The Cost Reduction Strategy You Need for A Healthier Bottom Line

If your organization isn’t one of the 70 percent of U.S. companies providing an employee wellness program, you’re missing out on significant bottom line cost savings. More than that, you could also be missing out on recruiting and retaining top talent, and on creating a more engaged and productive workforce.

A recent study by the Journal of Occupational and Environmental Medicine found that companies with well-designed employee wellness programs outperform companies that don’t offer employee wellness as part of their overall business strategy.

Employer health (sick) costs are typically in the top three expense line items, mostly representing preventable conditions. There are eight health risks and behaviors that drive fifteen of the most chronic and preventable conditions. These fifteen health conditions impact an average of 75 percent of employer healthcare costs.

Studies show that if employers can target just three of the eight population health risks, they can save up to $700 per employee per year.

Bottom line?

Incorporating a robust employee wellness program as part of your overall business strategy IS a corporate financial strategy. It’s never too late to launch a new program or enhance your current wellness initiatives to realize cost savings next year.

Here are 7 steps to help you get started in investing today to save next year:

1. Conduct a Wellness Inventory Audit

This will allow you to gain a clear picture of overall organizational, environmental and employee health as it is today.

2. Get leadership’s support and buy-in

This is critical to the success of any program, especially employee wellness programs.

3. Identify what you want to measure

Determine how you will measure success throughout years one through five of the program.

4. Conduct an Employee Wellness Interest Survey

Ask for feedback and design the program accordingly.

5. Review where you and your employees are today

Start aggregating health data to identify top health risks and conditions.

6. Provide employee health screenings

This will allow you to gather clear data on employee’s health status and risks.

7. Conduct Health Risk Assessments

Gather information about employee’s lifestyles and health behaviors to better understand the habits, attitudes and knowledge of employees and their health.

Once you’ve taken these seven steps, you’re on your way to designing and implementing a strategic, intentional and meaningful employee wellness program. This will not only help the health of your bottom line, but the health of your employees and organization as a whole.

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