Taking steps to improve the health and wellbeing of your workers can also improve your business's performance, productivity and workplace culture.
Implementing a work health initiative – for example, providing business health plans – can lead to many major benefits for both employers and employees, according to recent data released by Comcare.
Benefits of corporate health initiatives
Improved productivity. Studies of the Australian workforce have found that healthy employees are almost three times more effective than unhealthy staff. Employees in good health work approximately 143 productive hours per month, compared to 49 productive hours per month for the least healthy workers.
Greater engagement, creativity and morale. Improved health and wellbeing in the workplace has been linked to increased employee participation and positivity. Global research shows engagement and creativity can rise dramatically when a staff health incentive is introduced.
Enhanced staff retention and attraction. Health and wellbeing programs often make staff feel valued and cared for, which can influence satisfaction in the workplace. It also helps attract quality workers who value personal health and wellbeing.
Decreased absenteeism and presenteeism. Introducing workplace health initiatives can reduce sick leave absenteeism by an average of 25 per cent, according to recent data collected by Comcare. By decreasing sick leave and health-related losses in productivity, businesses can save up to $5.80 for every $1 invested in employee health.
Improved corporate image. Employers often choose to implement a corporate health plan because it is the 'right thing to do'. The expression of concern over workers' health and wellbeing demonstrates a sense of social responsibility and can improve the organisation's image within the public eye.
Increased workability in an aging population. With Australia's aging population, there are fewer workers within the traditional work-age bracket. Older workers are more likely to develop chronic diseases that can lead to disability and early retirement, therefore health initiatives that encourage and support older employees to remain in the workplace are becoming increasingly important to cover labour needs.
If you're interested in investing in your employees' health and wellbeing by implementing a corporate health plan, HICA can help you choose the right policy for your business.