The Wellness Industry has changed significantly over the last few years, and those changes play an essential role in the wellness vendor ecosystem. For years comprehensive wellness vendors dominated a large portion of the market. By offering a full-service solution where they bundled a series of options into one platform, providing one seamless solution to participants. Although there are still comprehensive vendors on the market, offering solutions to employers around the globe, the wellness industry has also grown and diversified. This growth within the industry has created a natural grouping of vendors tackling various issues:
This new ecosystem allows employers to have a large selection of resources, but weeding through all of the vendors can be overwhelming. Here are three tips for creating a wellness and benefits strategy for your organization.
As an organization, how do you benchmark success for your program offerings? Just like a business, it’s essential to understand your overall vision for the comprehensive offering and know the milestones that each vendor meets to get you there. An MSK solution might offer you the ability to lower the cost of your claims, where a financial wellness program impacts employee retention and presenteeism.
Send out a quick survey to learn about your participant’s interests. Engagement is always going to be highest when participants have the option to engage in solutions that they select.
Tip: Look for vendors who charge per active participant instead of per eligible to spread your budgeted dollars further.
The overall success of your program is heavily influenced by your organization’s ability for HR, benefits, safety, wellness, health, and others to work together. For example, if you are offering a financial solution, make sure the solution educates and links participants to specific details on their 401(k) offering, health insurance plan, HSA, etc.