How to Achieve a High ROI on Your Wellness Program
Organizations implementing wellness programs do so to enjoy the benefits of positive returns such as reduced absenteeism and increased productivity among employees. Since these programs are part of an organization’s business initiative that uses resources, they must be evaluated against their actual return on investment (ROI).
However, measuring a wellness program’s ROI is often challenging for business leaders, with some arguing that outcomes are impossible to quantify. As such, many organisations seek a value on investment (VOI) to calculate the return on an intangible asset, such as a workplace wellness program.
Why Should You Measure ROI on Employee Initiatives?
ROI is a key performance indicator (KPI) that allows business owners and decision-makers to determine the impact of their initiatives. It’s an important part of business planning, regardless of business size or industry. Measuring the ROI of a wellness program helps establish its value to the organization and is critical in measuring its success over time, helping stakeholders make sound business decisions.
How to Measure ROI of Wellness Programs
Employee wellness programs functioning in the workplace are highly individual. Measuring the ROI requires developing a success measurement framework that can be customized depending on available employee data and program type. Make sure to include quantifiable parameters, such as:
Program cost
Healthcare savings
Actualized health outcomes
Employee feedback
Employee participation and engagement rates
How to Improve ROI on Existing Wellness Programs
For existing wellness initiatives, decision-makers should collect insights on two key metrics:
Did it improve employee health and wellness?
Did it lower the organization’s overall healthcare costs?
If both of these were achieved, then the current wellness program is on track for success. If it missed the mark, it’s time to do a program evaluation to identify what key areas must be improved. Here are some ways to do that:
Develop a targeted wellness program that brings value to employees.
Build a training program for middle managers to increase participation and engagement.
Craft a long-term plan that considers current and future employee needs, and the common features of successful wellness programs.
Improving current wellness programs requires that decision-makers identify the most critical needs and encourage employee engagementt. Start by analyzing what areas take up most of the healthcare spending. Is the company spending more on employees with cardiovascular diseases? If yes, what programs would help lower the risk of such illnesses? Invest in a targeted solution to help reduce costs.
At In Bloom, we will not be the right choice for everyone; we only deliver the course for workplaces. We do this because we come from a background of working in the corporate world, and understand the intricacy of today’s workplace. We think it’s important that your facilitator be able to acknowledge the reality on the ground of your employees, and this is part of the value we bring.
For nearly 1 decade we’ve been consulting and helping businesses develop & deliver their wellbeing programs. From this, we’ve gathered insights, benchmarks, and a growing network of advocates for mental health in the first place.
We compliment the course’s structure with our real-life experience, relevant stories, and empathy for the situation of participants. We create an open space with psychological safety were participants can feel comfortable being their authentic self.
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