Why businesses shouldn’t waste money on wellbeing benefits

1 Sep 2021 By Advertising feature

A ‘one size fits all’ approach has served firms well in some areas, but doesn’t work for wellbeing. As the team at BetterSpace explain, this is because it needs a personalised approach 

Wellbeing matters. We see colleagues struggle, and recognise wellbeing is a swing factor in attracting and retaining talent. The question is: how do we best support our employees?
The standard approach is to seek out the best solution for all employees. To search the market and negotiate the best price for a three-year enterprise deal. This model served us well in buying software systems, pensions and healthcare, so why wouldn’t it work for wellbeing?
The key difference is that we all have unique wellbeing needs. Some need help with sleep, others exercise, while some are searching for a deeper sense of belonging. The list goes on. And some like apps, some books, others products. It’s a very shallow demand curve.
That’s why a ‘one size fits all’ approach doesn’t work.
A recent study in the Harvard Business Review found that the average mental health app is used by 5 per cent of employees after two weeks. That means you’re wasting 95 per cent of your spend. Include the vetting and onboarding costs, and you’ll be hoping your CFO doesn’t ask any questions about the return on investment.
This is when things really start to go wrong.
Driven by good intention to help more than 5 per cent of the workforce, you want to add resources. Some of the more progressive organisations have now procured more than 50 resources this way. Not only is the wastage enormous, but it has now become confusing to your employees. There is too much choice presented in an unpersonalised way.
If we are serious about tackling the mental health crisis then we need a different approach. One that gets the right resources to each person, and where the employer only pays for what is used. One that maximises the wellbeing of the employee while also maximising the ROI for the employer. 
BetterSpace believes in personalised wellbeing on demand. Its wellbeing marketplace is helping many large employers get the right resources to each employee at the lowest cost. To schedule a product demonstration visit the BetterSpace website.

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