Employee wellness is more than a fad. People who feel their employers care about their health, and well-being are more likely to stay at their current jobs. Which is a huge advantage for employers, especially during such a volatile time in employee turnover.
Recruiting and retaining talented people takes a concerted effort from companies. There’s no magic bullet that keeps employees happy and engaged in work, but investing in your employee’s wellness can be beneficial to them, to your company, and even to your bottom line.
Many employers don’t know that their insurance providers may offer wellness dollars. Wellness dollars are a spending account of a percentage of their premiums for companies to intentionally invest back into employee wellness programs.
Many insurance providers offer reimbursement of wellness dollars for health and wellness programs. These are often a percentage of your premium meant to specifically offer such programs to your employees. Whether that’s a gym membership, yoga classes, mental health resources, or other wellness opportunities, these wellness dollars are intentionally meant for you to invest in the health and well-being of your workforce.
But these benefits are typically only used after contacting your insurance provider. They don’t automatically keep them for you, so you’ll have to contact them to find out what percentage can be used for wellness dollars and what specific activities they can be used for. If your provider doesn’t offer them, consider negotiating this into your contract.
Insurance companies are like any other corporation, they are competing for your business. If you have a sizable staff, that translates to sizeable premiums. Offering wellness dollars to employers gives insurance companies an advantage to sell when employers approach them.
Outside of the monetary reason for their existence, wellness dollars exist for your employees’ wellbeing. It’s that simple.
Each insurance provider is different and may consider different programs eligible for their wellness dollar spending. Because of this, contacting your provider is the best way to find out exactly what programs you can offer your employees.
Here are a few ideas to consider when talking with your insurance provider.
Thoughtful workplace wellness programs can set you apart from competitors. When done right wellness programs consider your employees’ needs as well as how you spend money. They can help employee morale and performance and they can invest money you’ve already spent wisely.
Wellness dollars can…
Investing in employee wellness is crucial for retaining talent, especially in times of high turnover. Wellness dollars offered by insurance providers can fund programs like gym memberships, mental health resources, and chronic disease management. These benefits not only enhance employee well-being but also improve engagement, morale, and productivity. To maximize these advantages, employers should contact their insurance providers to explore available wellness dollars and how they can be used effectively.
Research shows that employees with better work-life balance are more productive and present at work. Helpr is designed to ease the care burden on your employees who manage not only their jobs but also child and/or adult care. Reach out to see how our care benefits can boost your company's bottom-line.