The Economic Value of Employee Wellbeing
 

The Economic Value of Employee Wellbeing

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With health care reform a reality, top-performing employers understand that pursuing the objective of healthier, happier employees is even more important. To that end, they’re shifting their focus ...

With health care reform a reality, top-performing employers understand that pursuing the objective of healthier, happier employees is even more important. To that end, they’re shifting their focus to fixing the environmental, cultural and lifestyle systems in the workplace that lead to struggling wellbeing, preventable health risks and modifiable costs. Find out how you can stay ahead of the curve.

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    The Economic Value of Employee Wellbeing The Economic Value of Employee Wellbeing Document Transcript

    • I D E A S T O H E L P G R O W Y O U R B U S I N E S S ©Copyright2013.CBIZ,Inc.NYSEListed:CBZ.Allrightsreserved. W ith health care reform a reality, top-performing employers understand that pursuing the objective of healthier, happier employees is even more important. To that end, they’re shifting their focus to fixing the environmental, cultural and lifestyle systems in the workplace that lead to struggling wellbeing, preventable health risks and modifiable costs. This is a major paradigm shift in thinking about the economic value of health and overall wellbeing. There has been a fair amount of validated research in recent years, demonstrating the effectiveness of successfully implemented wellbeing programs. While the vast majority of them have focused on large- and medium-sized companies, smaller businesses can still draw credible knowledge from these studies to apply to their business. Further, workforce wellbeing and engagement is still important even if the business’ medical plan is fully-insured, has a pooled group premium or is utilizing exchanges because there are other compelling reasons related to the productivity, performance and competitiveness of the business that are important. Employers who are struggling with increasing health care costs and attenuating employee productivity concerns simply cannot afford NOT to improve the wellbeing and performance of their workforce. With the reasons for wellbeing programs so compelling, the issue is not whether to offer a wellness program but how best to implement it so as to fully engage employees to gain clear, measurable outcomes and a real return on this serious business investment. Surveys tell us that the biggest challenge to maintaining affordable coverage is employees’ poor health habits, followed by high-cost catastrophic cases and underuse of preventive services. Clearly, there are preventive and mitigation opportunities to address these challenges. Such programs have goals to: • increase employee education and awareness of health risks • engage the workforce in active, healthy lifestyles • reduce moderate and high risk prevalence in the population, specifically weight, stress, blood pressure, cholesterol, diabetes and tobacco use • reduce medical claims expense, as well as absences, disability and worker’s comp injuries The ‘real’ answer to these problems is to focus on improving employee wellbeing, energy and engagement. Performance will follow. Leading evidence suggests we need to go upstream to fix the system leading to the defects. Businesses can begin to manage the wellbeing of their workforce with the following actions: 1. Designate a wellbeing leader. 2. Endorse a mission of wellbeing. 3. Enlist the help of an expert wellness consultant. 4. Create a team of wellbeing champions. 5. Develop a multi- year strategic plan. 6. Utilize data analytics to drive focus and course. 7. Implement a host of related tactical and practical interventions designed to engage everyone. Senior leadership can ignite a strategic business initiative of wellbeing which ultimately will deliver a return of value. That strategy develops a workforce culture where employees are engaged, accountable self-leaders who are supported in their pursuit of health, wellbeing and life accomplishment. our business is growing yours Wellness The Economic Value of Employee Wellbeing Article reprinted from Fall 2013GROWTHBIZS T R A T E G I E S GINA PAYNE CBIZ Benefits & Insurance Services, Inc. Leawood, KS 913.234.1064 • gina.payne@cbiz.com