28 Sep 2023
Boosting ROI: How to maximise the return on investment of your wellbeing budget
Investing in employee wellbeing is not only the right thing to do but is also beneficial for the overall success of an organisation. Companies that prioritise employee wellness often experience high productivity, lower turnover rates and a more positive work culture. In this article, we will discuss several ways to maximise the ROI of your wellbeing budgets.
Measuring the ROI is key in determining the impact that the wellbeing budget is having. It also establishes the value of the budget and can help make decisions about the future.
1. Conduct a needs assessment 📝
Conducting a needs assessment is an important starting point to ascertain what the need is for your employees. To do this, you can conduct surveys or hold focus groups to gather feedback on employee wellbeing and assess what areas of concern or challenges there are. This will provide insights that can guide your efforts and help prioritise how your wellbeing budget should be put to use, which will therefore ensure that your ROI is being maximised.
2. Set clear goals and metrics 🥅
Establishing clear goals and objectives for your wellbeing initiatives will enable you to keep track of the areas that are most beneficial to your employees. Some examples of how you can track this are reduced absenteeism, improved employee engagement and increased productivity. Having clear goals will allow you to see the impact the wellbeing budget is having and therefore track its ROI.
3. Focus on preventative health measures 😷
Preventative health measures are essential to prioritise as they can reduce healthcare costs and therefore increase long-term ROI. Some examples of preventive measures are shown below. Investing in these preventative strategies will improve employee wellbeing and down the line will increase ROI.
4. Foster employment engagement 😀
Employees that are engaged in the design and implementation of the wellbeing activities are much more likely to take part and therefore will lead to a greater impact and ROI. Fostering employee engagement can be done by creating wellness committees or employee-led initiatives. This will ensure that the employees’ needs and interests align with the programmes and services that are being provided.
Employee engagement will also improve the development of personalised wellbeing solutions, rather than a one-size-fits-all approach, which is key to getting the best outcomes and the largest ROI.
More on why mental health solutions should be personalised to every employee can be found here: https://www.syndi.health/news-personalised-mental-health-solutions
5. Measure and evaluate programme effectiveness 👨🏼💻
Measuring programme effectiveness is a vital way of assessing the impact of the wellbeing programmes and how the wellbeing budget is being allocated. Collecting feedback through surveys, focus groups and programme evaluations will help gather information on employee satisfaction, engagement and programme impact. This data gathered can then be used to refine and enhance programmes to ensure that the desired outcomes are achieved and that ROI is maximised.
Conducting wellbeing assessments at different times to assess if the wellbeing strategies are actually having an effect is another valuable way of evaluating the effectiveness of the programmes. These insights can help gather data and highlight trends about your employees’ wellbeing, which can then be used to assess the impact of the wellbeing programmes and ensure the focus is enhancing the ROI.
6. Train managers as wellbeing advocates 💬
Investing in training managers will equip them with the knowledge and skills to support employees and maximise the impact of the wellbeing budget and therefore leading to improved ROI.
An investment in your managers will also help every HR professional communicate with their leaders about employee wellbeing, which is crucial in any organisation. More on this can be found here: https://www.syndi.health/10-things-every-hr-professional-wishes-leadership-knew
7. Conduct cost-benefit analysis 📈
Performing a cost-benefit analysis will help highlight the financial impact of your wellbeing initiatives. It can be used to compare the cost of implementing the programmes with the savings that come from them. This analysis will provide a quantitative assessment of the ROI and therefore will demonstrate the value of your wellbeing budget.
Investing in employee wellbeing is key to the success and sustainability of your organisation. By strategically allocating your wellbeing budget, the ROI can be maximised. It is important to have a well-rounded approach to create a positive work environment, boost employee satisfaction and ultimately enhance your company's bottom line.