Webinar Recap: How to Maximize the Impact of Your Employee Health Incentive Strategy
March 30, 2011 / Employee Engagement
Yesterday Ed Dougherty, Vice President of Client and Member Services at Virgin HealthMiles, presented the webinar: How to Maximize the Impact of Your Employee Health Incentive Strategy. Here’s a quick recap of what we covered.
Why Are Businesses Focusing on Prevention and Health Incentives?
- Chronic diseases, such as heart disease, diabetes, and some forms of cancer, drive 75% of the costs impacting businesses and their employees today.
- Employers are increasingly expanding their role in helping their employees become healthier in order to make a sustainable impact on the health of their workforce and the health of their bottom lines.
- Recent studies show that employers see true prevention strategies as the best approach to managing healthcare costs.
- 65% of organizations offer incentive rewards (or penalties) to encourage participation in wellness initiatives; 25% have plans to offer such incentives. (Buck Consultants’ 2010 Working Well Survey Report)
Why implement an incentives-based approach?
- Incentives are proven to work, yet one-time offers do little to improve healthy lifestyles.
- Aligning incentives for actual, ongoing performance keeps employees striving toward health goals – the most important thing is to determine what behaviors you want to incent and what form of incentives will drive those behaviors within your specific population.
- The “right” incentives plan is different for every company – get in touch with your employees, review past program incentives and performance, and when possible test out different options to determine the optimal choice.
What is Integrated Incentives?
- With so many programs, vendors, incentives, and communications, HR managers are asked to figure out how to juggle all of these things while optimizing the success and impact of the overall health and wellness offering. Integrated Incentives is an approach that brings all of the programs and incentives you offer under one umbrella for employees.
- Integrating the incentives offered drives higher value recognition and allows companies to easily add additional programs or qualifiers to employee segments without necessarily increasing the overall incentives budget.
- Integrating multiple employee health and incentives programs also allows employers to communicate with and motivate employees in one place, promote and manage all of their incentives together, and measuring program and incentive effectiveness easier.
How do you implement an integrated approach?
- Determine the right structure and tie your incentives structure back to your desired outcomes and behaviors.
- Make incentives relevant and of value to your employees and ensure incentives are on par with required effort or the outcome’s value to organization.
- Create a great experience by designing your program so it’s easy for your employees to understand and provide variety, drive long term engagement with multiple ways to earn.
This is just the overview; you can view the complete webinar recording, including attendee questions, on our website. Also, if you have any questions we missed post them in the comments and we’ll address them here.