When trying to measure the return on employee incentive programs, what Benefits, HR and Safety leaders at self-insured companies actually need to measure is their healthcare cost [or savings] in relation to the cost of their health, wellness, and safety programs.
One of the most common sources of pushback that health, wellness, and safety program vendors face is: “If this is as successful as you say it will be, it’s going to cost me a fortune.”
Against a backdrop of sky-rocketing healthcare costs and a new political administration, it can definitely be a scary time to consider spending additional dollars on a program in order to lower insurance costs, increase productivity, reduce work-related incidents, OSHA fines, and employee absenteeism. Almost seems counter-intuitive right? Another concern is retaining a quality workforce that has come to expect full medical coverage and benefits programs from an employer. But the bigger consideration is, can you risk not implementing an employee incentive program?… And if that program is a whopping success, then it will more than pay for itself in savings and employee satisfaction.
According to SHRM, the average cost for insuring a family has risen to $25,000 per year. And with costs continuing to rise both for employers and the portion passed to employees, resources are dwindling, and with that, so is employee satisfaction.¹.
We can’t speak for all incentive program vendors out there, but at GoPivot, we give everyone a reason to change and provide many reasons why incentive program costs are well worth the rewards:
- Your monthly payment is all-inclusive, so you won’t be forking over any extra platform costs, and you don’t have to purchase your own incentive prizes anymore either.
- You also don’t have to worry about managing separate vendors for points, safety, wellness, rewards … you just write a single check per month.
- Other providers inflate their engagement numbers and boast rates like 75% engagement, but we have a higher standard for what qualifies as “engagement.” We consider 30% engagement to be very successful.
- If you’re still concerned about the cost for a brand new program, we can talk about putting an annual cap on the program so that you remain within budget and can truly see a return before scaling.
¹Source: https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/how-to-control-your-companys-health-care-costs-with-a-self-funded-program.aspx
