3 Steps to Effectively Measure Your Wellness Program’s ROI
According to a recent survey by the International Foundation of Employee Benefit Plans, seventy percent of U.S. employers offer wellness programs to their employee populations. Given the popularity of health and wellness, this isn’t too surprising of a statistic. The surprise comes here: only 28% of those measure a program’s ROI.
When an organization makes an investment of any kind, determining the success or result of that investment is a key question any leader will expect and request. So why is it that only 28% of organizations are measuring their ROI? For many employers it can be challenging to quantify their results, especially if their goals go beyond controlling and reducing costs.
Here are three tips to help you easily and effectively evaluate the impact of your wellness program.
1. Determine your definition of success
Before you dive into your data, it’s essential to determine the metrics that are most important to your executive team. Every organization defines success differently – are you focused on medical claims, employee engagement, or something else entirely?
2. Find which metrics you can realistically track
Make sure you have a process for measuring the key metrics that are related to your goals and objectives. For example, if you’re looking to improve specific health metrics related to blood pressure, do you have an effective way of measuring your data and comparing cohort groups against your total population?
3. Track and report on a regular basis
Create a plan for when and how you’ll report results back to your team. Depending on the metrics that are most meaningful to your team, you may choose to provide monthly updates or provide an annual year-end recap.
Identifying and tracking key metrics is a vital part of being able to determine the success and return on your wellness program. To learn more, watch our Assurance University Webinar Replay: Wellness Metrics to Track and Bring to Your Executive Team
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