Eighty-seven percent of employees consider health and wellness benefits when choosing an employer, according to a study by recruiting website Zippia. Adding wellness initiatives programs to your benefits package can provide your company an advantage in attracting talent over your competitors.
Here’s what to know about employee wellness initiatives as well as 5 key initiatives that your team can implement to improve the employee experience.
What are employee wellness initiatives?
Employee wellness initiatives are benefits programs that a company provides its employees. The purpose of these solutions is to promote the health and wellbeing of all the members of the office. Not only do companies see improvements in their workers mental and physical health, they often will see positive returns on their productivity and quality of work as well. In addition to cultivating a better work environment, according to the same Zippia study, 72% of employers saw a reduction in their healthcare costs after implementing these programs.
These wellness programs can come in many different forms. Here are 5 key wellness initiatives to help your team succeed.
1. Fitness classes and health education
Encouraging your employees to exercise can positively impact both their physical and mental health. Fitness benefits can also appeal to all manner of employees, whether they enjoy complex lifting courses or low-impact aerobics. Providing stipends for these classes offers a cost-saving alternative to building an on-site gym or health club.
2. Schedule flexibility
In the post-COVID-19 workforce, flex-time is one of the most requested employee benefits. Employees want the ability to set their schedule for when to come into the office and when to work from home. The flexibility has the added benefit of reducing stress and anxiety in the workplace which will help increase productivity in the long run. Flexibility also provides added benefits for working parents trying to balance work and childcare duties.
3. Health screenings
Common reasons that people don’t go to the doctor include a fear of what a routine checkup might cost, a feeling of embarrassment or they lack access to the proper resources. All of these issues can be alleviated by providing onsite health screenings. Screenings only take 15-20 minutes of people’s time and to increase participation, can be provided during work hours.
Some employees may be dissuaded or nervous in volunteering in a program like this. Common incentives for participation include cash bonuses, reducing contributions towards health insurance and providing a flexible spending account.
4. Wellness goals
Declaring a shared goal that employees work on together while encouraging others to participate and excel in the programs helps raise the participation percentage of the benefits and can double as team-bonding exercises as well.
These goals can be carried out individually or workers can form teams and try to achieve them together. Some common challenges that workplaces have thought up are meditation, drinking more water, keeping a gratitude journal and walking/biking to work.
5. Financial wellness programs
Only 42% of employees rate their financial wellness as good or excellent, according to a report by Bank of America. But 76% of employees feel that it’s their employer’s responsibility to help them bridge the gaps in their financial wellbeing.
In response, many companies have started to provide financial wellness programs that assist clients with their budgets and guide them on a path towards financial security. When it comes to financial wellness programs, the best path forward is to provide a comprehensive one. Personal finance comes with unique issues for each of your employees and requires holistic answers for employees of all ages and financial backgrounds.
Give your team best-in-class employee financial wellness initiatives like Best Money Moves.
Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help bolster employee financial wellbeing.
Whether paying off debt or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.
Our dedicated resources, partner offerings and 900+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.