10 Important Benefits Of Corporate Wellness Programs
Introduction
The benefits of corporate wellness programs are well-documented but you might be wondering what is a corporate wellness program and what should a program include. Let’s find out and also take a look at 10 ways that these programs can benefit your business.
What is a corporate wellness program?
Corporate wellness refers to programs, policies, benefits and environmental support designed to promote the mental and physical well-being of your employees. Corporate wellness programs are designed to encourage healthy behaviors in the workplace, promoting overall well-being, productivity and morale as well as decreasing health care costs, absenteeism and turnover. Corporate wellness benefits employees and employers. It’s win-win!
Let’s take a look at 10 important benefits of corporate wellness programs (even though there are so many more than 10!):
#1. Increased productivity and morale.
Employees who are more active, eat well and manage stress more effectively can perform better at work. These employees are more engaged in their jobs and will have a greater sense of morale.
#2. Increased employee engagement and satisfaction.
The benefits of corporate wellness programs go further than simply saving money on health insurance costs. As employers look to attract and retain the best talent, it's important to consider the satisfaction levels of their employees. According to a 2018 Cigna study, 54% of workers say they would be more engaged at work if they felt healthier while working. Healthier employees tend to be happier, more productive and confident in their abilities - all contributing factors that can lead to increased job satisfaction.
#3. Improved employee retention rates.
Many companies are finding that their retention rates are higher, employee satisfaction is higher and the amount of turnover is lower. This can lead to a company having better morale among its employees and it also makes employees more likely to stay with the company if they have an incentive to do so.
#4. More appealing to job candidates.
Having a corporate wellness program can be a boon for your company. For example, it can help you attract more job candidates and retain current employees.
When it comes to attracting job candidates, employers who offer wellness programs are 21% more likely to be chosen over other companies that don't have such programs. This is good news if you're looking for new talent! And if you want to keep your current employees happy and engaged? Wellness programs can help with that too: 43% of employees say they would stay at their jobs longer if their employers offered such an option.
#5. Reduced absenteeism.
Absenteeism is a huge problem for businesses, and the costs can truly add up. Your company's productivity level depends on how much time its staff spends working in the office rather than being out sick or taking vacation days; this has been proven time and again by numerous studies on workplace productivity over the years. If an employee isn't feeling well enough from day-to-day life stressors—such as family responsibilities or personal financial troubles—they may feel too exhausted to perform at their best during their job duties; thus reducing your company's quality rating among customers or clients compared with competing firms who offer better health coverage for all workers regardless of income level.
#6. Reduced health care costs.
A healthy workforce is a more productive and efficient one. Having an employee who is in good health reduces the likelihood that they will require extended periods of sick leave or expensive medical treatment during or after their employment with your company. By providing affordable insurance coverage for your employees' regular checkups and regular exercise programs, you can help them maintain their overall well-being and reduce the number of times they have to go off work due to illness.
#7. Improved quality of life and life expectancy among employees.
With a corporate wellness program, your employees can enjoy a better quality of life and live longer. The impact of chronic stress on our bodies is well documented. Employees who are living with chronic stress experience increased risk of developing chronic illness and shortened life expectancy. Promoting a wellness program that incorporates both physical and mental health supports your employees in managing their stress and living a healthy lifestyle.
#8. Decreased accidents.
There is reason to believe that corporate wellness programs can help reduce accidents in the workplace. In fact, safety is quickly becoming a growing concern for companies everywhere, and there are many ways that a well-designed corporate wellness program can help achieve this goal.
For example, one way that a corporate wellness program can increase safety in your workplace is by encouraging employees to get more sleep. Sleep deprivation has been linked with many types of accidents in the workplace, so if you encourage your employees to improve their sleep habits through things like better lighting and exercise regimens, then there’s an increased chance that they will be safer on the job!
#9. Fewer workers' compensation claims.
Another benefit of a corporate wellness program is that employees who are healthy and more active have fewer workers' compensation claims. These types of claims can be expensive, especially if they are serious or chronic. For example, workers who suffer from repetitive stress injuries may need ongoing medical care to achieve full recovery, which can be costly for both the employee and the company. A wellness program can help reduce these costs by encouraging employees to engage in fitness activities that will keep their bodies strong and healthy enough to avoid injuries altogether.
#10. Improved ROI on employee benefits investments.
To calculate the ROI of your wellness program, you need to first determine how much money is being spent on employee benefits. The next step is to compare these costs to the amount saved by avoiding lost productivity or health care costs. For example, if an employee has a heart attack and misses work for four weeks, the company would have paid for that person's salary and medical expenses during that time period, instead of just paying for medical expenses after the fact. Using this simple formula will allow you to see if your investment in employee wellness programs is worth it—and it will help guide future decisions about whether or not they should continue working with them as well!
Corporate wellness programs pay for themselves in many ways
As you can see, it makes a lot of sense for your company to offer wellness programs. These programs cost less than most people think, and they provide huge benefits for both the employer and employees. Many companies have discovered that offering these programs is one of their best investments when it comes to employee benefits.
Looking to include a preventative mental health workshop in your corporate wellness program? At Scott Sheere Wellness we offer training and learning opportunities for your employees to build skills for managing and preventing burnout and stress. Check out our workshops here.
Wishing you a healthy and happy workplace!