Workplace wellness schemes have become immensely popular over recent years, including everything from work-sponsored biometric screenings to programmes to help you quit smoking and health coaching. There are even exercise classes involved but things are changing, despite workplace wellness becoming increasingly popular additions to employer portfolios. Because the market has evolved to not just include a phone call and a meeting with a coach, schemes are now moving into the technology realm. When the industry started, there was a fear in asking employees to disclose information about their health, and as that portion of the programme has moved on, things have changed. The uneasiness on the part of the employers has been subsumed by the reality that offering health coverage now costs so much more. Workplace wellness is now an industry worth billions of pounds and recent surveys suggest that around half of all companies with at least 50 workers have some sort of scheme in place. But at the backdrop to this is the crisis state of the healthcare market, with many chronic conditions being lifestyle diseases. The concept behind the workplace wellness programme is to help people to navigate the complex nature of lifestyle and health, by giving them the support they need to make healthier changes and the tools they need to improve their lives. In the process, they may help their employer avoid costly health claims down the road, but is this really how companies save money? Just how valuable is it to employers to have a workplace wellness scheme in place?
There’s an underlying concept of building a stock exchange for your health, and as such you treat your health as a stock which can go up or down depending on how you treat it. You need to go to the screenings and track your health so, for example, if your blood pressure goes down, your stock goes up. Technology offers an instant form of feedback, so if you light up on your lunch break, it will give you the hard facts – it cost you £5, you lost 146 days from your life expectancy, and all because of one cigarette. These are facts which are harder to shrug off. LifeVest is a start-up from Philadelphia which has now added a number of companies to its roster. What makes LifeVest different is the association of money to your health. Having an investment in your health is bound to affect your behaviour, and direct financial incentives for workplace wellness schemes are still quite rare, but studies show that money is a great motivator. It’s early days, but companies are seeing a rise in engagement numbers which is rooted in economics. Using competition and financial motivators helps to add to the accountability tools – you’ve got competition with your friends, your family are holding you accountable and you’ve got your financial incentives. In fact, smokers have as much as a 50 per cent higher premium than non-smokers. But people are ok penalising smokers as a way of encouraging them to quit their addiction. Looking at obesity though, this is a more complex problem and finding the right balance between incentivising weight control and simply imposing a tax on obesity is very difficult. Workplace wellness schemes have a long way to go before they find the right balance between helping both the employer and the employee, but this new way of working, by offering financial incentives, could well be the answer to this problem.
Comments are closed.