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An Effective Wellness Program Doesn't Stop With Financial Incentives

04/14/15

  03:01:00 pm, by MedBen5   , 284 words,  
Categories: News, Wellness, Incentives

An Effective Wellness Program Doesn't Stop With Financial Incentives

carrot

Using financial incentives as a carrot to encourage worksite wellness continue to grow in popularity, according to a recent study. But at MedBen, experience has taught us that while an effective promotion tool, monetary perks alone don't sell a wellness program.

Business Insurance reports that 79% of employers participating in the National Business Group on Health and Fidelity Investments survey said they now offer financial incentives to encourage employees to participate in wellness programs. That's up from 74% in 2014.

Employers said they expect to spend an average of $693 per employee on wellness incentive programs this year, up from $594 in 2014 and $430 five years ago. Such incentives can take the form of cash, gift cards, reduced health care premiums or contributions to health savings accounts.

It's worth noting that financial incentives alone are no guarantee of wellness success. Less than half (47%) of employees earned their full wellness incentive amount last year, while 26% earned a partial amount.

MedBen WellLiving agrees that proper use of financial incentives can spur interest in a wellness program. But it's equally important for an employer to demonstrate a personal commitment to wellness that goes beyond dollars and cents.

MedBen recommends that its wellness clients create "champions" for the cause. Executives and managers must show that they're equally engaged in the program's success by being role models. They must also be open to constructive criticism from staff members, be it through feedback forms or an employee wellness committee. In doing so, the program gains credibility and momentum.

A good wellness program understands that the most effective incentives come in many forms. To learn more about the MedBen WellLiving approach to a healthier workplace, please contact Vice President of Sales & Marketing Brian Fargus at bfargus@medben.com.

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