Corporate Wellness – Dollars And Sense
A good deal of articles speak broadly about the overall benefits of corporate wellness programs for organizations, how they can save corporations cash though leading to higher employee productivity, job satisfaction, and morale. This article will only focus on certain statistics of these programs, demonstrating thoroughly – in dollars, cents, and percentages – the excellent value they bring to the firms that use them. Initially, a comprehensive review of additional than 100 peer-reviewed studies of businesses with wellness and wellness programs over the past three decades showed an average annual savings in health care costs of $358 per employee. Moreover, companies in these studies saw, on average, $294 in annual savings per employee due to decreased absenteeism. That’s an annual savings of over $650 for companies!
The evaluation also calculated the rate of savings versus the cost of corporate wellness consulting and implementation and found that the return on investment on reducing health care costs was $3.27 for every dollar spent by the company and $2.73 for every dollar spent on reducing absenteeism. Another source also looked at studies of more than 50 comprehensive programs and found that every study showed positive wellness outcomes for employees and an over 96 percent cost-effectiveness rate. Moreover, some programs in the studies showed returns on investment of $5.00 or far more for every dollar spent.
Some particular examples demonstrate just how dramatic savings associated with corporate wellness programs can be. For well being care cost savings, a company was able to save between $3,000 to $15,000 in reduced wellness claims by employees. Other businesses meanwhile were able to reduce sick leave rates by nearly 20 percent, with employees absent from work on average a day less than employees not enrolled, with one company seeing 80 percent fewer sick days from employees enrolled in its exercise program than those not enrolled.
Even though wellness programs have also been demonstrated to improve employee productivity and morale, quantifiable rates in reduced employee turnover demonstrate how effective these programs can be for employee retention. Indeed, in one study, large corporations with established wellness programs saw employee turnover decrease by nearly three times among employees enrolled, with another company showing a 10-fold decrease in turnover among enrolled employees.
Wellness programs are substantial assets for organizations and companies of all size. All the figures in this post – from the savings from health care cost reductions, the savings from reduced employee absences, the savings from lower employee turnover rates, and, finally, the cost-effectiveness – make these programs a smart investment for any company.
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