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Attendance & Wellness Incentives –
Attendance incentives are based only on attendance. A good way to utilize an attendance incentive is by adding it to a yearly review. An employee may feel motivated to go to work more often if they have a chance of obtaining a raise. Unscheduled absenteeism is a chronic problem for U.S. employers, conservatively costing $3,500 per hourly employee, and $2,500 per salaried employee per year. Keeping employees motivated to go to work is essential to a company’s success.
Many companies are starting to realize that healthier employees mean lower insurance costs, and higher productivity. Wellness incentives are being used to help employees adopt and maintain a healthy lifestyle. Keeping those employees healthy means better attendance rates.
An employee wellness incentive plan can come in many different forms:
- Rewarding employees for attending no-cost health education seminars
- Waiver of co-pay under a group health plan for preventive care
- Providing employees with free flu shots and required vaccinations
- Reimbursement of costs for participating in a smoking cessation program
- Reward for completing a health risk assessment
- Reimbursing workers for gym memberships
- Offering weight loss programs
- Providing free health coaching
- Offering insurance-premium discounts to those who meet health standards
A study conducted by Harvard University found wellness program returns to be about $3.27 per dollar spent in reduced medical costs and $2.73 per dollar spent in reduced absenteeism costs. Excessive employee absences can reduce productivity, lower morale, and increase rates of job turnover. Keeping your employees happy and healthy just makes ‘cents’!
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