Sixty-five percent of full-time employees believe their employers should offer a comprehensive wellness program for physical, mental and financial well-being according to data from isolved’s Benefits’ Big Impact whitepaper.
This provides an area of opportunity for service bureaus like professional employer organizations (PEOs) and administrative service organizations (ASOs), who can equip their clients with technology to support wellness initiatives like benefits enrollment and charitable giving.
What are the business benefits of employee wellness?
Before you can present your clients with technology to support their wellness initiatives, you will need to highlight the benefits that a wellness program can have on their business. While there are many, some worth showcasing include the ability to attract and retain talent as well as improved engagement and employee experience.
isolved’s research found that most employees look favorably at a company that offers a social-good program as part of its benefits package. What’s more, data from Great Place to Work shows that millennials are 11 times more likely to stay with their organizations if they felt the employer was making a positive impact. These stats suggest that folding charitable giving initiatives into wellness programs can help your clients gain a competitive advantage when it comes to hiring and retaining talent.
It is also important to note that a wellness program that takes employees’ physical, mental and financial well-being into consideration is likely to boost morale throughout the workforce and encourage employees to take advantage of the opportunities that are being provided. This engagement can have a positive impact on overall employee experience, which is a priority for 92 percent of organizations this year. This can serve as a big motivator for your clients to embrace wellness programs. For them to do so, however, you will need to provide access to the right supporting technology.
How does technology play a role in employee wellness?
Employer wellness programs should start with employee benefits. While it is essential that your clients offer competitive benefits, it is also important to make sure they don’t overlook the benefits enrollment experience. In fact, isolved’s research revealed 56 percent of employees said that a poor benefit enrollment experience may cause them to look for a new job.
Technology can help your clients provide a better benefits experience – streamlining enrollment with self-service tools that simplify processes. According to isolved’s research, the most desired enrollment features are: 1) the ability to see a real-time cost analysis of elections; 2) having the previous year’s elected benefits passively roll over; and 3) the ability to make elections fully remotely and digitally.
In addition to improving benefit enrollment experiences, technology can play a role in employee wellness by supporting charitable giving initiatives. After all, the majority of employees say supporting charities makes them feel good. With the right solution, you can help your clients incorporate social good into the employee journey.
For example, isolved’s research found 61 percent of employees are likely to have charity donations deducted straight from their paychecks if the capability was offered by their employer. While this is one important feature, some technology solutions also empower employees to choose which causes they want to support, as well as track donations and volunteer hours so that your clients can report on the impact being made by their social-good initiatives.
The Power of an Intelligently Connected HCM Platform
When building the business case for employee wellness, it is imperative that the solutions you provide your clients work with the solutions they already have in place. By offering an intelligently connected human capital management (HCM) platform, you can equip them with a single sign-on system that manages the entire employee journey – from payroll and scheduling to volunteering and giving (and much more!). This makes it simple to manage core responsibilities while still empowering your clients to track and report on the positive impact being made through the wellness initiatives that have been implemented.
Discover the value of an intelligently connected HCM platform by downloading this infographic.