Employers Turn to Workplace Wellness to Help Reduce Health Care Costs

Posted by Trista Chan on April 4, 2017

Employees are the assets of any organization, and to sustain these assets and benefit from their long term service, it’s vital to maintain their wellbeing. With the increase in awareness around living a healthy lifestyle, many employers now offer workplace wellness programs to their employees. These programs help in reducing healthcare costs and providing long term benefits to employees and their families. These programs also provide knowledge on eating a healthy diet, the benefits of a healthy lifestyle, regular exercise and leading a happy and healthy life.

According to the reports of the Society for Human Resource Management, more than 70% of employers offer wellness programs to their employees, which is almost a 10-15% increase compared to previous years.

It’s expected that everyone, during some stage of their life will face some sort of health issue, whether it be due to an unhealthy diet, sleep deprivation, alcohol, or hereditary causes.  So by utilising the benefits from wellness programs employees can make positive changes in their health and overall productivity by reducing absenteeism, stress and increasing their performance and efficiency.


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Topics: roi, Employee Engagement, HR, Best Practice, workplace, Corporate Wellness, prevention

Get the Most from Your Corporate HRA Programs

Posted by Hilary Turk on January 24, 2017

If you need to maximise the ROI from your corporate healthcare program, then it’s wise to adopt a step by step approach. Before anything else, an extensive and complete Health Risk Appraisal/ Assessment of your organization is an absolute must for any such program to be successful.

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Topics: Health cost, roi, Tips, benefits, analytics, workplace

How To Handle Escalating  Employee Health Benefit Costs

Posted by Jane Wang on December 13, 2016

Employee benefits in the workplace are becoming increasingly costly for employers in North America. In the US, according to the 2015 Kaiser and HRET surveyThe average premium for single coverage is $521 per month, or $6,251 per year. The average premium for family coverage is $1,462 per month or $17,545 per year. Based on the Conference Board of Canada’s latest benefits benchmarking report, the average cost of providing employee benefits is $8,330 per full-time employee. For the average company, this equates to spending approximately 10% of gross annual payroll. Businesses are experiencing the reality of the aging workforce, and burden on their profitability from the continuously rising health premiums, cases of stress leave as well as increased absenteeism from their employee population. Year after year, CFOs continue to see increased business costs as the result of poor employee health and habits, but some are reluctant to revisit the funding and strategy of current health and wellness programs because most wellness programs cannot report ROI.

 

This is changing.  More data-driven and evidence-based wellness programs like Optimity are able to provide sound financial analysis for the reasons driving these changes in business costs, as a direct results of strategic wellness programs. A strong business case can now be made to invest in proactive health programs. The ROI can be realized quickly and certainly for these cost-effective, digital-first programs that support the employees in making smarter choices everyday, because it always leads to better health outcomes. Innovative and employee-centric businesses who are changing their processes and opting into data-driven and evidence-based wellness programs, are benefiting both from a happy shift in culture (which helps their HR department recruit and retain talent easier), and are saving up to $6.50 for every $1 spent on wellness by implementing a sound cost-containment strategy that flattens the year over year cost increases of their employee benefits costs. 

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Topics: roi

7 Benefits of Technology in Wellness Programs

Posted by Jane Wang on October 26, 2016

 

Technology surrounds us in our everyday life – it’s always changing, and workplace wellness is soon to be revolutionized by this. Where programs that are only in-person or web-based with no mobile access, or rely on substandard self-reported tracking methods, will never be able to truly impact the work-life habits of most of their employees.

Employees these days are using smartphones, wearable devices and mobile apps and it’s fair to say that almost every one of those smartphone users has downloaded at least one health or wellness related app, so why not one that has incentives and connects them to their company culture?

Accessibility and personalization is the key to designing a highly engaging program. Technology and daily wellness practices can complement each other greatly. For a workplace wellness program to be successful, and to have a real ROI, it needs to incorporate up-to-date technology. 

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Topics: roi

Understanding the Numbers Game - The Real ROI Story for Engagement and Wellness Programs

Posted by Jane Wang on September 13, 2016

Unhealthy and disengaged employees are costing North American businesses a whopping $1,100,000,000 per year. Smart organizations are looking to wellness and engagement programs to change their costs, with the average corporate wellness program averaging at $700 per year. But the average participation rates for these programs are below 30%: many organization have little to no tracking of metrics or ROI. This often has people questioning whether wellness programs actually deliver returns, but the real question you should be asking is what type of wellness programs can reduce claims and lower insurance premiums.

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Topics: Health cost, Wellness trends, roi, Employee Engagement, Best Practice

Unlocking the Hidden Values of HR

Posted by Emily Guterres on May 19, 2016

TIME STAMP: 3 MINUTE READ

You may have heard it before, “ HR is a cost center.” “What does your HR department do exactly?” At most times, the questions about HR’s value are not asked politely.

In 2016, engaged productive employees are the biggest investment and reap the greatest rewards. CEO’s are increasingly investing in health and wellness programs because it may be the single, most powerful enhancer of employee engagement. When business leaders recognize the remarkable benefits of a healthy workplace to the organization, they are more likely to commit the time and resources to support and implement the program.

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Topics: Health cost, Wellness trends, roi, HR, benefits