At this time of year many individuals and companies are exploring new or updated health insurance programs. Insurance companies offer significant benefits to companies that have documented wellness programs, so companies are making a significant investment in improving the health of their workforce. A study conducted by Fidelity revealed that over half of employers (56%) offer a wellness program to their global workforce, with 40% of the budget directed at incentives for employees to participate.
What’s in it for the employer?
In addition to improving the overall health of the workforce, wellness programs offer benefits for the employer, including:
- Reduced healthcare insurance costs
- Fewer sick days
- Fewer work comp claims; lower premiums
- Lower turnover/higher employee retention
- Improved employee morale and engagement
What’s in it for the employee?
Often employees would like to improve their health, but do not have the means, funds or motivation to make the necessary changes. Company-sponsored wellness programs can provide the means and funding, and peer interaction can provide the motivation. Employees who wish to lose weight can join group programs that may have game or competitive components. Employees who wish to quit smoking will have help with proven tactics, support from the group in developing new habits, etc.
Because 40% of the budget is earmarked for employee incentives who participate in wellness programs there may be a tangible reward in the form of merchandise or gift cards, or a monetary reward when the employee cost of health insurance is reduced or funds are added to their Health Savings Accounts.
When companies “walk the talk”, employees see healthier choices offered in vending machines and company cafeterias, they may be able to access nutritional information and advice online and many platforms offer a web-based option for medical information.
Healthier employees have fewer accidents and injuries and take fewer sick days due to injuries on the job.
Are your employees at risk?
Think your workforce is already pretty healthy? According to the Department of Health & Human Services, here’s the breakdown of the average employee population in the U.S.:
- 25 have cardiovascular disease
- 12 are asthmatic
- 6 are diabetic
- 26 have high blood pressure
- 30 have high cholesterol
- 38 are overweight
- 21 smoke
- 31 use alcohol excessively
- 20 don’t wear seatbelts
- 24 don’t exercise
- 44 suffer from stress
Just get started!
If you do not have a wellness program in place, we can help! All Star Incentive Marketing offers a customized wellness platform. Over 900 companies across the globe with over 2.5 million active members are using our platform powered by CoreHealth Technologies.
If you do currently offer a wellness program, let’s discuss ways in which your incentive budget can be maximized to increase employee participation and improve program results.
Partnering with an experienced incentive, rewards and recognition company will ensure that you are making the most of your wellness program investment. Contact us today!