Getting serious about the ROI of Wellbeing Programs
We tend to assume that calculating in a precise and systematic way the financial returns of health and wellbeing programs is impossible. Normally, this is the case because we lack the necessary info and the available research to do so.
So we tend to use fully round numbers from a generic ROI estimation for health and wellbeing promotion efforts in organisational settings, that normally doesn’t sound as strong as it seems for the C Level.
First, we need to stop assuming that it is impossible, and fully embrace the possibility to build better programs and enable all wellbeing promotors to build a better business case, a more proactive, preventive and financially rewarding one. If an organisation is able to calculate the return-on-investment of their own specific investments they become much more independent and able to make better decisions.
They are able to evaluate all vendors in an independent and professional way with key metrics to consider and discuss alongside other investments. They simply stop blindly buying benefits or interventions just because they receive advice to do so, and start by using their own data to consider different priorities of investment and consider impact and ROI metrics to revise these decisions every year.
Thus, ROI calculations can help solve the wellbeing challenge not as a checklist, but grow the competence internally to revise it with the same detail and flexibility we revise and adjust our business or sales plans. We become more competent and we review all the efforts that we already have in place guaranteeing that C level continues to invest in a focused and determined way to address the increasing health challenges of their own workforce.
By partnering with Wellcast ROI we have been able to support our clients with an advanced and personalised calculator and we will be sharing all the details about their approach in the upcoming #boundmakers community even next 24th of June in Lisbon. The event is invite-only but our community is always open, so do reach out if you want to know more about it. So in this edition of our review we invite you to dive into ROI estimation for your health and wellbeing efforts in our blog post.
We also suggest an interesting ebook by Mike Veny “The ROI of Mental Wellness in the Workplace” and finally invite you to listen to our PrevTalk with Anca Coriiu President of Wellcast ROI Europe and India on Calculating the ROI of health promotion programs.
It is an exciting time to embrace ROI calculations with more confidence and with the support of technology we can make it available to everyone in any organisational setting! Let’s do it, shall we?
Do take part in this conversation by leaving a comment on our blog or replying to hello@bound.health
Managing Partner @ Bound.Health
