Benovate’s Expert Blogger
How Can Financial Incentives Boost Workplace Wellness Participation?
When employees are healthier, businesses are healthier–from all perspectives. Corporate well-being is reflected not only in their bottom lines, but in the health and morale of employees. From productivity to creativity and more, employers who encourage employees to make wellness-based decisions see gains in multiple ways.
Methods to boost workplace wellness participation vary. Financial incentives are amongst the most popular ways that businesses seek to engage employees in initiatives. (For instance, Benovateoffers multiple avenues for financial incentives that can be customized to meet the needs of the employer.) To assess the effect of financial incentives on workplace wellness participation, the Employee Benefit Research Institute (EBRI) conducted a case study on a large organization that increased their financial incentive program.
The Evolution of Workplace Wellness.
The organization which hosted the study contained both union and non-union employees. Amongst union member, participation in health risk assessments (HRAs) increased by 50% (and 22% among non-union employees). Additionally, biometric screening participation increased by 55% with the additional financial incentives. The effects, as laid out by the report: