Lower overhead. Any worker can take the initiative to come up with money-saving strategies and persuade his employer to reward him for it with a lump sum, a leg up on a merit raise or a boost to his professional reputation. https://www.rand.org/pubs/research_reports/RR254.html, https://docushare-web.apps.cf.humana.com/Marketing/docushare-app?file=2843776, https://health.gov/news-archive/blog/2017/05/five-reasons-employee-wellness-is-worth-the-investment/index.html, https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely-statistics-about-the-connection-between-employee-engagement-and-wellness/#3d2efbab22a0. Go365 is not an insurance product and is not available with all Humana health plans. Some services allow you to screen share easily, or even share a recording of a call later. Another perk of employee benefits is the money that you can save on tax, with some kind of salary sacrifice scheme. “On a business trip to Chicago I stayed at a friend’s place rather than at a hotel,” Hemraj says. Reduced overhead is … However, it’s worth noting that the government have introduced an in… Higher productivity and employee retention. Below are three main benefits you can realize with HSAs. Not available with all Humana health plans. So, the next time you consider the salary difference between an in-office job and a telecommuting job, be sure to take into consideration all the different ways working from home can save you money. Find out more: Do wellness programs work? A corporate wellness program represents not only a financial investment, but also a top-down organizational commitment to a company culture of health and well-being. Erika Andersen Contributor. To figure out just how essential employee retention should be to your company strategy and goals, look into the eight hidden costs of employee turnover and how the cost of continually replacing employees can be insurmountable over the long run. Recall your four favorite eco-friendly “R” words: recycle, reduce, reuse and repurpose. Does your office get full sun during the day? According to the Go365 Five-Year Study, employees who are highly engaged in a wellness and rewards program over several years are also more productive, with fewer Unhealthy Days, meaning they experienced fewer days where poor health prevented them from normal activities such as “self-care, work or recreation.”5. See our full accessibility rights information and language options. Creating an inordinate amount of processes to save money.. One person at … Process Improvements Yield Savings, Kudos Mailroom Idea Is Worth a Million a Year See our full accessibility rights information and language options. One way you can encourage employees to save money is to set the highest possible savings percentage as the default in your employee benefits 401 (k) … The RAND Workplace Wellness Programs Study1 reports participating in a wellness program over five years is associated with lower healthcare costs and decreasing healthcare use. If your company has been hit economically, it has to save money to survive. Corporate Programs. Companies, both big and small, are offering health and wellness programs to encourage employees to get routine check-ups, go to the gym, or stop smoking. The company can then grow without needing to build more offices or buy out the whole floor to make room for employees. Can employees command a more substantial cut of their cost-cutting successes? Reduced Overhead Allowing employees to work from home helps you reduce your overhead expenditures. Low consumption employees save money by lowering their monthly cost of coverage, that is, lowering the cost it takes to insure them relative to their medical spending. Benefit #1: Drive down monthly premiums Go365 is not an insurance product. The regimen is so popular that it increased pressure on hospital workers to move patients through quicker. But can working from home actually save companies money? The RAND Workplace Wellness Programs Study offers additional guidance to ensure your team members take advantage of your corporate wellness program, including tips to: Although the overall ROI of your wellness program may not be fully quantified until a few years after the program launch, we know engaged employees usually perform at higher levels than low-engaged associates. If you're in a position of influence, show your company … However, providing an immediate return on investment is challenging because wellness programs generally require an upfront investment while positive results manifest over time. These are the key reasons you should help your employer save money: It makes you look like a committed worker. https://www.rand.org/pubs/research_reports/RR254.htmlOpens in new window, 2 Go365® Five-Year Study Save money by reducing risk of litigation. Thank you!You are now a Monster member—and you'll receive more content in your inbox soon. Are your executives and team leaders asking if healthy employees can really save your company money? 50 Painless Ways to Save Money in Your Business Operations 1. https://www.cdc.gov/hrqol/methods.htmOpens in new window. At Hartford Hospital in Connecticut, cost savings came in the form of a modest capital investment in a bulk-mail machine. Being an executive does not imply that you must spend money on a lavish lifestyle. 1 RAND Workplace Wellness Programs Study, accessed July 2020. You Need to Efficiently Onboard Employees But the creation of a virtual workforce, with growing personnel and new hires, will only work if these new hires are effectively brought onboard. Employee-generated cost reductions don’t stop in the mailroom at Hartford Hospital. In addition to being an effective recruiting and retention tool, letting employees work from home can save employers money in myriad ways. By getting employees to part ways with a fraction of their salary in exchange for a non-cash benefit, you’ll be able to save a huge sum of money. So with that in mind, let's look at some of the surprising ways employee retention can save money: No Time Spent Looking or Interviewing. Here are five ways your organization can save money once you’ve given human resources the tools it needs to be more efficient. Over a year, postage reductions reached an impressive $1 million. According to a GetAbstract survey , almost 43% of full-time employees in America want to work remotely even once this crisis has passed, and