Whiteboard Wednesday: ROI vs. VOI

We had the honor of bringing the esteemed guest speaker, Al Lewis, back into the office for another Whiteboard Wednesday session to talk about surprise medical bills and share a workaround that can help employees avoid them altogether!

Christine Deehring, Founder and CEO of Bump Boxes, joins this episode of Whiteboard Wednesday to offer her perspective on why supporting expecting parents is both a sound business practice and an ethical step that organizations can take to promote the well-being of their employees.

In Wellable’s first-ever guest appearance on Whiteboard Wednesdays, Al Lewis provides his perspective on how employee wellness programs will never be the same. Al discusses the impact on wellness programs that offer incentives for “clinical” programs, such as biometric screenings and HRAs.

As with most wellness offerings, the rationale behind launching an initiative is driven by either a return-on-investment (ROI) or value-on-investment (VOI) perspective. Watch and learn why genetic testing for an employee wellness program may not be the type of innovation a company wants to support.

The Illinois Workplace Wellness study found that financial incentives have a diminishing marginal return and incentives for downstream wellness activities were more cost-effective than up-front incentives tied to completing the initial health screening. Watch this 3-minute​ video to learn more!

This week’s Whiteboard Wednesday session reviews five leading companies and their actual wellness rewards and benefits they offer employees, highlight best practices such as reinvestment into personal health, strengthening benefit plans for recruitment and retention, and affordability.

When the total costs of self-service programs are included in the decision-making process, employers may reconsider running wellness challenges internally and think about reallocating the freed capacity to higher value areas.

This week’s Whiteboard Wednesday (WW) session is on the math behind reducing blood testing and why employers should not conduct broad-based blood testing via biometric screenings. WW videos are meant to be short so this one focuses on the impact of over-testing from a mathematical perspective.

Employers invest significant financial resources in the form of rewards or prizes for participating in an employee wellness programs. It only makes sense for organizations to create reward structures that provide the greatest “bang for the buck.” Here are 3 pro tips to make the most of your budget!