In the previous section, we learned about the necessity of a Corporate Wellness Program for improving employee health and wellbeing. Improving health and wellbeing is the primary and most cited reason to implement Corporate Wellness initiatives because the expenses and return of investments are easily measured and tracked.
A debatably more important (and costly) reason to implement a Corporate Wellness Program is to improve employee work engagement and productivity.
The Issue: The Real Costs of a Lack of Work Engagement
We all can name someone who just goes through the motions, going through their working lives just to get a paycheck. These individuals highlight a prevalent issue plaguing workplaces today: employee work disengagement.
It is not surprising that engaged employees are more productive and vice versa. What is surprising, however, is how much work disengagement is costing businesses. Costs associated with disengagement are found to be at least 2 to 3 times greater than direct health expenses1. To further quantify this cost, research has revealed that disengaged employees obtain 3% lower earnings and produce a loss of productivity costing the economy over $300 billion2.
These numbers add up and amplify not only the gravitas of this issue, but also the necessity for a solution. The question is now: how do we boost employee engagement? Luckily, the solution is simple.
The Solution: Corporate Wellness to Create a Culture a Recognition
Recognizing the work of employees through the implementation of an effective Corporate Wellness Program is a simple and optimal solution to this problem. Its benefits are two-fold: minimizing financial losses while maximizing financial gain.
Recognition in the workplace has been found to improve engagement by 26%3. Additionally, 37% of employees believe that recognition is the most important thing to lead them to produce quality work4.
Implementing a Corporate Wellness program to help create this corporate culture of recognition where employee work is recognized and rewarded will inspire employees to be not only happier, but also more productive2.
Companies with engaged employees outpace competition by 202% with employees being 31% more productive, creating 37% higher sales numbers, and clocking in 3x the amount of creative thinking time2.
In addition to increasing productivity, employees will be happier, reducing turnover, attrition, and absenteeism with 80% of employees reporting that they are motivated to work harder and stay longer at a job when they feel their work is appreciated5.
Summary and How to Move Forward
A lack of employee engagement is accruing heavy costs in many businesses. A Corporate Wellness program can serve as an effective means of recognition, nullifying these costs while improving the happiness and productivity of your employees and workplace, which as seen in the data previously mentioned, places your business ahead of the competition.
At this point, you are well versed with the benefits of Corporate Wellness. Now you may be at the drawing board, thinking, “how do I implement a Corporate Wellness Program into my business? I urge you to put down your pencil as implementing a Corporate Wellness program need not be challenging nor expensive. We will learn more about how to start a Corporate Wellness Program in the following chapter.
- Burton, Wayne N., et al. “Pharmaceuticals and Worker Productivity Loss: A Critical Review of the Literature.” Journal of Occupational and Environmental Medicine, vol. 45, no. 6, 2003, pp. 610–621., doi:10.1097/01.jom.0000069244.06498.01.
- Chatroop, Lisa. “The High Cost of Unhappy Employees.” Good.Co. Good.co, 2012. Web. 3 June 2014.
- MORE THAN HALF OF EMPLOYEES WOULD STAY LONGER AT THEIR COMPANY IF BOSSES SHOWED MORE APPRECIATION, GLASSDOOR SURVEY.” Glassdoor, 13 Nov. 2013, http://www.glassdoor.com/press/employees-stay-longer-company-bosses-showed-appreciation-glassdoor-survey/.