Workplace Wellness ROI
Workplace wellness programs are one of the best ways for companies to save money, which is why it only makes sense to design a program that is able to deliver a solid return on investment, or ROI. When designing your workplace wellness program, there are many factors to consider, including:
- What measurable benefits will your workplace wellness program need that will be offered to employees and the organization as a whole?
- How long will it take for the wellness program to break even?
- What are the most effective programs in various companies that are similar to your own company and workforce?
There are two main types of ways that you can determine the ROI of your wellness program. The first is a cost effectiveness analysis, or CEA. A CEA is a type of economic analysis that compares the outcomes or effects to the relative costs of two or more courses of action. Money is not considered as part of the equation when using a CEA, which makes it very distinct from a cost benefit analysis. The results of CEA are evidence based, and all evidence comes from the wellness programs initiative.
The second way to determine the ROI is through a cost benefit analysis, or CBA. With a CBA, the benefits and benefit costs are expressed in monetary terms. CBA’s are different from CEA’s since CBA’s only consider monetary values when determining the ROI, rather than wellness activities that will produce positive health outcomes.
The best way to see the highest ROI from your wellness program is to construct a program that best fits in with the employee health, culture, and cost of your company.
For more tips on creating the best wellness program that will fit into your company, contact Pacific Group. With locations in Palos Verdes Estates and Laguna Hills, we can help with all of your California wellness program needs.