What Cost-Effective Benefits Impact Employee Well-Being?
We asked CEOs and founders for their best cost-effective benefits that significantly impacted employee well-being. From introducing flexible working hours to offering free gym memberships, here are ten tips for you to consider.
- Introduce Flexible Working Hours
- Add Weekly Exploration Tasks
- Organize Monthly Outings
- Provide First-Aid Consults
- Offer Unlimited PTO
- Offer Mental Health Days
- Provide Mental Health Support
- Introduce a Wellness Hour
- Launch an EAP Program
- Offer Free Gym Memberships
Introduce Flexible Working Hours
No benefit has been as well-received and effective for us as flexible working hours. By allowing our employees a great deal of freedom in when and where they work, we've been able to boost productivity, reduce turnover, and reduce use of paid time off, all at a cost of essentially zero dollars once we got things set up.
Add Weekly Exploration Tasks
We introduced flexible work hours and added weekly exploration tasks not tied to client work. Both have had a big impact on employee well-being without much cost. The flexible hours allow everyone to manage their own time, while the exploration tasks let them tap into their creativity and try new ideas.
Letting the team explore new concepts outside of client demands keeps things fresh and reduces stress. It’s been a great way to keep our work environment creative and balanced.
Organize Monthly Outings
One simple change was introducing a company-sponsored monthly adventure outing, which has greatly enriched our team's spirit and well-being at PinProsPlus. Each month, we embark on activities ranging from hiking to go-karting, which not only provide a great escape but also foster team bonding outside the office environment. Since starting this, we've seen a robust increase in team cohesion and a 20% improvement in employee engagement scores. It's a testament to how small, thoughtful investments in our team's happiness can yield substantial returns in workplace morale and productivity. This initiative has proven that when we invest in our employees' enjoyment, it directly enhances their life at work and their output.
Provide First-Aid Consults
As the founder of Wright Physical Therapy, one benefit we introduced that boosted employee wellness was our First-Aid Consult program. When injuries happen, getting a quick and proper diagnosis is key. Our FAC provides this through 45-minute assessments by physical therapists, preventing minor injuries from becoming major, recordable claims.
For one large manufacturing client, FAC cut injury claims by over 50% the first year. Their cost avoidance topped $350K, easily offsetting the $25K program cost. Employees appreciate the fast, skilled care and education. Most return to work within days versus weeks.
Another impactful program has been our pre-work screen and job analysis service. We evaluate the critical physical demands of jobs, then assess candidates. For a distribution warehouse, this cut injury rates by over 65% as we screened out those prone to injury. The $50K annual cost saved them over $500K in claims and lost work.
While these services require investment, the substantial savings and workforce benefits merit strong consideration, especially for physically demanding roles. When employees feel supported through evidence-based injury prevention and treatment, morale and productivity rise. For any company, that’s a win-win.
Offer Unlimited PTO
In terms of “bang for your buck” for benefits, the most cost-effective benefit that can have a significant impact on the well-being of your employees is an unlimited PTO policy. What I’ve found with implementing this kind of policy is that employees typically don’t take any more paid days than they would have been given under our old, more-limited policy. The big difference is one of mindset. Employees no longer see vacation days as a limited commodity that they need to hoard for a rainy day. This means they’re more likely to use days off when they need them, whether that’s for a scheduled vacation, due to illness, or simply because they’ve been putting in extra work and need a rest.
When employees feel empowered to use PTO, this has a major positive impact on their overall well-being and mental health. Rest is critical for employees to perform at their best and is equally important in preventing burnout. This also gives employees another tool to manage their work-life balance and can be especially valuable for employees who are parents, caretakers, or have chronic illnesses, giving them peace of mind to know they can take time when they need it without jeopardizing their career.
From a cost standpoint, it’s been my experience an unlimited PTO policy can actually cost less long-term than one with set days. For one thing, it reduces the labor and time required to manage and track paid days, freeing up your HR team’s time for other things. It also eliminates the question of what to do with unused days—there’s no need to calculate end-of-year payouts, or to coordinate the sudden rush of employees trying to use up PTO that’s about to expire. In my mind, it’s a policy that just makes sense from both an employee and a bottom-line standpoint.
Offer Mental Health Days
Recognizing the importance of mental health, a policy was put in place that allows staff to take mental-health days. This perk allows employees to focus on their well-being without the shame that frequently comes with taking time off for mental-health concerns. Many employees expressed thanks for this assistance, citing how taking a day to recharge enhanced their attention and overall job performance. The effort has promoted a culture of openness and awareness about mental health, resulting in a more caring workplace. Employees now feel empowered to care for themselves, resulting in increased well-being throughout the firm.
Provide Mental Health Support
The implementation of a comprehensive mental health-support program. This program is designed to be both affordable and highly impactful, leveraging existing resources and technology to provide employees with valuable support.
We started by integrating access to a mental health app that offers features like meditation exercises, stress-management tips, and online counseling services. The app provides employees with immediate, confidential support, helping them manage stress, anxiety, and other mental health challenges. It’s available at no additional cost to them, which removes barriers to accessing support.
In addition to the app, we organized regular virtual wellness workshops and webinars focusing on mental health, work-life balance, and stress management. These sessions are led by experts and are designed to be engaging and interactive, giving employees practical tools and techniques they can use in their daily lives.
The impact has been noticeable. Employees have reported feeling more supported and less stressed, which has positively affected their overall job satisfaction and productivity. By addressing mental health proactively and providing resources that are both accessible and affordable, we’ve seen improvements in employee engagement and a reduction in burnout, all while keeping costs manageable for the company.
This approach demonstrates that investing in mental health support doesn’t have to be expensive to be effective. It shows that thoughtful integration of accessible resources can significantly enhance employee well-being and foster a more positive and productive work environment.
Introduce a Wellness Hour
As the founder of a remote-focused recruitment agency, I’ve always believed that flexibility is key. One of the more unique benefits we’ve introduced is something we call the 'Wellness Hour.' It’s an hour each week where employees can step away from work to focus on their well-being, whether that means going for a walk, meditating, or squeezing in a quick workout.
What’s been great about this is how much it’s boosted morale and productivity. People really appreciate having the freedom to choose what works for them, and it’s been a simple, affordable way for us to show that we genuinely care about their well-being.
On top of that, it’s helped create a culture where health and mindfulness are part of the routine. It’s a small investment, but it’s paid off in terms of how happy and engaged our team is.
Launch an EAP Program
As an insurance broker focused on employee benefits, a cost-effective program we launched was an employee-assistance program. For a few dollars per month per employee, we provided 24/7 mental-health and counseling services.
In the first 6 months, over half our staff used the EAP for issues ranging from anxiety to marital problems. Absenteeism dropped 12%, and productivity rose notably. The cost was a fraction of the financial impact of lost work hours.
Our company culture promotes health and work-life balance. An EAP reinforced this and showed employees we care about their well-being beyond just medical insurance. The nominal investment yielded gains in loyalty, morale, and performance. Benefits that support employees during life's challenges, big and small, can be powerful yet affordable. An EAP is a benefit all companies should consider.
Offer Free Gym Memberships
I've implemented a cost-effective perk by offering complimentary gym memberships to all my employees. This may seem like a small gesture, but it has had a significant impact on the well-being of my team. Our job can be quite demanding and stressful. Long hours, constant client interactions, and tight deadlines are just some of the challenges we face on a daily basis. And while these are all part of the job, they can take a toll on our physical and mental health.
By offering free gym memberships to my employees, I have not only shown that I care about their well-being but also provided them with an outlet to relieve stress and improve their overall health. This has resulted in happier and more energized employees, which ultimately leads to increased productivity and better work performance.
Introducing free gym memberships as a cost-effective benefit has had a significant impact on the well-being of my employees. It not only shows that I value their health and happiness, but also leads to increased productivity, improved employee retention, and a positive work culture. Taking care of my team's well-being is crucial to our success, and this simple yet effective benefit has proven to be a valuable investment in achieving that goal.
