A major key to a successful business is your employees. Seems obvious, right? Companies wouldn’t be who they are without their employees. But attracting and retaining great people is HARD. As businesses embrace new technologies and remote work, employees also feel the effect of inflation, market volatility, and economic uncertainty. In this “new normal,” employees have greater expectations of their employers. We want to feel cared for by our employers, and employee wellness programs are the way to do this. They often increase our productivity, help us feel more engaged, and decrease our stress at work and home.
What is employee wellness? Although it’s a hot topic in the world of HR, it encompasses so much more than you might think.
Wellness programs for employees are comprehensive initiatives designed to support and enhance your team’s physical, mental, emotional, and financial well-being. These programs usually include a wide range of resources and services for employees. In today’s fast-paced and, probably more importantly, high-stress and uncertain environment, health and wellness programs are essential employee benefits to make you an even better employer. In the rest of this post, we’ll discuss wellness program examples and the benefits of employee wellness programs.
Examples of wellness programs in the workplace
Employee wellness programs benefits offer numerous cost-effective benefits that can enhance your organization's overall well-being. For instance, you can consider providing WFH stipends, giving your employees access to meditation apps such as Calm or Headspace, or incorporating financial wellness services like Your Money Line, just to name a few wellness benefits examples. To discover more unique wellness benefits that won't break the bank, look at our blog post or download our ebook, which has 47 examples of benefits that you can start implementing immediately.
Remembering that successful wellness programs should be customized to your employee's specific needs and interests is essential. Therefore, it's vital to gather input from your employees before deciding which benefits to offer. By doing so, you can create a wellness program that is effective, well-received and contributes to a healthier and happier workforce.
Benefits of employee wellness programs
You can offer your employees all these awesome benefits, but what do you get out of it? There are many benefits of wellness programs for both employers and employees.
Improved employee health and well-being
Offering wellness benefits for employees will improve employees' overall health and well-being. In fact, employees who believe their employers care about their overall well-being, by offering wellness benefits, are more likely to thrive in all aspects of their lives, according to research done by Gallup.
Increased employee morale and job satisfaction
Employees will have better attitudes at work and are more likely to love their jobs when they know their employers care about them. 71% of employees who agree their organization cares about their overall well-being will strongly advocate for their organization as a great workplace.
Reduced absenteeism and improved productivity
Absenteeism drains businesses of millions yearly, according to Investopedia. By investing in wellness benefits, employers reduce absenteeism rates and boost productivity. Wellness benefits promote employees' physical and mental well-being through gym memberships, stress management programs, and preventative healthcare. As a result, healthier employees take fewer sick days, enjoy greater job satisfaction, and contribute more effectively to the workplace.
Lowered healthcare costs
Wellness programs promote healthier lifestyles, encouraging employees to adopt regular exercise, balanced nutrition, and stress management habits. As a result, employees are less likely to develop chronic conditions like obesity, diabetes, and cardiovascular diseases, which can lead to high healthcare costs.
Improved employee retention and recruitment
Wellness programs and benefits will increase retention and help attract top talent. According to Gallup, employees are 69% less likely to look for a new job when their employer actively offers meaningful wellness benefits.
Wellness programs have become essential to creating a wellness culture in the workplace. Employers who invest in these programs are not only showing their commitment to their employees' well-being but also reaping the benefits of a healthier, more productive workforce. Wellness benefit examples include reduced healthcare costs and absenteeism, increased job satisfaction, and employee retention rates.
As a financial wellness software, we understand the importance of promoting employee wellness in the workplace. We’ve seen firsthand how financial stress negatively impacts an employee’s overall well-being and ability to perform their job effectively. By offering a financial wellness program as part of a comprehensive wellness benefits package, employers help alleviate this stress and provide their employees with the necessary tools to achieve financial stability. This type of benefit is a win-win for everyone because financially stable employees are less likely to experience financial stress, which impacts job performance. Incorporating a wellness program for employees into overall benefits packages allows companies to foster a culture of wellness that supports not only their employees but also their bottom line.