How to Measure Wellbeing ROI

How do you know if your health and wellbeing delivery is generating ROI (return on investment) if you can’t measure it?

There is wider recognition for workplace health and wellbeing than ever before, but SLT’s (senior leadership teams) will always question the validity if you cannot provide a sound business case that demonstrates it delivers value back into the business.

Starting with a clear understanding of what you want your wellbeing plan to achieve; understanding the costs of implementation including hidden costs and being able to measure your return on value, and this can include a number of measurements including quantitative data and qualitative feedback.

In this article we’ll provide our top tips to help you measure the business case for wellbeing initiatives for your business.

How to measure ROI on your wellbeing investment

To be able to measure success it is important to understand what that looks like. Here are our top tips to determine whether your wellbeing initiatives are delivering return on investment for your business.

Clear objectives – what challenge is your wellbeing plan looking to resolve?

• • Support employees through change in the business
  • Recruitment and retention
  • Support Scale Up and Rapid Growth
  • Reduce absence and improve general health
  • Manage high levels of stress
  • Improve performance and productivity
  • Meet health and safety concerns
  • Support and reward a thriving culture

Capture and compare baseline and follow up data

• • Quantitative – might include the numerical value, time resource and cost of absence, staff turnover, recruitment, number of hours required by HR/ Managers to manage health, disputes, performance, etc.
  • Qualitative – staff surveys, performance reviews, HR/Manager conversations, general feedback

Cost of implementation

• • Direct – what is the cost of bringing in external services; or the internal time resource required to deliver wellbeing, materials and communications, etc.
  • Indirect – The cost of downtime and the impact on productivity and business outputs

Evaluation

• • Revisit your objectives
  • Measure the statistical data and review the qualitative feedback
  • Measure engagement and participation in the wellbeing activities
  • Look at your over-all business performance
  • Make changes where needed

At YOLO Wellbeing we understand the KPI’s required to measure your ROI on health and wellbeing investment, which is why we make it easy to capture data, keep costs to a minimum and measure impact.

For more information about our services please book a complimentary consultation call on this link, or you can email us hello@yolowellbeing.co.uk or call 01772 283139.