Wellness Programs: Let’s Break It Down
Wellness programs are centered around incentives for employees to improve their health. This can include incentives to exercise, such as offering a gym membership discount or exercise equipment at the workplace. Others may focus on quitting smoking which is a key contributor to many illnesses. Some wellness programs will also offer healthy food in the break room that is paid for by the company. Healthy employees will decrease your costs as well as improve productivity and loyalty in the workplace. If you want to help your employees improve their overall health, consider trying out a wellness program.
Why a wellness program?
A recent Employee Benefits Trends Survey conducted by Wells Fargo Insurance shows that many benefits of wellness programs for small businesses. Key findings from the survey reveal that benefit programs have the biggest impact on improving employee loyalty. They also increase employee engagement and lower the company’s medical costs. As the economy improves and unemployment continues to drop, companies will be competing for the best talent in the job pool. To attract and keep employees, many companies will be looking for ways to offer the best benefits.
ACA Prompts Wellness Benefits Increases
The Survey showed that 93 percent of C-suite executives who were surveyed are expecting an increase or even an improvement in the importance of wellness offerings by the company. Half of the companies that have considered or are currently considering a change in wellness offerings said the Affordable Care Act is why. As a result, 55 percent of employers will face implemented incentives and/or penalties in 2015 for the company’s wellness compliance.
So, what does this mean?
To this end, the Survey reveals that seven in ten companies are implementing changes for covering spouses. These companies are also increasing the percentages that the employees must contribute to premiums. Another six in ten companies have changed or are changing the type of plan they offer. The survey found that many employers are moving from fully-insured to self-funded or are using private exchanges.
While moving ahead under the Affordable Care Act, many companies are fighting to find a balance between controlling costs, family coverage and wellness offerings. Wellness programs are extremely beneficial to both employees and employers because they help attract and retain employees leading to company growth and long-term cost savings. This means they are worth the investment. Though finding an affordable yet attractive benefits package may seem impossible, a professional employer organization (PEO) has the answer.
Affordable Benefits with Optimum Employer Solutions
Optimum Employer Solutions is a PEO that helps small businesses gain access to attractive yet affordable benefits packages that are normally only available to large companies. Along with offering human resource management, Optimum Employer Solutions gives your employees better benefits than you would be able to afford on your own. When you join with a PEO, your employees actually become co-employed by the PEO. Though some employers fear they will lose control, they are actually retaining control while also gaining many benefits. As a co-employer, the PEO can negotiate better health care, 401(K), and other types of benefits on behalf of your employees. Because PEOs can co-employee many business’ employees they have access to better benefits at better rates.