Why a holistic wellbeing platform beats a point solution

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  • Date posted

    Jul 08, 2021

  • Length

    2 minute read

How to care for employee wellbeing is an important decision, one that will impact your people—and your budget—for years to come. There’s also confusion in the marketplace, as Shortlister has found that the demand for an all-in-one wellbeing provider is roughly equal to the number of companies looking to stitch together resources through point program vendors.

These approaches are not the same, but the differences aren’t always clear if you’re just getting started. To help, here are five key benefits of choosing a holistic wellbeing solution over a point program vendor:

1. Your employees’ needs will change over time.

Mental health resources are rightfully emphasized in the wake of COVID-19, but the needs of your employees are always evolving. Point solutions narrow your focus (and budget) to one or two trendy areas, which will make it harder to help your team as their needs change.

Employees know this, which is why 75% say “a personalized, customizable approach” is important to a health and wellbeing program. Comprehensive tools allow you to meet everyone along their wellbeing journey while maintaining the freedom to focus on whichever topics are most important to your people, year-in and year-out.

2. Combat rising healthcare costs.

This particular benefit is timelier than ever—a recent Mercer study found that employer costs on employee healthcare are likely to rise by 4.4% per employee in 2021, while Gallup found that 75% of medical costs accrued mostly due to preventable conditions.

This is where a holistic solution can help. With a combination of strategy and features, such as Navigate’s Wellbeing Survey, biometric data display, and comprehensive resources, participants can identify and address health risks before they get worse.

More than 60% of employers said workplace wellness programs reduced their organizations’ health care costs

3. Boost employee retention efforts during a critical time.

Holistic wellbeing programs are another way to show your commitment to your employees, and employees who feel valued are more likely to stick around:

70%

of employee participants feel their company’s offering is an indicator that their employer cares about them.

11%

lower turnover at employers who create cultures of health.

4. Holistic wellbeing engagement benefits your overall bottom line.

Companies with engaged employees report:

37%

lower absenteeism levels

21%

higher productivity

22%

higher profitability

In this case, the statistics speak for themselves. To prove the success of your unique program, you’ll want to make sure you have a robust reporting tool in place, such as Navigate’s dynamic Admin Dashboard, so you can track real-time progress and know your strategy is on target.

5. You'll engage your employees.

Why does a properly strategized wellbeing program increase engagement more than a point solution? Because it’s designed to! Simply offering resources isn’t enough. Navigate has found that combining industry expertise, individual client goals, participant incentives, and flexible technology boosts engagement, even during the chaos of COVID-19.

Employers relying primarily on an independent health and wellness vendor experienced 83% higher engagement rates across core programs than did employers relying on health plans as their primary health and wellness provider.

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