“As the cost of providing healthcare continues to increase, employers recognize one of the key ways to manage their company’s costs is to incent their workforce to lead a healthier lifestyle.”
– Adam Stavisky, senior vice president of Fidelity’s Benefits Consulting business
In February of 2013, Fidelity Investments partnered with the National Business Group on Health to conduct an employer survey concerning the use of corporate wellness incentives across industry lines. The study yielded some interesting results that we’d like to summarize and share with you below.
The use of corporate wellness incentives is on the rise!
From 2011 to 2013, the use of incentives within workplace wellness programs saw an increase of 13% spending per employee.
While that might seem significant, go back just a couple more years and consider the fact that the cost per employee actually doubled between 2009 and 2013!
In 2009, employers were spending an average of $206 per year per employee. In 2013, the average is now $460.
Employers plan to continue spending more on incentives in the future!
The report indicated that employers were seeing value and ROI from these incentives programs and planned to spend, on average, even more ($521) in the coming year.
In general, the overall growth of the wellness industry is up as well. Currently, 86% of employers report to offering some type of wellness program in their workplace. While not all of them are yet using a corporate wellness incentive program, the simple growth in the industry in general is impressive!
Corporate wellness incentive program growth is widespread!
Wellness-based corporate incentive programs are on the rise across all markets and within all industries, but the mid-market sector saw the most pronounced increase.
In the mid-market sector, the number of employers utilizing an incentive program more than doubled between 2010 (38%) and 2013 (77%).
Employers in this category are also willing to spend the most on incentives. Reports indicated that more than half plan to invest over $500 per employee over the course of the coming year!
The bottom line is that corporations are wising up to the fact that not only are wellness programs financially advantageous, but even the sometimes costly implementation of incentives programs provide a great return on investment! To learn more, download the free resource below or call us today!