5 Tips for Calculating Your Financial Wellness Program ROI
Implementing a company wellness program is a great incentive for employees and can offer a host of benefits for your company. That’s why the team from Mentoro Group has helped many companies implement highly successful corporate wellness programs. However, if you’re trying to determine how much of a return on investment you’ll get, we’ve collected some facts for you below.
Here are five tips for calculating your financial wellness program ROI!
1. Collect Important HR Data
One of the primary ways to get a clear idea of the ROI of your workplace wellness program is to collect all of the relevant data from your human resources department. This should include things like 401K enrollment, absenteeism, employee turnover, cost of financial wellness solutions per each employee, and similar data points.
2. Gather Employee Insight
To determine how happy your employees are with their benefits, try collecting information via anonymous surveys. Ask questions about how happy they are where they work, and whether or not they’re financially stressed. Ask them if their financial concerns ever affect their concentration at work, and how much they feel your company cares about their financial wellbeing.
3. Implement Your Financial Wellness Program
After gathering all of the necessary insight, now is the time to roll out your financial wellness program or determine the areas where your current one might not be working.
4. Collect More Data
Set a specific time to revisit the prior data you’ve collected and see if there have been any changes over the past months. You should see an improvement in both the number of 401K enrollments, as well as your employees’ satisfaction with their benefits. A great financial wellness program should help boost employee morale and increase retention.
5. Crunch the Numbers
To determine how much ROI you’re getting out of the company wellness program you’ve implemented, determine how many savings you see in regard to your 401K and other benefits programs, absenteeism, turnover, accidents at work, on-time employee retirement, and HR costs. Calculating how much you’ve saved will give you a solid idea of the ROI you’re receiving.
Contact us for more about implementing a company wellness program
If you want to increase employee retention and attract the very best talent, contact Mentoro Group today online or call 1 (844) 324-2411 for more information about our successful corporate wellness programs.