Why Should You Implement an Employee Wellness Program in 2023?
Employee well-being refers to the physical, mental, and emotional health and happiness of employees in the workplace. It is important for employers to prioritise employee well-being as it can have a significant impact on the productivity, engagement, and overall success of the organisation.
Implementing an employee wellness program can bring a number of benefits to your organisation, including:
Improving employee health: Investing in employee wellness can lead to cost savings in the long run. Wellness programs can help employees improve their physical and mental health through activities such as exercise, nutrition, and stress management. This can lead to reduced healthcare costs, fewer sick days, and increased productivity. In a Libratum client survey in 2022, 100% of employees participating in the Libratum Wellness Program benefitted from increased motivation to take care of their wellbeing.
Boosting employee morale: By showing that you care about the health and well-being of your employees, employers demonstrate their commitment to employee well-being, which can improve morale and job satisfaction. This can lead to a more positive work environment and reduce turnover. This was reflected in a Libratum client case study with KeyedIn Solutions, where 81% of employees said they were satisfied with the opportunties provided to them to look after their health and wellbeing. A further 53% of leaders and managers said the Wellness Program is having a positive impact on their team's wellbeing.
Enhancing recruitment and retention: Wellness programs can be an attractive benefit for potential hires, and can also help retain existing employees. When employees feel valued and supported, they are more likely to remain with the company long-term.
Reducing healthcare costs: By improving employee health and well-being, wellness programs can reduce healthcare costs for both employers and employees. In 2018, Harvard Business Review, partnered with WebMD Health Services to assess the impact of health coaching. After 12 months of coaching, the savings in medical costs were about $195 per participant. For those who received condition management coaching, employers were looking at an annual cost savings of $1,113 per participant.
Increasing productivity: When employees are healthy and happy, they are more likely to be productive and engaged at work. A recent survey by the Employee Benefit News magazine found that 31 percent of respondents rated mental illness as the number one reason for loss of productivity. An effective Wellness Program can support employees with a preventative and holistic approach to wellbeing, that supports positive mental health. What's more, wellness programs work to reduce stress and promote better work-life balance, which can lead to increased productivity. According to survey results from the nonprofit Health Enhancement Research Organization (HERO), more than 90 percent of business leaders say that promoting wellness positively affects employee productivity and performance.
By promoting employee well-being, employers can create a positive and productive work environment where employees feel valued, supported, and motivated to do their best work.
Overall, employee wellness programs can benefit both employees and employers by improving health, boosting morale, and reducing healthcare costs while also improving productivity and engagement.