Prioritizing the well-being of your employees is essential for any small business owner. Employee wellness programs are becoming increasingly important for businesses that want to retain staff by promoting their health and well-being. These programs have the potential to promote physical, mental, and financial health, resulting in increased productivity, work satisfaction, and length of employment while lowering healthcare expenses. In this piece, we’ll discuss the significance of wellness programs for workers, as well as data on their impact on retention and productivity. Also, we’ll go through how providing a 401k plan, preventative healthcare, and full-household telemedicine services can all help to improve employee wellbeing.
Employee wellness programs are initiatives designed to promote healthy behaviors and improve employee well-being. According to a study by the Society for Human Resource Management, 76% of employers offer some form of a wellness program. Investing in employee wellness programs has shown a positive return on investment (ROI) for businesses. A study found that for every dollar spent on wellness programs, employers saved $3.27 in healthcare costs. Additionally, employees who participate in wellness programs report lower stress levels and higher job satisfaction.
Employee productivity and retention rates have been shown to benefit from employee wellness programs. The American Psychological Association found that organizations with strong wellness programs report a 72% boost in employee productivity. Furthermore, according to a survey by the National Business Group on Health, organizations with thorough wellness programs have an average employee turnover rate of 9% as opposed to 15% for organizations without such initiatives.
These figures demonstrate that an investment in employee wellness is good for a company’s overall profitability and stability as well as for the employees themselves. Companies may establish a productive work environment that encourages employee engagement, motivation, and satisfaction by placing a high priority on employee wellbeing. The bottom line of the business ultimately benefits from improved productivity and lower turnover rates as a result.
Preventative Healthcare
Preventive healthcare is a supplemental group insurance policy that reimburses employees who participate in programs designed to prevent disease and injury before they occur. Encouraging group preventative healthcare can assist workers in maintaining their health and avoiding high medical costs. Also, employees are more likely to report high levels of job satisfaction and productivity when they participate in preventative health practices.
Telemedicine services offer remote access to medical care, typically via video conferencing or the telephone. They save the time and burden of travel and wait times associated with onsite medical evaluations. Small businesses can facilitate rapid and simple access to medical care for their staff members and their families by providing entire home telemedicine services, ideally with no copay. The National Business Group on Health found that 90% of large firms currently provide telemedicine services to their staff members. As they lessen the need for in-person medical appointments and minimize associated travel expenses, these services can result in cost savings for both companies and employees.
401k Plans
Employees can contribute a percentage of their pre-tax salary to a retirement account through a 401(k) plan, a common retirement savings program. Also, employers have the option to match a part of employee contributions. According to a research by the Transamerica Institute for Retirement Studies, a retirement plan is a “must-have” benefit for 82% of employees. In addition, 76% of workers claim that having a retirement plan would increase their likelihood of sticking with their current employment. 401(K)’s have become easier to access for small firms and can be a vital tool for luring and keeping top talent.
Design with Strategy
Strategy is required to establish a wellness program for employees that includes a 401(k) plan and preventative healthcare. To learn more about an optimized strategy for using your employee benefits as more powerful retention strategies, we advise clicking here to book a free 30-minute consultation with a NetWellth Certified WellthCoach.
Finally, investing in employee wellness programs, providing a 401(k) plan, preventative healthcare, and telemedicine services can tremendously benefit small firms. These initiatives help to attract and keep top personnel while increasing job happiness, productivity, and healthcare costs. Consider your employees’ wellbeing when deciding whether to establish an employee wellness program, and carefully prepare the initiative to make sure it fulfills their needs. You’ll learn how from your WellthCoach.
- Society for Human Resource Management – https://www.shrm.org/
- Transamerica Center for Retirement Studies – https://www.transamericacenter.org/
- Live Life Healthy Preventative Healthcare Programs – https://www.livelifehealthy.com/
- Centers for Disease Control and Prevention – https://www.cdc.gov/
- National Business Group on Health – https://www.businessgrouphealth.org/