With A Healthy Workforce Comes Healthy Savings

CoreCentive Is At The Center Of A New Trend In Employee Recognition Don’t be surprised if you’re not the only one to be thrilled about an improvement in your health. Your employer might be as excited as you are. With the increasing costs in healthcare, employers are strategically looking for measurable incentivized solutions to increase participation for health and wellness initiatives to reduce such costs.  By encouraging workers to take better care of themselves, both physically and mentally, companies are proactively addressing the rising cost of healthcare plans.  Whether it’s losing weight, quitting smoking or managing stress, it’s becoming more common for employers to offer incentives for participating in health improvement programs and, even more so, achieving results.

CoreCentive is a company which specializes in pinpointing effective ways for an employer to connect with its employees by recognizing their efforts. Health programs are just one way of showing support. CoreCentive is aware that their popularity is increasing – and for good reason.

Eighty-seven percent (87%) of the cost of an employer’s health plan is driven by the healthcare claims their employees incur*.  Almost 70% of medical conditions and healthcare expenses are the result of lifestyle choices.  Diet, exercise, alcohol use, smoking and stress are drivers of diseases and conditions that are within an individual’s control.  Providing employees with the tools and skills, and incenting and rewarding them for utilizing these programs, simply makes good business sense. 

What’s in it for the employer who incentivize their workforce with programs to help lose weight, quit smoking, etc.? According to a study by solutions provider SHPS, the average cost reduction of around 15% or $1,165 per employee is just the beginning.  The full impact of such incentivized programs extends well beyond the reduction in healthcare costs, as a company will see increased performance and reductions in absenteeism and turnover. 

The incentives for such programs have changed as senior leadership looks for measurement and ROI analysis of such programs.  CoreCentive’s Gratitude Works assists clients with providing a ROI & measurement along with unique and rewarding incentives that appeal across multiple generations.  For clients that are looking to combine multiple health and wellness programs across the globe, review CoreCentive’s P2M solution that offers global reporting, measurement and rewards.  

In some cases, companies require an employee to complete health coaching or a disease management program in order to earn a financial incentive. However, the trend is that one must not only sign up/complete a program, but achieve the results intended by a certain program – for example, maintain a healthy body mass index (BMI) or normal blood pressure.

While traditional wellness programs have roughly a 15% participation rate, when incentives are introduced into the health and wellness initiative, programs are going to see more than double the participation.  The more participation a company has amongst its employees, the more savings it will see in its bottom line.

Any why not get involved in this ever-growing health push? The incentive is there for a company to get their employees enrolled in these programs. For instance, small companies can be eligible for grants if they begin wellness programs that target stress management, smoking cessation, physical fitness and more. When promoting the healthy lives of workers can directly affect the cost savings of a company, it’s no wonder this type of employee recognition has become so common.

At CoreCentive, we’ve built an organization aimed at helping companies develop strategies to excite, engage and empower their employees.  And we’re excited ourselves about helping companies navigate through these trends related to corporate health and wellness.

Call us or visit our website to find out more about what companies are doing to incent their employees to participate in various wellness initiatives, control their healthcare costs and reduce their absenteeism.

To learn more about recognition programs visit  http://www.corecentive.com/info/Rewards-And-Recognition

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