the economy reopens. https://health.gov/news-archive/blog/2017/05/five-reasons-employee-wellness-is-worth-the-investment/index.htmlOpens in new window, 4 10 Timely Statistics About the Connection Between Employee Engagement and Wellness, Naz Beheshti, accessed August 2020 Within the company, workers who document their cost cutting can earn and redeem points for sports tickets and products from Apple, Coach, Expedia and Nike. If you have specific healthcare or financial needs, or for complete information, please see a medical or financial professional. When associates feel their company cares about them as individuals, they are more likely to increase performance, reduce presenteeism and boost productivity. The report found statistically significant and clinically meaningful improvements among program participants in exercise frequency, smoking behavior and weight control. To learn more about launching a corporate health and well-being program, contact your Humana sales rep or request more information about Go365’s wellness program by filling out this formOpens in new window. This is a tricky question. Start by showing the return on investment that competitors have achieved with such an initiative; ask a rewards-program provider for data. With a department luncheon and by being featured in a video promoting the hospital’s grassroots change process. For additional information and links to research on wellness programs, read “Five Reasons Employee Wellness is Worth the Investment,” from the Office of Disease Prevention and Health Promotion.3, In addition to reducing healthcare costs for preventable conditions, research shows a culture of wellness strengthens employee engagement. https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely-statistics-about-the-connection-between-employee-engagement-and-wellness/#3d2efbab22a0opens PDF in new window, 5 How Does CDC Measure Health-Related Quality of Life?, accessed August 2020. Saving money is a good idea for any business, but … This is a general description of services which are subject to change. Wellness program research does point to one consistent theme: reduced health risks when employees adopt healthier behaviors long-term, and wellness programs can help employees maintain those healthier behaviors. If you want to demonstrate your leadership, propose ways you think could … The company can then grow without needing to build more offices or buy out the whole floor to make room for employees. 4. Vendors can save you money with more than just price cuts. Cost savings. A recent initiative aimed to save the hospital and patients time and money as the radiation therapy department ramped up a new, accelerated breast-cancer treatment regimen. 2. Buying or leasing commercial office space can be a huge expense for a company, whether it’s large or small. This type of disease management outreach can be offered as part of or in addition to a company’s employee wellness program. Cutting salaries and/or benefits, either to existing employees or new employees.. Salaries and benefits are often a... 2. Track Prices and Buy In Bulk. - V: 2020.24.0.26-814 -. One of the best ways to help your employees save money is to offer them discounts in the places they spend the most money. It would still save her money beyond paying a lower percentage of a high premium gold plan. 3. We’ve compiled a list of money-saving tips—ways for you to trim overhead here, and increase efficiency there, until … But that can be difficult when you have a diverse workforce with different needs. We also provide free language interpreter services. By offering flexibility, like telecommuting, businesses can avoid some of that expense. The points can even be used to make charitable donations, with an instant receipt to document the tax deduction. However, you as an employer can also benefit from HSAs, and the savings can really add up. Mailroom Idea Is Worth a Million a Year. Here’s how employees who may not be in a position to boost their company’s top line are still making a difference on the bottom line by offering tips for saving money. Once, the money is deposited into a 401K or other investment account, there’s usually a penalty for taking money out. By continuing, you agree to Monster's privacy policy, terms of use and use of cookies. “Getting 10 percent of that room rate back instantly motivated me to save the money for the company.” Hemraj and colleagues got an even larger award when they volunteered to work on the company’s servers on a Saturday -- work for which a consultant would have charged thousands. Information contained in this site is general in nature. Go365® reinforced the RAND research with the release of our 2019 Five-Year Study, which highlights the long-term advantages of corporate wellness programs. By getting employees to part ways with a fraction of their salary in exchange for a non-cash benefit, you’ll be able to save a huge sum of money. “Employers can save money in the long run if they create programs to focus on specific health issues – like diabetes – that are affecting their population, ” Julie from the G&A Partners HR technology team said. Any company that's able to increase their employee retention can save quite a bit in these costs. Training employees costs time, money, and materials. 4. Employer-sponsored events include a wide range of activities, like Challenges, screenings and educational lunch ‘n learns–all of which can bring your employees together. To figure out just how essential employee retention should be to your company strategy and goals, look into the eight hidden costs of employee turnover and how the cost of continually replacing employees can be insurmountable over the long run. 5. So with that in mind, let's look at some of the surprising ways employee retention can save money: No Time Spent Looking or Interviewing. In addition to reducing healthcare costs for preventable conditions, research shows a culture of wellness strengthens employee engagement. With a data-influenced optimization strategy, you can know the exact percentage of employees who save money through a premium contribution. And of course, healthier employees generally require less healthcare. But the best way to save money is by preventing lawsuits in the first place. Often, third parties are needed to conduct job training. How have the hospital’s workers been rewarded for their tips to save money? Opinions expressed by Forbes Contributors are their own. One of your organization’s most important, limited, and expensive resources is the staff’s time. 5. 