Finding the right personalized healthcare solutions for you and your employees has never been easy. If you are an HR professional or head of an organization, you know it can be difficult to manage multiple vendor solutions, react to the changing needs of your employee population, and measure the ROI on solutions that are implemented. Now more than ever, benefits packages are one of the first things potential talent and current employees look for in a career.
It has been reported that 97% of respondents believed it was important or very important that HR plays a role in helping employees maintain personal physical, emotional, cognitive and spiritual well-being. This includes having access to holistic, personalized health benefits and receiving the necessary support in using them.
Here are some of the driving reasons employers should be focused on meaningful and impactful approaches to health and well-being:
Custom Benefits Attract and Retain Talent
Every year, businesses large and small strive to increase revenue year over year. As the head of your organization, it is your responsibility to make sure this happens. In order to do this, you need the best and brightest employees available to you.
Competition for that talent is strong, and the benefits you offer play a pivotal role in attracting and retaining top performers.
According to a recent Harvard Business Review report on why employer-sponsored health plans are key to the current economic recovery, two-thirds of employees say their benefits package is “very” or “extremely” important to job satisfaction, 61% would change jobs for better health insurance, and 89% of workers in companies that support well-being were more likely to recommend their company as a good place to work—positioning benefits as a key determinant to attracting and retaining talent.
The trend we’re seeing is employers are understanding the value well-being benefits have on employee retention and recruitment models and are heavily investing in this area, recognizing the long-term benefits. More specifically, innovative, culture-first companies are adopting Wellview’s integrated whole-person approach encompassing mental, emotional, physical, and financial well-being to cover all areas of proactive employee care.
The Correlation Between Wellness and Productivity
For years we’ve seen the correlation between employee wellness and productivity. Happy and healthy employees approach their daily workload much more positively and are much more cooperative. This makes your company culture more attractive to the potential talent pool.
According to the Centers for Disease Control, these facts can be seen in the data:
- Healthier employees call in sick less frequently and don’t need to use vacation time due to illness.
- There is a greater percentage of employees at work every day at companies that support workplace health.
- Employee health carries over into healthier behavior that impacts both the employees diet, exercise, and wellness routines. Healthy employees are always happier.
- Employees may miss less work caring for ill family members as well.
- Workplace health programs can reduce presenteeism — the measurable extent to which health symptoms, conditions, and diseases adversely affect the work productivity of individuals who choose to remain at work.
Although wellness and productivity intertwine, productivity and cost effectiveness are linked as well.
“The cost savings of providing a workplace health program can be measured against absenteeism among employees, reduced overtime to cover absent employees, and costs to train replacement employees.”
Recent Wellview case studies found that engaged participants not only had 4x fewer sick days, but that sick days decreased as engagement with Wellview increased, drastically impacting employees’ overall health.
Personalized Healthcare Plans Can Maximize Your ROI
Many employers provide health coverage and other benefits for employees that cost thousands of dollars every year. This is quite the investment. To help put it in perspective, in a 2020 Bureau of Labor Statistics employee compensation summary, the average employee received 33% of their total compensation via benefits (bonuses, paid time off, insurance, retirement plan contributions, etc.).
Despite this investment and act of good will, many employers are finding that their expenditures on broad-net benefits packages go down the drain. Thus presenting a question: How do we make the most of our healthcare benefits?
Forbes published an article recommending to companies just how to maximize their healthcare investment.
Their answer: get personal.
“To have the greatest impact, companies and HR leaders should continuously evaluate and adjust their programs and packages. While there’s no magic formula or one-size-fits-all approach to effective offerings, benefits are most powerful when they’re personalized, holistic and adaptive to employees’ unique needs.”
By providing personalized care solutions focused on helping employees use their benefits properly as well as take initiative with fitness and wellness, you will be setting them up for success.
Help Employees Empower Your Company
According to a MetLife Survey:
- 73 percent of employees said that having benefits customized to meet their needs would increase their loyalty to their employer.
- 60 percent were interested in having their employer provide a wider array of nonmedical benefits that they could choose to purchase and pay for on their own.
- Most employees would be willing to take a small pay cut (on average, 3.6 percent) in order to have a better choice of benefits from their employer.
Attracting talent requires more than just your average care benefits. Now, you need personalized, simple, and sustainable solutions to help you save on cost, maximize your investment, and provide a better quality of life to your employees.