{"id":12484,"date":"2020-11-16T15:00:00","date_gmt":"2020-11-16T15:00:00","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/survey-cfos-value-employee-wellness-over-cost-savings\/"},"modified":"2023-09-25T13:14:42","modified_gmt":"2023-09-25T17:14:42","slug":"survey-cfos-value-employee-wellness-over-cost-savings","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/survey-cfos-value-employee-wellness-over-cost-savings\/","title":{"rendered":"Survey: CFOs Value Employee Wellness Over Cost Savings"},"content":{"rendered":"

Despite their role managing corporate expenses, chief financial officers (CFOs) are more concerned about how well benefits make employees happy and healthy than the costs of plans. Since 2002, the Integrated Benefits Institute (IBI) has been surveying CFOs to help benefit professionals develop business-relevant evidence that aligns with the C-suite\u2019s strategic priorities. This year, IBI, in partnership with CFO Magazine, surveyed<\/a> more than 300 CFOs and other senior financial executives to better understand how they incorporate benefits strategy into their financial decisions. Results show that these executives take a strategic view of employee health, valuing a plan\u2019s outcomes over its costs. In fact, less than one in five of those surveyed stated that controlling healthcare costs is the most important consideration when making benefits decisions.<\/p>\n

\u201cOur study highlights the value of conversations with CFOs to build the case for health as a business strategy,\u201d says Brian Gifford, Director of Research and Analytics at IBI. \u201cIf you communicate the value of health investment as if they are strictly focused only on costs, then you run the risk of being tone deaf to what they are strategically trying to accomplish for their businesses and organizations.\u201d<\/p>\n

\"Financial<\/p>\n

These financial executives are deeply involved in benefits strategies; more than half of CFOs surveyed make all or most benefits decisions or are involved in making these decisions in partnership with colleagues. Roughly three quarters consider time off and wellness policies as an important part of their strategy. Above all, these executives want to be convinced of a health plan\u2019s value; those surveyed said, above all, they want to see the data on how employee health affects business success. Healthcare utilization and employee mental health conditions<\/a> are also top concerns by CFOs.<\/p>\n

\"Benefits<\/p>\n

The potential savings a company can reap from cheaper plans and less extensive benefits is only one factor when it comes to measuring a wellness program\u2019s full value. Today, savvy executives understand that poor employee health negatively affects productivity<\/a>, talent retention, and employee morale, cutting into company revenue and undermining any cost savings made from less effective programs and benefits. When making the case for wellness program offerings, it is important that non-financial goals and metrics that align with a company\u2019s health and productivity strategy need to be communicated to CFOs and senior leaders.<\/p>\n

<\/p>\n

Align Wellness Benefits With Company Goals<\/h2>\n

It is no secret that unhealthy employees are a big financial liability<\/a>. Poor health leads to more sick days and time off, impaired focus and under-performance, greater employee turnover, and higher healthcare costs. Likewise, healthier employees are more productive and lead to greater profits\u2014and it isn\u2019t just physical health that leads to these benefits. Competitive programs attract top talent<\/a>, improve talent retention<\/a>, and support happy employees that make better use of their time<\/a>.<\/p>\n

Cost alone fails to give an in-depth view of how engaging, effective, or relevant particular benefits and plans may be for employees. When making benefits decisions, it is important to present financial executives with data that links how certain plans can support specific company goals. While robust and holistic programs are important, programs create the most value when they cater to a workforce\u2019s particular needs; so, in addition to an employer\u2019s goals, address the specific health or wellness challenges<\/a> affecting employees in order to create the most engaging benefits.<\/p>\n

In short, CFOs recognize the value in a thriving workforce, and as a result, they are willing to invest in the resources necessary to develop a team that will allow the company to succeed in an increasingly competitive environment. Knowing this, human resource professionals should advocate for benefit plans that cultivate a culture of health rather than ones that offer the lowest price or \u201ccheck the box\u201d for a perceive requirement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite their role managing corporate expenses, CFOs are more concerned about how well benefits make employees happy and healthy than the costs of plans. This year, IBI, in partnership with CFO Magazine, surveyed more than 300 financial executives to better understand how they incorporate benefits strategy into their financial decisions.<\/p>\n","protected":false},"author":1,"featured_media":12485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-12484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-value-on-investment"],"acf":[],"yoast_head":"\nSurvey: CFOs Value Employee Wellness Over Cost Savings | Wellable<\/title>\n<meta name=\"description\" content=\"Despite their role managing corporate expenses, CFOs are more concerned about how well benefits make employees happy and healthy than the costs of plans. 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