Small-business owners looking for ways to trim their bottom line might want to focus on their workers’ health and well-being. According to a new study from the National Small Business Association and Humana, employer-sponsored health and wellness initiatives have a positive impact on company finances.
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The survey, “Workplace Wellness Programs in Small Business: Impacting the Bottom Line,” found 75% of small businesses that offer wellness programs see benefits on the books. An overwhelming 93% of businesses said their employees’ physical and mental health is important to financial results, however only one-third of respondents felt confidence they had the ability to help employees manage their well being.
More than half of respondents said they felt they had insufficient information pertaining to how to institute such a program within their company. In addition, a key factor in a company’s decision to bring in such a program depends on employee interest, the survey found.
Younger companies less than a decade old are leading the charge, with one-third having already adopted health and wellness programs for workers. Sixty-five percent of startups said wellness programs are worth the investment, and nearly half said the programs aid in recruiting and retaining talent.
High levels of employee stress are the top issues for small business decision-makers, especially at smaller companies, where stress levels more than triple other well-being concerns. Sixty-seven percent of businesses said offering wellness programs would be the best health-related option received by employees. This compares to only 17% who believe allocating more sick days would be a better solution.
The study was conducted among more than 1,000 small-business owners.