health and wellness coaching program.
Further studies and readings;
https://hbr.org/2016/04/meet-the-wellness-programs-that-save-companies-money
https://www.sfmagazine.com/articles/2015/december/saving-money-through-wellness-programs/
http://dx.doi.org/10.1377/hlthaff.2009.0626
Copyright Scientific Nutrition, LLC 2024
