What senior leaders want to know about employee wellness benefits
Before presenting your ideas for wellness and fitness benefits, consider what decision-makers prioritize. Regardless of your industry or industry, it will likely be about the financial impact, productivity metrics, implementation, and potential scalability of the solution.
- Financial impact: can you show the return on investment, profitability and impact on the bottom line?
- Metrics: How will the benefits you suggest affect productivity and efficiency?
- Talent attraction and retention: how could these advantages give the company a competitive advantage?
- Risk mitigation: what is the potential for reducing health-related absenteeism and presenteeism?
- Implementation and scalability: How easy will it be to deploy and maintain the benefits?
The Business Benefits of Wellness Initiatives
Make your point by highlighting the positive impacts that wellness benefits, especially those focused on fitness, can have on employees and company culture.
On average, 6.1 days are lost each year due to formal absence and 43.6 days due to presenteeism per employee. Fitness initiatives can help combat these issues.
41% of employees believe that being more active improves their productivity, and regular exercise has been proven to make employees 30% more productive overall. Exercise helps employees be 46% more effective in managing stress and can even reduce the risk of depression by 30%. Additionally, 63% of employees consider benefits when applying for a job, with 48% specifically looking for fitness as a benefit.
Why offer fitness as an employee benefit?
Access to fitness services is consistently one of the top benefits employees seek. A discounted gym membership is a popular way to provide a varied and flexible fitness benefit, and it’s a tangible benefit you’ll be able to track.
Encouraging your staff to be more active can be a preventative health measure, reducing the risk of many important health problems and thereby reducing your risk.
Gyms also provide a way to relieve stress and can boost people’s self-confidence and self-image, impacting their ability to handle pressure at work.
Choose a flexible, versatile fitness benefit that can meet the needs of all employees, regardless of work schedule, workplace and fitness level.
ROI and Value for Money in Employee Wellbeing Benefits
Senior management will want to see concrete evidence that your new benefits package represents good value for money, so have these statistics ready before your interviews with them:
- Usage: High engagement (frequency and consistency) indicates good value
- Cost savings: compare cost per employee to projected productivity gains and reduced absenteeism
- Scalability: Prove the long-term value of benefits by showing how they can grow with your business
- Tailored offering: flexible benefits that meet your employees’ needs deliver better value
- Measurable: benefits with clear and traceable measurements allow better calculation of return on investment
ROI Figures to Support Investment in Fitness Benefits
Productivity: Wellbeing and fitness benefits that support a 30% increase in productivity can increase working days by 13 per year, saving the business £1,256 per employee.
We calculate the return on investment (ROI) of any financial expenditure using the following formula:
ROI = (Gain from investment – Cost of investment) / Cost of investment
Example: If your chosen benefits package costs £200 per employee per year and saves £1,256 in lost productivity, the return on investment would be (1,256 – 200) / 200 = 5 .28 or 528% based on this measurement alone.
There are other factors to consider, including absenteeism (calculate the cost of absences and estimate the reduction based on industry data), retention (consider the cost of recruiting and training versus cost of retention through employee benefits) and health insurance savings.
Answers to common questions senior management may ask about wellness benefits
Q: “How can we be sure that employees will receive these benefits?” »
A: We know that 48% of employees specifically want their company to offer fitness benefits, indicating high potential engagement. Here are the communication and tracking strategies we suggest to encourage adoption…
Q: “We already offer health insurance. “Isn’t that enough for the well-being of employees?
A: Health insurance is responsive. Wellbeing benefits, particularly fitness, help prevent health problems, reduce stress and make people happier at work. This proactive approach can lead to fewer insurance claims and lower premiums over time.
Q: “Won’t a gym membership benefit younger employees?
A: We plan to offer flexible and inclusive fitness benefits. And the potential health improvements apply to everyone (probably more so among older or less fit people).
Q: “Why should business get involved in people’s fitness? »
A: By offering fitness benefits, we remove barriers and help people prioritize their health, demonstrate that we value their well-being and create a culture of well-being. We can also leverage corporate rates to offer people discounted gym access.
Q: “How will we measure the success of these wellness benefits?” »
A: We suggest tracking utilization rates, conducting satisfaction surveys, and monitoring changes in absenteeism, presenteeism, productivity, and retention. We will be able to perform regular ROI calculations based on these measurements.
Presentation of the case
Armed with data on wellbeing as a benefit, you will be able to present a clear business case to senior management. Working with Hussle is incredibly simple and cost-effective. Transform your workplace today, with flexible and discounted access to fitness as a benefit.