If you want to compete with other companies’ corporate wellness programs, you’re going to have to pay.
A recent study found that nearly nine out of ten employers—86 percent, up from 74 percent in 2017—now offer financial rewards as part of a corporate health and wellness platform. These rewards often take the form of HSA or FSA contributions, gift cards, points, and even cash.
The discovery is part of the latest Health and Well-Being Survey from Fidelity Investments and the National Business Group on Health, an online survey of 162 jumbo, large and mid-sized organizations.
Among those responses, the survey found that average incentive increased to $784 per person for 2018.
That number has nearly doubled since 2013, showing promising signs that companies are willing to seriously invest in their employees health. “Financial incentives…continue to be a key employee benefit within well-being platforms, as 29 percent of employers plan to continue to increase the amount of financial incentives offered to employees over the next 3-5 years,” says the survey.
Competitive Wellness Options
“As corporate well-being programs continue to expand and evolve, companies are exploring new communication channels to connect with employees, as well as finding ways to personalize content to increase engagement,” explains the National Business Group on Heath.
The survey also revealed that more than two-thirds of companies plan to expand their wellness initiatives to include programs not specifically focused on physical health. If you are curious about how to go about setting up wellness benefits, check out this post on how to do employee benefits planning.
Many employers are now considering expanding their wellness platforms to include emotional health programs, stress management training, and financial wellness programs. Want to see how wellness benefits will impact your organization? Check out our guide on how to set up a employee benefits survey.
At IncentFit, we’re always looking ahead to the future of wellness. Our wellness specialists can help to determine how much incentive is right for your unique company, or how you can explore programs that focus on more than just physical health. To get started, schedule an intro call.
Read more about other types of benefits you can offer.