Employers Expanding Well-Being Programs and Increasing Financial Incentives
A new survey by National Business Group on Health (NBGH) and Fidelity Investments has found that employers are expanding their well-being programs beyond physical health and are boosting financial incentives for workers who promote healthy lifestyles.
The 9th annual “Health and Well-Being Survey” indicates that financial incentives continue to play a key role in the success of well-being programs, according to a press release announcing the results. It found that more employers are offering incentives as part of their well-being platform than last year—from 74% in 2017 up to 86% in 2018.
Average employee incentive amounts also increased considerably, from $742 in 2017 to $784 this year (which is also a 50% increase over the average incentive of $521 in 2013). And, 29% plan to increase financial incentive amounts during the next 3 to 5 years, while 54% plan to continue offering the same amounts.
“The fact that companies continue to dedicate an increasing amount of resources to their corporate well-being programs indicates they are having a positive impact on overall workforce performance,” said Robert Kennedy, senior vice president, Fidelity Benefits Consulting said in the press release. “These programs have evolved beyond traditional health and lifestyle activities to now include elements of Financial Security, Social/Emotional Well-being, and even Job Satisfaction. An employer’s well-being programs are now overwhelmingly viewed as a platform to improve employee engagement, increase worker productivity, and reduce absenteeism.”
Meanwhile, two-thirds (67%) of employers surveyed said they planned to expand their well-being programs over the next 3 to 5 years to include programs not specifically focused on physical health—these include emotional health programs (planned by 92% of respondents), financial wellness programs (90%), stress management (77%) and volunteerism activities (72%).
“More employers are viewing holistic well-being as an integral part of their overall workforce strategy,” said Brian Marcotte, president and CEO of the National Business Group on Health in the release. “The goal is to create a competitive advantage by deploying the healthiest, most productive, engaged and competitive workforce possible to boost business performance and empower great people and communities.”
For more about the survey visit NBGH or Fidelity Investments.
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