4 Ways Remote Work Helps Your Business. Which margin is the most relevant to your needs?Intuit argues th… A business that hires excellent part-time workers can grow without paying the costs of full-time employees. Please refer to Customer Support for more information. While these controls are often put in to save money, what they really do is discourage creativity, disengage employees and cost a lot of money to enforce. Human resource lawsuits are expensive. Make an Employer … 8 Ways to Save Your Company Money And Contribute to the Bottom-Line 1. 5 Ways Employees Can Help Lead Their Company Out Of The COVID-19 Crisis. Offer a Bonus to Any Employee Who Deposits Their Tax Refund or Company Bonus into Their 401k Account Encourage employees to save large amounts of money when they can by making it more enticing to save. This is probably the most important practice that has saved our company money. Perks and Discounts. There are clear financial benefits that come with employees working from home. Copyright © 2020 Much of the savings came in the form of reduced overtime, a welcome change for overworked staff members and a significant labor savings for the hospital. In Kansas, Humana agents and sales representatives are prohibited from conducting pre-sale conversations with clients regarding Go365, EAP or other value-added services. Alternatively, a company can add telecommuters without buying or leasing more office space. Employers can therefore make a notable difference to their employees’ lives by helping them save money, whether via discounts, salary sacrifice schemes and financial education. When you squander... 2. 4. Employer-sponsored events are one way Go365’s program can enhance camaraderie among co-workers and tailor the program to your company’s specific work culture. The time and costs associated with hiring a new employee can be significant, to the tune of $4,000 per hire for many businesses.And with turnover always being a consideration, hiring and onboarding new staff can be a disconcerting expense for your company. With technology improving, and many talented workers looking to work for the companies with the most perks, it is little surprise that employers are trying to find ways to cater to the up and comers. Work with green vendors to save money. The increased connection among your associates can lead to greater collaboration and creative problem-solving. https://docushare-web.apps.cf.humana.com/Marketing/docushare-app?file=2843776opens PDF in new window, 3 Five Reasons Employee Wellness is Worth the Investment, Alexandra Black, Office of Disease Prevention and Health Promotion, accessed July 2020. As a result, by paying out lower wages, you won’t have to contribute as much tax and National Insurance. This is a general description of services which are subject to change. First, we can look at the clearer or more obvious costs of having to replace an employee. First, we can look at the clearer or more obvious costs of having to replace an employee. Using Skype or other web-based conference calling solutions can save your business money, if you’ve been relying on traditional long-distance calling. Prepaid Cards. Business Credit Cards. Another perk of employee benefits is the money that you can save on tax, with some kind of salary sacrifice scheme. Fantasy? Establishing a vibrant and tight-knit community at your company is paramount, as it will help save on future costs, primarily by lowering the employee turnover rate. ... And while nearly everyone appreciates additional money… ... find ways to save money and time, showcase your company online and be supportive of your colleagues. 1. When in London, get an Oyster Card “I led a process-mapping exercise to lay out on the board all that we were doing and what we could improve, with initial state and ideal states,” says Ted Steger, a hospital medical physicist. It benefits their employees in terms of less sick days and a more productive workforce, but it can also help the company by lowering their health insurance costs. Gift Cards. Working from home saves employees money, largely by eliminating or reducing commuting expenses but it can save employers money too. Save money by reducing staff time. Employers appreciate the extra effort made to improve the bottom-line. To reduce the risk of employee-initiated litigation, your organization needs to do more than follow the letter of the law. No, it’s a true story, and one that can be replicated across all industries. How Great Employees Can Save Your Company. 1. "You can essentially transfer income from your business to them [to save money]," says David L. Scott, author of The Guide to Saving Money (The Globe Pequot Press). You won’t know unless you ask. Any company that's able to increase their employee retention can save quite a bit in these costs. Better global converge. 2. While a company … Open the Blinds. Humana Inc. and its subsidiaries, including Go365, comply with all applicable federal civil rights laws and do not discriminate on the basis of race, color, national origin, ancestry, religion, sex, marital status, gender, gender identity, sexual orientation, or disability. Humana is a Medicare Advantage HMO, PPO and PFFS organization with a Medicare contract. These benefits can include travelcards, car schemes or gym memberships. “Every single time you save our company money -- say by staying at a cheaper hotel or using a coupon -- you get 10 percent of the savings back as rewards points,” says Zakir Hemraj, sales engineer at I Love Rewards, which both markets a Web-based rewards system and uses the system to recognize its own employees’ money savings. You can help put money into your employees’ pockets and find fantastic candidates all in one fell swoop! Savings Accounts & CDs. “Our managers gave us the blessing to go out to departments and tell them how we could save money for their departments with bulk mailings,” says Juan Donato, an associate in the mailroom at the 867-bed nonprofit hospital. 1. For her extraordinary efforts to save money, her employer rewarded her with $1,000. DIY Your Content Marketing. 33. For Companies with Reward Systems, Savings Everywhere

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