This tracking tool is designed to measure the Return on Investment (ROI) of the policies and programs that you put into action within your workplace.
Return on investment (ROI) analysis is a way to calculate your net financial gains (or losses), taking into account all the resources invested and all the amounts gained through increased revenue, reduced costs, or both. ROI can be calculated after a health improvement program has been implemented to assess its value and inform decisions on future improvement actions. ROI shows how much financial gain a workplace can obtain from each dollar it invests in the workplace health program
Keep in mind that ROI takes approximately 3-5 years to show the effects of your workplace health program. Don't get discouraged if you aren't seeing that positive ROI right away.
To maximize your ROI it is crucial to keep the 5 pillars of success in mind (Business Case for Workplace Health). You can do this by focusing your actions on:
- Collecting health related information to help guide the workplace health strategy, action plan and activities (e.g. employee assistant program (EAP) info, health benefit premiums, STD/LTD statistics, absenteeism data, etc.). This will facilitate an integrated and strategic approach when planning and implementing your workplace health program.
- Using multiple forms of communication and tailoring the message will help to increase participation in workplace health programs and the likelihood of behavior change.
- Collecting aggregate data to evaluate and continuously improve your workplace health program (e.g. employee participation numbers, participant satisfaction, EAP usage, health benefits data, etc.) will help guide continuous improvement while protecting individual privacy and confidentiality.
By focusing on these 5 pillars you are not only helping to improve health in your workplace, you are also focusing on also the most cost effective areas of investment. These components will ensure a successful workplace health program and maximize ROI.
Help Pit Stop: Tools to Help
Don't forget to check out the drug cost section of the ROI tool. This is an optional section and separate from your actual ROI calculation, however extremely beneficial when planning your workplace health action plan. By tracking your aggregated drug costs, this helps you identify priority areas within your organization. What drug costs are standing out? This will help you narrow down your list of priorities if you are getting stuck on which one should we focus on.
For more detailed information on how to work through the ROI tool, please refer to the ROI user guide. This user guide provides a breakdown of how to complete each step of the ROI tracking tool and the purpose of each step.
Remember! This ROI tool will provide you with a long term tracking mechanism to help you monitor and evaluate you workplace health program. Although it takes 3-5 years to see the effects of your workplace health program, the data being collected by this ROI can help inform your program as well.
Tip! At this point in the BHBB process your action plan has been completed. Make sure you refer back to the plan and ensure you are concentrating on the areas that are concerns for your employees.
Download the ROI user guide before you get started by clicking here.
To begin tracking ROI use the Better Health Better Business Return on Investment Tool today
Make sure to continue to use this tool to track your ROI data quarterly, semi-annually or annually. After 3-5 years of implementing your workplace health program, you will begin to see a positive ROI.