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What is the difference between government regulated safety standards and additional wellness programs that make your company’s benefits package more attractive to potential employees? Trying to determine which programs are a wise use of company money can weigh on those who must consider business costs and budgets, but careful consideration of costs/benefits analysis of these initiatives will keep you from overlooking vital programs that improve profitability. Workplace Safety Screenings can help you understand the nuances and how each contributes to a better Return On Investment (ROI) for your business.
Basic Safety Standards & OSHA
“With the Occupational Safety and Health Act of 1970, Congress created the Occupational Safety and Health Administration (OSHA) to ensure safe and healthful working conditions for workers by setting and enforcing standards and by providing training, outreach, education and assistance.” -osha.gov
OSHA regulations cover everything from fall prevention to worker’s rights. Compliance with these regulations is required by law, but they aren’t exhaustive. A corporate wellness program, in addition to OSHA requirements, can put your business over-the-top when it comes to competitiveness and increased cost savings.
What Is Workplace Wellness?
Workplace Wellness refers to the programs put into place that protect or elevate the mental well-being of employees to promote job satisfaction, workplace morale and positivity. Workplace Wellness programs can vary from business to business and industry to industry and are often customizable to the specific needs of each workforce community.
Why Should You Incorporate a Wellness Program?
You may have concerns that incorporating a wellness program is not cost effective or worth the extra expense. Here are a few reasons that will change your mind…
A Rand Corp.’s analysis estimated that the return for disease management was $3.80 for every dollar spent on a wellness program.
Harvard Business Review published this article tracking the effects of wellness initiatives on 185 participants from one employer. That study showed the medical costs, per participant, dropped $1,421 from the previous year. The study also concluded that every dollar invested in the intervention yielded $6 in health care savings.
This study from Health Affairs concluded that “medical costs fall by about $3.27 for every dollar spent on wellness programs and that absenteeism costs fall by about $2.73 for every dollar spent.”
The U.S. Chamber of Commerce issued a report showing that Employees who scored low on “life satisfaction” stayed home from work 1.25 more days per month than those with higher scores, adding up to about 15 additional days off per year.
The employee benefits provider Principal.com found that employees who participate in wellness programs are willing to work harder, perform better, miss fewer days and stay in their position longer.
If these stats have convinced you that a workplace wellness policy is what you need to improve safety, boost morale and reduce the costs associated with medical care and absenteeism, Workplace Safety Screenings offers Occupational Health & Wellness Programs. Our programs are designed with common sense medical care in combination with the latest technology. Workplace Safety Screenings can assist your employees as they monitor hazard risks, manage and improve conditions from injury or genetic predispositions and provide peace of mind and better job satisfaction, particularly for employees who work in high-risk industries or job roles.
See how an Occupational Health & Wellness program is the next best step in safety related ROI.
