Renew and Refocus your Wellbeing Plans in 2018
“According to the World Health Organization (WHO), between a quarter and a third of adults globally are not active enough, and their inactivity is having long-term effects on their health,” Willis Towers Watson reports in their 2017 Global Benefits Attitudes Survey. “…In response, employers are seeking physical health and well-being solutions for their workforces, both to reduce costs and in recognition of the links between health, well-being and productivity.”
And it’s not just physical health that’s coming to the attention of employers across the globe, rather, things like financial health, mental health and stress are joining the conversation. However, while the need is clearly there – and that need is known – there is still a deficit, seen by both employers and employees, when it comes to health and wellbeing offerings.
“…Only around one-third of employees globally say their employer’s health and well-being programs have helped them live healthier lives,” WTW said. “Moreover, only about two in five employees say these health and well-being programs meet their needs.”
How can those numbers improve? With a full-circle focus that not only includes wellbeing (that’s physical, mental and financial health included), but also on the other areas of the “pie” that have an impact on health.
- Benefit Strategy: Often big pieces of benefits plans go unused, leading to wasted money and ineffective strategy, so making sure your company’s benefits strategy optimizes available funds while also maximizing plan utilization is key.
- Benefit Administration: With a proper benefit strategy in place, it’s key to administer the plan in a way that helps guide employees to the right plan that meets their needs and the needs of their families. Employers who have the right plans for their needs are more likely to not only report higher satisfaction, but actually have it.
- Population Health Analytics: Alongside strong benefits strategy and administration plans, population health analytics can help leadership better understand the health of their employees and also the related health spending – an understanding that leads to better investment in health and healthier employees.
- Wellbeing and Engagement: With the roots of health and wellbeing taken care of through benefits strategy and administration and an understanding of population health analytics, putting the right wellbeing and engagement plan into action for your employees is the final step. Instead of focusing on just a “step-challenge component,” find a wellbeing program that includes all pieces of the puzzle – including financial, mental and physical health.
“At the end of the day, improving your company’s wellbeing needs to be about more than just taking 10,000 steps a day,” Jim Pritchett, DHS Group CEO, said. “Yes, the physical health aspect is a huge component, but when you combine benefits and wellbeing programs to engage employees to improve all aspects of their health and wellness, it’s not just something that benefits the employee, but makes an impact on the employer as well.”
Learn more about how you can renew and refocus your wellbeing plans to include the full-circle of players, by contacting a member of our team.