How Much Do Corporate Wellness Programs Cost?
In today’s day and age, just financial compensation is no longer enough to attract talented employees to your organization and retain them there.
And this is where a corporate wellness program plays a vital role. These wellness programs act as an added ‘oomph’ factor, which makes a major impact on employees choosing a company.
To provide your employees with job satisfaction, and encourage them to engage with their work, you need to offer them additional benefits, like employee wellness programs.
However, there are certain things you need to keep in mind before signing your employees up for wellness programs, the most important of which is corporate wellness programs' cost.
Click here to find out why employees should participate in wellness programs.
What Are The Various Types Of Corporate Wellness Programs?
Before evaluating the cost of corporate wellness, we need to look into the different types of programs you can offer to your employees.
1. On-site gym
Having an on-site gym is a very convenient way to reach your fitness goals, especially since you will not be wasting any time commuting to and fro.
In case of problems such as space or budget crunch, a good alternative is to offer membership or to offer discounts on membership to any nearby gym.
Offering free subscriptions on mobile apps and other online resources, to stay healthy and improve health, can be another alternative to an on-site gym.
2. Yoga/zumba class
While the gym might not be everyone’s cup of tea, a great program can include yoga classes or Zumba classes for fitness enthusiasts.
They are fun, instructional, and along with helping with fitness, also increase team spirit and bond among employees. Staying fit and active can also prevent multiple lifestyle diseases like diabetes and obesity from occurring, as they facilitate weight loss.
3. Stress reduction programs
When we speak of employee health and wellness we often forget to take into account the mental and emotional health and well-being of our employees.
Work is stressful, and so is life as a whole, and thus, you should offer programs to your employees that assist them in controlling and managing their stress, help with their work-life balance, and improve employee mental health. This can be implemented through seminars and webinars.
Look into this fun Friday games and activities to reduce stress and increase productivity. Click here to read more.
4. Doctor consults
No one knows health better than health professionals, and it is always a good idea to get their consultations from time to time.
Talks and seminars on how to manage pre-existing conditions such as high blood pressure, diabetes, etc, as well as on how to stop diseases from occurring, can save your employees from a lot of future issues.
5. Self-defense programs
The safety of your employees is an essential part of their wellness and wellbeing, and to cater to that, you can organize multiple self-defense programs, such as martial arts classes, and kickboxing classes.
An added benefit of these programs is that they also help with the overall fitness of your employees.
6. Nutrition programs
As the old saying goes, “You are what you eat.” Indeed, food is perhaps the most essential thing when it comes to fitness and good health.
By arranging programs on nutrition, you can help your employees control and manage their diet to fit each individual’s conditions. You can also arrange for a breakfast spread that is high in nutrition, too.
7. Biometric Screening
Biometric health screening entails regular medical testing and blood checkups of your employees, just to ensure that they do not have any new, undiagnosed conditions, and to make sure that their body stats remain at a normal level.
How Much Do Corporate Wellness Programs Cost?
The answer to the question, how much do corporate wellness programs cost, is difficult to address in a single word or number, since there are various kinds of wellness programs as we saw, and the cost is entirely dependent on what kind of programs you want to provide your employees.
A comprehensive wellness program typically costs between Rs.9000 and can go up to Rs.14400 per employee per year.
As can be seen, this range is extensive, as there are numerous kinds of wellness programs that you can provide to your staff, as we saw in the previous section.
Is It Worth It To Invest In Corporate Wellness Programs?
A very valid question for an employer might be, ‘Why should I invest in corporate wellness in the first place? Is it even worth it?’
Long story short, the answer is, yes.
Why Health And Wellness Is Important For Employees? Read here to find out.
Without wellness programs, your company will suffer from a high amount of future compensation costs, along with the added burden of hiring temporary staff, and all the paperwork that comes with it.
According to the Harvard Business review, after completing a worksite cardiac rehabilitation and exercise program, 57 percent of participants with high health risk appraisal were able to achieve low-risk status, and the voluntary turnover rate is 4 percent, due to a highly effective employee wellness program.
Wellness programs come with a lot of benefits for the company, such as reduced turnover rate, increased employee engagement, improved employee participation, reduced employee absenteeism, increased work satisfaction of employees, better teamwork in the company, and the overall growth of your organization or company.
Check out some other factors that affect employee engagement here.
However, the key point to keep in mind is that you should have a high return on investment, lest you go into losses. In order to do so, you have to look for a company that offers a high quality of comprehensive, all-inclusive corporate wellness programs at a low, reasonable price.
How To Reduce Comprehensive Wellness Program Cost?
As mentioned earlier, arranging for multiple comprehensive wellness programs for your employees can come up to quite a big sum; however, with the correct partner, you can cut down the wellness program cost by a lot, while still availing top-notch quality wellness programs.
With Loop, you get many wellness programs like Zumba classes, Yoga classes, sessions on sleep, mental wellness, and doctor consults, along with much more, for free, thus being a great cost-saving option. Loop offers different sessions on physical fitness, mental health, and nutrition, as well as social webinars, covering all topics and issues prevailing in modern days.
What’s more, the individual costs of all these sessions are absorbed by Loop, and they are offered free of cost to clients who have signed up for Loop’s Group Health Insurance.
Just sign your company up for the Group health insurance by loop, and enjoy free of cost, all-inclusive wellness programs, along with comprehensive health insurance for your employees.
You will have amazing health benefits for your employees, with minimal health care costs, and with zero intervention needed from your end.
Loop also saves time on health benefits, along with being cost-effective. Read here on how Livio’s 99% on time, with Loop.
Loop Does 100% Of The Heavy Lifting So That You Don’t Have To!
Loop's back-end team coordinates and follows up with employees directly. All that you, as an HR professional, have to do now is sit back and watch the show run itself. It's a smooth process that's done on schedule with an efficient workforce.
Loop will keep your employees healthier, happier, and more productive with its bi-weekly engaging events ranging from Zumba to mental health workshops.
So what are you waiting for?
Sign up with Loop, and take care of your employees!