Employee wellness initiatives aren’t just a nice perk. They improve your business from the ground up. Here’s why successful businesses are making them a priority.
Take a look at some Fortune 500 companies, and you’ll probably find something about employee wellness initiatives. Of course, you’ll also find long lists of benefits and perks that only the largest and most lucrative companies can afford, like on-site exercise centers, child care, and catered lunches.
The realists among us know that small and mid-sized businesses don’t usually have the resources for these expansive (and expensive) perks. You have to make every dollar count, and think critically about what makes the most sense for your business and for your employees.
At the same time, some employee benefits will, in turn, benefit your business. Employee wellness initiatives are among those benefits with a positive return on investment. Let’s take a look at what these initiatives are and some of the reasons they are good for your employees and your commercial cleaning company.
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What are employee wellness initiatives?
Employee wellness initiatives are programs promoted by businesses to engage employees in improving their health and well-being. These programs aim to promote physical and mental health through different offers or activities.
Wellness programs may include free or discounted gym memberships, weight management programs, flu shots, health screenings, or smoking cessation programs. It could be a lunch break yoga class, meditation, physical activity challenges, nutrition education, and more. Some programs are in person, while others are administered through apps or online courses. Still others offer both online and in-person programs.
The key to a good wellness program is for it to be fun and useful to your team. It has to be something they enjoy or can incorporate into their daily life for the benefits to be realized.
5 Ways wellness helps your business
For employee wellness initiatives to work, they have to be centered on the employees. That said, there are plenty of secondary benefits to your commercial cleaning business.
1. Increased productivity. Those are two words every business owner likes to hear. And with a wellness program, increased productivity is nearly a given. A study conducted by Professor Lamar Pierce at the Olin Business School at Washington University in St. Louis revealed that productivity increased anywhere from 6% to 11%. Another report from Bank of America found that a combined financial, physical, and mental wellness program led to a 50% increase in employee productivity.
2. Increased employee retention. When you have a good team, you don’t want to lose people. Not only does that interfere with your team’s working chemistry, but hiring and training is a time-consuming and costly endeavor. Employee retention is a key element in maintaining a high level of quality work and customer satisfaction. Wellness programs can help. Bank of America found that “84% of employers now say that offering financial wellness tools can help reduce employee attrition.”
3. Reduced absenteeism. When employees call out sick, that puts additional stress on the rest of your team to work short-handed. Additionally, working short-staffed can lead to a reduction in work quality, a higher incidence of accidents, and may also cost you in overtime pay. However, multiple studies show that employee wellness initiatives result in significant decreases in sick days. One report from the Kaiser Family Foundation states that 43% of “small firms” noted a moderately or very effective drop in employee absenteeism.
4. Reduces costs. A report cited by the U.S. Bureau of Labor Statistics states that “employee health programs lead to a 25-percent reduction in company costs associated with sick leave, health plans, workers’ compensation, and disability insurance.” The Kaiser Family Foundation found that 46% of small firms found that employee wellness initiatives helped reduce overall healthcare costs.
5. Postive ROI. The initial cost of a wellness program is more than made up for by the return on your investment. That same report noted above found that medical costs decreased by $3.27 for every dollar spent on wellness programs. Another report published by the U.S. Chamber of Commerce points to an ROI between $1.50 to more than $3 per dollar invested.
Greater employee retention and happiness, increased productivity, a positive ROI, reduced healthcare costs, and reduced sick days are all excellent benefits for your business and your employees. It’s a winning situation for everyone.
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