When employers value and acknowledge the needs of their employees, productivity and profitability are the results. Of all the group benefit trends anticipated in 2019, a focus on wellness is expected to be a major factor in the Canadian market. Building a culture of wellness in Canada is playing an integral role in the success of many thriving businesses. Here are some of the trends you need to be aware of.
The Definition of Wellness has Expanded
In the past, wellness programs have focused primarily on physical health. Which is not a bad thing, but the term “wellness” has expanded to include mental health, financial education and family support. Many companies are acknowledging the full scope of employee needs in today’s environment and are reaping the benefits. Emotional and financial wellbeing will be key drivers in the group benefits market in 2019.
Wellbeing Programs being used as Engagement and Retention Tools
Employee happiness and work culture are the biggest factors when considering new employment. Compensation is important of course, but increasingly employees are being drawn to companies that understand a worker’s wellbeing is just as important as the size of their paycheque. The old saying: “money can’t buy happiness” is mostly true, poverty can’t buy happiness either. However, simply expecting employees to be happy with a pay cheque is no longer seen as an effective means of employee retention. Since retention significantly impacts your bottom line, it is time to embrace change or be left behind as many other businesses are building a culture of wellness in Canada.
Using Data to Measure the Effectiveness of an Employee Wellness Program
Accurately measuring your benefits programs is the only way to tell if the program actually works. It also enables you to make changes and tailor your programs to fit your business, and your employees as individuals. Employee feedback and satisfaction surveys are great methods of measuring the effectiveness of your programs. Also important is observing actual employee engagement in the program to measure participation rates. Companies that have done this successfully are seeing results ranging from work culture improvements, to significant health improvements. Fewer hospital visits, decreases in heart disease and diabetes claims have all been attributed to effective wellness programs. The end result is fewer work absences, higher productivity and employee populations that are actually happy to go to work.
Building a culture of wellness in Canada has already made positive changes in many businesses, if you are interested in improving the overall health and wellness of your employees, contact the experts at DENT Benefits today!
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.