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How do you measure the impact and ROI of voluntary benefits for mental health?

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Voluntary benefits are optional perks that employers can offer to their employees, such as wellness programs, pet insurance, or financial counseling. These benefits can help employees cope with stress, improve their well-being, and enhance their productivity. But how can employers measure the impact and return on investment (ROI) of voluntary benefits for mental health? Here are some tips to help you evaluate your voluntary benefits strategy and its outcomes.

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Sherry Rais

CEO of Enthea | Innovative Mental Health Benefits | Reducing Human Suffering

1 个答复
Andreas von Hagen

Publisher "Global Employee Benefits News"??Reduce your global benefit costs without compromising quality ??I help you…
Montserrat Ventosa Garcia Morato

Building Super Workplaces

1 个答复

1 Define your goals and metrics

Before you implement or modify your voluntary benefits program, you need to have a clear idea of what you want to achieve and how you will measure it. For example, do you want to reduce absenteeism, increase engagement, or improve retention? How will you track these indicators and compare them with your baseline data? You also need to consider the costs and benefits of different voluntary benefits options and how they align with your employees' needs and preferences.

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Sherry Rais

CEO of Enthea | Innovative Mental Health Benefits | Reducing Human Suffering
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To truly gauge the ROI of mental health benefits, it’s crucial to integrate these initiatives with overarching business metrics. By correlating well-being improvements with key performance indicators like productivity and EBITDA, we gain a clearer view of their impact on business outcomes. Additionally, educating employees about these benefits is essential. Comprehensive understanding increases utilization and enables more accurate effectiveness assessments. Well-informed employees are more likely to engage with these programs, providing data that reflects their true value to the organization. Aligning mental health benefits with strategic business goals not only supports employee wellness but also drives measurable business success.

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Montserrat Ventosa Garcia Morato

Building Super Workplaces
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There is a huge misunderstanding in HR, the number is not an objective, it's often counting, and it's not a real KPI. What does it mean to reduce absenteeism if our productivity is going down instead of up, or if we are losing market share? We don't need new ad-hoc indicators, we need to share the organization's goals: what are our sales objectives, productivity, market share, cost per lead, cost per acquisition, whatever metrics we are using to measure success, and cross-reference with our data from HR: if we have a wellbeing survey or turnover ratio, we need to cross it with the business data, and there is intelligence: for instance, we saw how when trust increases, EBITDA goes up. There you have value!

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Andreas von Hagen

Publisher "Global Employee Benefits News"??Reduce your global benefit costs without compromising quality ??I help you gain control of your global employee benefits ?Global EB Consulting+Services
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Employee benefits (also voluntary benefits) should generally be an integral part of the overarching corporate strategy. Here are some reasons why employee benefits should be considered as part of the corporate strategy, as strong benefits packages have an impact on: 1. Talent attraction and retention 2. Supporting the corporate culture 3. Productivity and performance 4. Health promotion and reduction of sickness absence 5. Adapting to changing work patterns 6. Strengthening reputation as an employer 7. Sustainability and social responsibility 8. Promoting diversity and inclusion It is important that the design of benefits is in line with the long-term goals and values of the company.

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2 Survey your employees

One of the best ways to assess the impact and ROI of voluntary benefits for mental health is to ask your employees directly. You can use surveys, focus groups, or interviews to gather feedback on how they use and value the voluntary benefits you offer, and how they affect their mental health and satisfaction. You can also ask them to rate their stress levels, mood, and well-being before and after using the voluntary benefits. This will help you identify the most popular and effective benefits, as well as the gaps and areas for improvement.

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Andreas von Hagen

Publisher "Global Employee Benefits News"??Reduce your global benefit costs without compromising quality ??I help you gain control of your global employee benefits ?Global EB Consulting+Services
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Surveys about the value of benefits for employees create trust and employees are happy to be involved in shaping things. Because it's about them as a person. But this also needs to be communicated properly, because in the past this was mostly not the case.

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Candace Jones, SHRM-SCP

Human Resources Senior Professional
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While surveys are crucial to gather feedback, the challenge comes in with employee participation with lack of education. I believe education is more important than the actual survey. EE's cannot give true honest feedback without being educated on the voluntary benefits and all its perks first. Scale it back to holding annual educational seminars upcoming on benefit enrollment week and EDUCATE. I've found that once that is done the voluntary benefits begin to be utilized. The problem is that most employees may know they exist/are available, but do not know how to utilize them to maximize their holistic well-being. Once education has been done, true effective data can be gathered to properly forecast ROI and other measures.

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3 Analyze your data

Once you have collected your data, you need to analyze it and draw conclusions. You can use various methods and tools to calculate the ROI of your voluntary benefits program, such as cost-benefit analysis, return on value, or net promoter score. You can also compare your results with industry benchmarks or best practices to see how you stack up against your competitors. You should also look for trends, patterns, and correlations between your voluntary benefits and your mental health outcomes.

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Andreas von Hagen

Publisher "Global Employee Benefits News"??Reduce your global benefit costs without compromising quality ??I help you gain control of your global employee benefits ?Global EB Consulting+Services
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By constantly checking, you will find that there are benefits that don't have the desired ROI. Try to determine why this is. Was the benefit introduced with a small information campaign, for example? Was there ongoing communication about the benefit after its introduction, e.g. with examples, case studies or videos? If a benefit still doesn't work, get rid of it. Invest the money in other benefits or initiatives.

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4 Communicate your results

After you have evaluated your voluntary benefits program, you need to communicate your results to your stakeholders, such as your senior management, your employees, or your potential recruits. You can use reports, presentations, or newsletters to showcase your achievements, challenges, and recommendations. You can also use testimonials, stories, or case studies to illustrate the impact and value of your voluntary benefits for mental health. By communicating your results, you can demonstrate your commitment to employee well-being, increase awareness and participation, and attract and retain talent.

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Guy Westermeyer

Helping companies achieve more from their communications | Benefits Communications | Employee Communications | Marketing Communications
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In a global mental health campaign we produce for a manufacturer with 65,000+ employees we find the testimonials from real employees about their mental health are consistently the most read piece of content we create. These stories are relatable to their coworkers and have helped us drive greater usage of the benefits by all employees.

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5 Adjust and improve

Finally, you need to use your findings to adjust and improve your voluntary benefits program. You can use your feedback and data to refine your goals and metrics, add or remove benefits, or change your delivery or communication methods. You can also use your results to justify your budget, negotiate with vendors, or secure support from leadership. You should also monitor and evaluate your program regularly to ensure that it meets your objectives and expectations, and that it adapts to the changing needs and preferences of your employees.

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Andreas von Hagen

Publisher "Global Employee Benefits News"??Reduce your global benefit costs without compromising quality ??I help you gain control of your global employee benefits ?Global EB Consulting+Services
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The situations and needs are constantly changing. That's why it's important to keep employees informed on an ongoing basis. Benefits platforms can be a great help here.

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How do you measure the impact and ROI of voluntary benefits for mental health?

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1 Define your goals and metrics

2 Survey your employees

3 Analyze your data

4 Communicate your results

5 Adjust and improve

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