Workplace wellness programs are important tools for making small businesses today more profitable. Surprisingly enough, it’s the younger businesses that are leading the charge in adopting these wellness programs.
A recent study conducted in conjunction with the National Small Business Association (NSBA) in conjunction with Humana discovered that sixty-five percent of startups that offer wellness programs have found them to well worth their costs. In fact, nearly fifty percent of them believe their wellness programs have helped them recruit and retain talented employees, according to the “Workplace Wellness Programs in Small Business: Impacting the Bottom Line” study. But, what are some of the other reasons employers are finding wellness programs so vital to improving overall profitability?
Huge Return on Investment
Current research indicates that employers who offer workplace wellness programs stand to gain quite a bit from the experience. More than $3.48 for every dollar spent on an employee wellness initiative is generally returned to the employer in the form of reduced health care costs, reports Blue Heron Wellness. But that’s only part of the return. Nearly $5.82 is recouped due to lower rates of absenteeism. That’s just for every single dollar that’s spent on the program.
Weighing the Benefits
It’s easy to get weighed down by the details. What isn’t easy is making a decision to invest in this way when the economy has been anything but pretty. However, if you take a look at just a few of the things your business has to gain by investing in employee wellness programs, you just might discover that it’s a risk worth taking.
1) Reduction in absenteeism
2) Improved morale among employees – greater retention rates
3) Better productivity
4) Fewer injuries
5) Lower health care costs
6) Reduced workers compensation claims
These are impressive benefits that are well worth the investment for the sake of your small business now and in the future. Don’t forget the tax incentives attached to workplace wellness programs. They can make for some substantial savings for employers too.
Making it Work
Providing the benefits alone, however, isn’t enough to make it work for the betterment of your business. You need to make it easily accessible for your employees. If they’re going to have to set appointments outside of office hours, take time off work (or rather give up precious vacation time) in order to take advantage of the program, they aren’t as likely to participate. However, if you bring the wellness program to them, during office hours, and give them a nice, quiet place to conduct their participation, you’ll find that more and more of your employees are willing, even eager, to participate.
The other thing you need to do is lead by example. Businesses with owners and managers who participate in these programs as an example to follow are much more likely to experience the full potential rewards of these programs than those who do not. If your business doesn’t offer a workplace wellness program to employees now, there will never be a more favorable time (or better time) to get started.