When it rains, it pours! Right as companies are trying to keep costs as low as possible, employees’ retirement plan balances are taking a dive. Here’s a strategy that can take care of both.
Can’t lavish employees with big raises or bonuses? Don’t take that as an excuse for unmotivated staffers. It’s not about the money.
Using incentives to promote employee wellness can take a major bite out of health care. But is your company’s program being abused by freeloaders?
Of course you want to keep all your employees and their families healthy. It’d just be nice if it didn’t cost so much to do it.
You can claim “asthma and diabetes cost the workplace such and such per year,” but how much do health problems add up to for your company?
For fear of infecting your entire department, you’d never encourage a sick Finance employee to come into the office. But what if you could cut costs by bringing healthcare functions on-site?
If you’re noticing a decline in contributions to your company’s 401(k) program, there may be costly morale issues to worry about.
You know how well financial incentives work when you’re trying to make employees wear their safety gear or hit that target to reduce your Days Sales Outstanding number. You can do the same to get your staffers healthier.