Convince Execs Why a Wellness Program Is Worth the Investment

Transcription

1 CONNECT WORKPLACE WHITE PAPER Convince Execs Why a Wellness Program Is Worth the Investment CONNECT WORKPLACE WHITE PAPER Convince Execs Why a Wellness Program Is Worth the Investment Copyright 2015 MINDBODY 1

2 Senior executives need to see the data before making important company decisions, and deciding whether or not to offer a wellness program is no exception. The good news is there s a growing number of studies being conducted on the subject. In fact, research shows companies that implement wellness programs are more successful in reducing their employee healthcare costs, lowering absenteeism and improving morale resulting in increased employee engagement and productivity. Whether you re a company of five or 50,000, offering employees the right wellness program will positively impact your company s bottom line. CONNECT WORKPLACE WHITE PAPER Convince Execs Why a Wellness Program Is Worth the Investment Copyright 2015 MINDBODY 2

3 Save your company money. According to a recent survey, 61% of companies have found wellness programs to be among the top three most effective ways to keep healthcare costs down. 1 Part of this can be attributed to the high percentage of preventable illnesses reported. In fact, 90% of all healthcare expenditures are spent on health issues that could have been avoided by participating in a wellness program. 2 Companies offering wellness programs experience less overall employee illness, drastically reducing their healthcare costs by about $3.27 for every dollar invested. 3 Employees who participate in wellness programs are also reported to take less sick leave than nonparticipants. And, according to the American Journal of Health Promotion, wellness program participants are less likely to be admitted to a hospital when ill, and when they are, they spend less time there. 61% of companies found wellness programs keep healthcare costs down 90% of healthcare expenditures are spent on preventable illnesses $3.27 in reduced healthcare costs for every dollar invested Companies are spending billions of dollars on disability claims, a majority (90%) of which can be directly tied to a person s Body Mass Index (BMI). The higher an employee falls on the index (the more overweight they are), the higher the cost to the employer. Staff who participate in wellness programs are more likely to maintain a healthy weight, saving employers $358 per employee per year. 4 CONNECT WORKPLACE WHITE PAPER Convince Execs Why a Wellness Program Is Worth the Investment Copyright 2015 MINDBODY 3

4 Take advantage of grants and tax incentives. A portion of what is invested in a wellness program can be deducted as a business expense. 5 Companies are also given government incentives of up to 30% of the cost of an employee s healthcare coverage to reward staff for getting and staying healthy. Companies that offer smoking cessation programs are allowed to offer rewards of up to 50% of the cost of coverage. 6 Each state determines its own additonal tax credits should they choose to offer them based on a state-specific set of criteria. Because more and more companies are beginning to offer wellness programs, additional states are expected to offer deductions in the near future. Provisions have been made for small businesses under the Affordable Care Act, making a total of $200 million in grant money available to small businesses to be used toward starting their own wellness programs. 7 Increase employee morale, loyalty and productivity. It s a no-brainer that when people feel taken care of, their overall mood improves. It s been shown that staff who are given flexible healthcare options feel cared about by their employer; they re happier, which means increased engagement and higher morale in the workplace. 8 $350 Healthy employees take fewer sick days, saving companies up to $350 per employee per work day. According to US Corporate Wellness, employees who participate in wellness programs are two or more times likely to stay at their company than nonparticipants. 9 And with the cost of replacing an employee as high as 60% of the employee s annual salary, wellness plans are the more affordable option. 10 The American College of Occupational and Environmental Medicine discovered that employees who participate in wellness programs are more productive than those who don t, giving back 10.3 work hours per employee each year. And, employees who maintain an active and healthy lifestyle result in lower annual work day costs because they take fewer sick days and therefore get more done. That s an average savings of $350 per employee. 11 CONNECT WORKPLACE WHITE PAPER Convince Execs Why a Wellness Program Is Worth the Investment Copyright 2015 MINDBODY 4

5 Wellness programs can effectively reduce absenteeism, saving employers up to 25% in healthcare spending per employee. These types of programs have also been shown to effectively reduce sick time, enhance employee engagement, heighten morale and increase work productivity. 12 Attract top talent. Wellness plans are no longer only offered by large companies. There are a growing number of small-to-medium-sized businesses incorporating additional wellness benefits in the workplace. This is the direct result of a growing number of job seekers (87%) who use an employer s health and wellness benefits as a determining factor when deciding where to apply. It s been found that employees who work for an organization that offers a wellness plan have higher job satisfaction and are more likely to refer their company to others % of job seekers use an employer s health and wellness benefits as a determining factor when deciding where to apply. The key to a successful wellness program is offering your employees resources that significantly impact how they look, think and feel. And because your employees desire convenient healthcare solutions, it s also important to offer them a variety of treatments that are easily accessible. The real challenge for employers has been effectively communicating their wellness program benefits to their employees. One survey revealed that only 51% of employees even understood how to participate in the wellness program provided by their employer. 14 The good news is there s a way to easily run and develop a customizable wellness program that offers all the convenience and benefits your employees are looking for. Schedule your guided tour today and discover how MINDBODY Connect Workplace can help your employees and your bottom line. CONNECT WORKPLACE WHITE PAPER Convince Execs Why a Wellness Program Is Worth the Investment Copyright 2015 MINDBODY 5

6 MINDBODY Connect Workplace is the largest network of wellness providers in the nation. Accessible on a mobile device, employees can easily search and book classes and appointments from everything from massage to yoga to fitness. Employees can also pay for any service on the network with the MINDBODY Card. This reloadable subsidy rewards healthy behavior and increases engagement by allowing employees to choose the wellness services that best meet their unique needs. Now you can give your employees the flexibility they crave and the motivation they need to get, stay and be healthy. See how MINDBODY Connect Workplace works at connectworkplace.com. Sources Wellness Programs.pdf?sequence=1 4. Ibid , , CONNECT WORKPLACE WHITE PAPER Convince Execs Why a Wellness Program Is Worth the Investment Copyright 2015 MINDBODY 6