According to Wellhub, a New York-based corporate wellness platform, a survey involving 1,500 CEOs earlier this year found that most CEOs recognized the benefits of workplace wellness programs. The survey respondents found the primary benefits of the program were increased productivity, elevated retention rates, and reduced healthcare costs for employees.
The survey revealed that around 80% of all CEOs acknowledged the positive benefits of wellness initiatives in the workplace. The percentages differed slightly based on company size, with CEOs of large companies experiencing greater benefits than those of midsize or small companies.
More than half of the CEOs surveyed indicated that increased employee productivity is the major reason they favor implementing wellness programs. Another 67% reported reduced absenteeism, 80% saw wellness as an effective recruitment tool, and 73% said wellness helps with employee retention. The CEOs also largely believed that wellness initiatives impacted perceptions of their company and resulted in reduced healthcare costs.
Popular wellness programs include wearable fitness tech, wellness challenges, mental health apps, and financial literacy initiatives. Collectively, these programs can assist individuals, teams, and organizational well-being. Programs that promote employee engagement generally create the best return on investment (ROI) for employers. Traditional physical fitness and mental health programs tend to have the highest levels of employee engagement.
The most popular wellness benefits are gym membership subsidies or discounts, followed by on-site fitness centers and outdoor workout groups. However, 35% of CEOs said their wellness initiatives now include fitness trackers and smartwatches, and 33% reported the use of fitness apps.
More than half of CEOs said they offer therapy or counseling services. Some employees also enjoy mental health days, stress management workshops, and employee assistance programs (EAPs).
Furthermore, almost half of the companies offer a retirement savings plan. Some companies also provide financial advising services, stock options or equity sharing, and emergency savings programs. Other companies offer student loan repayment assistance and/or tuition reimbursement and assistance.
Still, many CEOs are reluctant to invest in wellness programs because they fear that employees won’t take advantage of them. All too often, employee participation rates are high in the first few months of the program, only to taper off substantially as time goes on.
Likewise, some CEOs express budget concerns, finding wellness programs to be too expensive. Administration burdens, data privacy, internal resistance, and difficulty in measuring outcomes are other obstacles cited by CEOs concerning wellness initiatives.
HBL has experience in all areas of benefits and employment law, offering a comprehensive solution to all your business benefits and HR/employment needs. We help ensure you are in compliance with the complex requirements of ERISA and the IRS code, as well as those laws that impact you and your employees. Together, we reduce your exposure to potential legal or financial penalties. Learn more by calling 470-571-1007.
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