It’s hard to deny the growing demand for workplace wellness programs. In fact, if you are an HR or benefits manager, you may have already been tasked with finding a health and wellness program that will keep both employees and your CFO happy.
CFOs can be tough nuts to crack though. Without their full-fledged support – and their signature on the checks – your workplace wellness push probably won’t happen.
So how do you get them on board?
This is where Zillion can help: chronic condition management programs, such as Restore, can help CFOs achieve their short- and long-term objectives – and, ultimately, yours. Employees will feel valued, which will create sustained loyalty, while health outcomes are improved, and lead to greater profitability.
What keeps your CFO up at night?
Employee retention and avoiding turnover are going to be some of your CFO’s top priorities. Along with the right salary, employees want a robust benefits portfolio, which typically includes health and wellness benefits. CFOs are also concerned about controlling rising healthcare costs – roughly 70% of which will come out of their budget.
When employee wellness is done right, it can have a current period impact and generate multiples upon its investment in one year. That will surpass any hurdle rate required for capital allocation.
Show how the right program can create real ROI
HR managers need to demonstrate that health and wellness programs can produce outcomes that reduce cost. There are a few ways to do that:
• Identify programs with compelling pricing models, including money-back guarantees, outcome-based pricing, or pricing based on eligible employees only (rather than all employees).
• Avoid pushing the productivity or absenteeism button to validate a new program. CFOs are not satisfied with soft ROI or avoidance claims. They want hard ROI.
• Get your CFO more involved in vendor selection. They need to be the balance between what a vendor claims, and what the company sees on the bottom line.
• CFOs understand the concept of net present value (NPV) and do not require a one-year payoff. However, HR managers must show that outcomes are sustainable and, therefore, the savings are sustainable.
Investing in the right program can ensure that existing unhealthy habits among your employees do not prevail down the road, which could lead to higher healthcare costs to your company. As a result, businesses will be better able to pivot their approach to wellness and keep employees healthy while generating real ROI.
This is where chronic condition management programs succeed while traditional wellness programs fail. Our approach keeps employees motivated to stick to healthy behaviors. At Zillion, we work with you to guarantee both short- and long-term success for you and your employees and everyone benefits.
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