Higher Healthcare Costs
One of the most significant costs of not having wellness programs is higher healthcare costs. According to a study by the Kaiser Family Foundation, the average family premiums for employer-based health insurance jumped 47% in the last decade. This increase in healthcare costs not only affects the bottom line of companies but also impacts employees who are struggling to pay for healthcare. Providing wellness programs with a diverse collection of holistic health support, like Burnalong, can help reduce the incidence of chronic illnesses and ultimately decrease healthcare costs.
Employee Turnover
Another cost that companies incur without wellness programs is the high cost of employee turnover. The annual cost of US voluntary employee turnover is more than $617 billion. High employee turnover can be attributed to a variety of reasons, including a lack of work-life balance, lack of job satisfaction, and burnout. Implementing wellness programs, such as stress management and mental health support, can help improve employee morale and engagement, leading to increased retention rates.
Lost Work Days
Mental health challenges are also a significant cause of lost work days in the US. It’s estimated that mental health challenges cause 200 million lost US work days per year. This lost productivity not only affects the bottom line of companies but also negatively impacts the wellbeing of employees. Providing wellness programs with mental health support and stress management programs can help employees manage their mental health and reduce the number of lost work days. According to a study by the Integrated Benefits Institute, missed work is estimated to cost the economy $47.6 billion annually in lost productivity. Aside from mental health challenges, missed work can be attributed to many other factors including illness, stress, and burnout. Implementing wellness programs can help reduce the number of missed work days and improve productivity.
Burnt-out Employees
Burned-out employees are also a significant cost to organizations. According to a study by the Harvard Business Review, burned-out employees cost organizations 34% of their annual salary. Burnout is a result of chronic stress, and it negatively impacts employees’ physical and mental health, leading to decreased productivity and increased healthcare costs. Implementing wellness programs can help employees manage their stress levels and prevent burnout.
Bottom Line
Companies that don’t have wellness initiatives are incurring significant costs. These costs include higher healthcare costs, high employee turnover, lost work days due to mental health challenges, burned-out employees, and missed work. Implementing wellness programs can help reduce these costs and improve employee engagement, morale, and productivity. Companies that invest in their employees’ wellbeing will not only benefit from a healthier and happier workforce but will also see a positive impact on their bottom line.
Burnalong provides an end-to-end wellness solution focused on helping people achieve their human potential. Our platform includes access to more than 30,000 live, on-demand, and in-person classes, taught by 5,000+ instructors, across 60+ categories (spanning physical, emotional, and financial wellness, including programming for chronic conditions, prenatal, children, and disabilities), reflecting the diversity, and diversity of needs, of the population.
To learn more about how your workforce can supplement their digital experience with opportunities for in-person fitness and wellness classes, visit https://www.burnalong.com/burnalong-plus.
Sources: 2022 MindBody Fitness Trends Report, Kaiser Family Foundation
