Webcast - Defining an ROI Based Employee Wellbeing Strategy for 2020
Public awareness of the importance of healthy workplace and employee wellbeing is growing, as is the moral, societal and business case for improving it. Yet, despite this, many employers experience numerous challenges in improving their performance in supporting employee health and wellbeing.
In this webcast - 'Defining an ROI based employee wellbeing strategy for 2020' by People Matters and ekincare, the panelists Mr. Sudhir Mateti, Head HR - Syntel Telecom, and Mr. Thrilok Abhishek, AVP Marketing - ekincare discussed how organizations can drive ROI from your wellbeing program?
As we know health issues especially chronic diseases are at an increasing rate across all the corporates worldwide, a study reports that 1 in 2 employees in corporate India is at risk of one or the other chronic disease. This, in turn, results in a 7% to 50% increase in the health premiums provided by the employers.
Common problems in today’s corporate wellbeing programs
People these days are not very conscious about their wellbeing. For instance, employees do opt for a yearly membership of the gym but utilize it hardly once a month. Hence, conscious awareness about the wellbeing is one of the major problems that corporates face these days. Even after providing several health benefits to the employees, utilization rate remains the lowest.
To this, Thrilok added that a study done by ekincare and People Matters states that 19% of the HR professionals feel that employee adoption and engagement is the key problem.
Outlook on the non-homogeneous employee base
Organizations have employees falling under different age groups and everyone has their own definition of health and fitness. Someone who does a 100m sprint would consider himself/herself as fit, while someone else would say if they are not exhausted at the end of the day, they are fit. Another problem with this non-homogeneous employee base is that a standard program does not work today. While a group of employees would like to have Zumba sessions organized in the organization, another group might want to have yoga sessions.
ekincare addresses this problem by categorizing its end-user into 3 categories - Invincible(Late 20s, Early 30s), First Responders(Late 30s, Early 40s) and Chronic Care(Late 40s and above) and customizing the health benefits according to the needs of the employees.
Key elements of a wellbeing program
The most important element of any wellbeing program would be bringing awareness in the industry about employee health and wellbeing. While in the corporate world, stress mounts to a larger portion of the grey area, mental wellbeing is quickly important as physical wellbeing. Employees usually do not realize that the excessively long working hours and tight deadlines are taking a toll on their health.
Every organization often has a different vendor to look after all these issues which become cumbersome for HRs as well as the employees to make the most out of the wellbeing programs.
ekincare is a one-stop solution for providing personalized healthcare services for all employees as well as track, measure and optimize healthcare spends to ensure proper ROI is achieved.
Considerations for designing a wellbeing program
Whenever a health benefits program is designed, measuring utilization and ensuring it is actually useful to the employees is of the utmost importance.
ekincare provides health checks and suggests personalized health journeys to employees based on an individual's health risk assessment. Continuously empower the HR team with data-driven insights on Population Risk Modelling, summarised Employees’ Health Risk Data as well as Chronic Disease Prediction, to motivate employees to take up recommended activities.
It is indeed important to plan the annual wellbeing calendar and benefits based on actual health risks to increase the utilization rate.
Measurable outcomes of a wellbeing program
Since data points are extremely important, recording these data points and making valuable insights into these data points is the first step towards measuring the outcome of a wellbeing program.
For say, if a person goes for a health checkup at a diagnostic center, it becomes really difficult for him/her to make sense of that report and understand it completely.
ekincare allows employees to upload all their reports on the ekincare app, which is then digitized completely using the right metrics and compared with over 10 million data points available on the platform. Using the AI-based platform, ekincare aggregates the health score at an individual as well as the corporate level which is tracked as a success metric.
Perhaps, employee health is not a one-off activity. Once the annual health checkup is completed, customizing health benefits programs for employees based on their health reports and offering relevant health coach programs and employee engagement programs can help increase the utilization of these programs and hence the ROI.