Did you know that the global workplace wellness industry is expected to grow by seven percent between now and 2027? Over and over again, studies show that wellness programs make employees happier and more productive at work.
Many of the benefits of wellness programs tie into employee morale. Since this is hard to measure, it can be difficult to gauge the effectiveness of wellness programs in the workplace.
This lack of measurement can cause management to be skeptical. Knowing how to measure ROI of wellness programs could be the difference between approval or denial of the program.
Even if your leadership team does agree to roll out a wellness program for employees, gaining employee buy-in is also a challenge. You have to provide a robust enough program to make it worth employees’ time. If you come on too strong, though, you run the risk of overwhelming and alienating them.
To help you navigate these conversations, we’ve put together a list of wellness program metrics that you can measure. Use them to gain management buy-in and promote your corporate wellness program to your employees. Here are 9 metrics to measure the ROI of your wellness program:
1. Employee Retention
Employee retention is a great metric to track, especially if your leaders value community-building. Start by tracking your annual employee retention rates. Then show that you can increase that number by implementing a wellness program.
2. Cost of Turnover
Turnover relates to employee retention but applies a different lens to the issue. Use this framing if your leaders worry about the cost of implementing a wellness program.
Measure the cost to your company to hire and train new employees at all levels of the organization. Combine this amount with your projected decreases in employee turnover. This shows what you can save yearly by starting an employee wellness program today.
3. Employee Happiness
Workplace wellness programs decrease stress and anxiety, improve psychological safety, and boost employees’ creativity. All these outcomes combine to create a happier, more productive workforce.
4. Absenteeism
Millions of workdays are lost each year because of mental health. Employees who are stressed, burnt out, or depressed miss work. They do so at higher rates than employees who don’t struggle with their mental health in these ways.
Of course, workers should take off work if they need to take care of their mental health, but having access to a workplace wellness program can help improve some of these issues. This reduces their need to take sick days to take care of their mental health.
5. Productivity
It seems counterintuitive to have employees take time out of work to focus on wellness. However, mental breaks throughout the day actually boost employee productivity when they come back to work. This helps them do more in less time.
Workplace wellness and meditation also build your employees’ ability to focus. This leads to productivity gains in the long run.
6. Benefit Costs
Improved health outcomes are a natural result of a wellness program. Because of this, your employees will need less medical care and attention over time. This will lead to huge benefits savings for your company in the long run.
Keep in mind: it’s not uncommon to see increased benefits costs immediately after launching your workplace wellness program. As employees focus on their health, they’ll seek out medical attention for issues that they’ve been ignoring. Give it time, though, and those healthcare costs will decrease to lower levels than when you began your program.
7. Customer Satisfaction
Through your wellness program, your employees will experience health benefits and mood boosts. They’re likely to pass this good energy along to your customers.
Engaged employees build more effective relationships with customers than unengaged employees. Your sales numbers will likely go up after starting an employee wellness program.
8. Employee Enrollment and Engagement
Of course, your company will only see these returns if your employees actually engage with the wellness program. Before putting any new wellness program in place, check that it will meet the needs of your employees. Consider sending out an employee survey to see what they want to get out of the wellness program.
Also, celebrate the launch of your program! Make sure employees know that the program is available to them. Let them know how to sign up and why it’s beneficial for them to do so.
Regularly remind employees about the wellness resources you have available to them. Help them build the habit of using the program.
9. Healthcare Claims
Healthcare claims will decrease as your employees improve their health outcomes through engagement with your workplace wellness program. Track the difference in annual healthcare claims cost before and after you begin your program to see how much your company saves!
Also, celebrate the launch of your program! Make sure employees know that the program is available to them. Let them know how to sign up and why it’s beneficial for them to do so.
Regularly remind employees about the wellness resources you have available to them. Help them build the habit of using the program.
How Twello Can Help You
A solid wellness program starts with knowledgeable creators and the right content. Here at Twello, we provide modern workplace wellness solutions for you and your team.
Our mix of virtual and onsite corporate wellness training provides you with options designed for all workplaces. Our wellness videos cover mindfulness, yoga, and other evidence-based wellness practices. Whether you’re looking for live or prerecorded classes, our content is sure to fit with your schedule and budget!
Knowing How to Measure ROI of Wellness Programs Benefits Your Managers and Employees
After reading this article, you should be able to respond to the question, “Are wellness programs worth it?” with a resounding “Yes!” Different leaders will have different goals related to employee health and satisfaction. However, they will all respond to at least one of the metrics listed above.
No matter which approach you need, use the tips listed above on how to measure ROI of wellness programs to appeal to your audience and their goals.
Ready to transform your employees’ health and your company’s profits? We have many corporate wellness program options that are customizable to fit your needs. Book a call with one of our wellness consultants to learn more today!
