EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST
The Management Accountant|February 2021
When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.
Dr. Ashish B. Gorvadiya, Dr. Manish B. Raval

Introduction:

We are passing through the unprecedented health crisis over the whole world in the form of COVID-19. The pandemic has taught us several newer aspects of life which we could not learn before this pandemic. The outbreak of this pandemic has made us more health and safety-conscious. The meaning of the proverb “Precautions are better than cure” is now really understood by us in its true sense. The people with foolhardy attitude have suffered a lot and this pandemic has taught them real lessons. They also started focusing more towards precautions than to cure. When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. The ill health of an important employee and his absence from the organization that follows results in a great damage to the organization. Because of the absence of an employee, so many projects get pending and so many tasks and processes get disturbed.

In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea.

In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.

Employee Wellness Program: What Is It?

Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health-related issue.

Under this Employee Wellness Programs, an employer can offer compulsory employee training, organize health seminars or can execute health program with the third party providing such wellness services or can offer any such programs for the benefit of employees’ health. An organization without physically and mentally fit employees is like a body without soul.

In some cases, Employee Wellness Programs can extend up to spouse and dependents of the employees.

Dimensions of Employee Wellness Programs:

The notion of wellness is generally associated with the physical well-being only. But, in reality, it is associated with the quality of life of the employees. It is not associated with only going to gym or exercise for weight loss, but in a holistic view, employee wellness can take several dimensions.

1. Physical Wellness:

Physical wellness actually includes smooth running of physical bodily functions. Physical wellness is the easiest dimension of employee wellness because it is the most common and the most familiar among the employees. Initiatives such as exercise, yoga, pranayama, pranik healing, nutrition, sleep, etc. fall under the dimension of physical wellness. Many organizations arrange such yoga sessions or sessions for physical exercises at regular interval.

2. Emotional Wellness:

Another dimension of employee wellness is emotional wellness. Emotional wellness is the ability to manage one’s own emotions at the same time taking care of the emotions of one’s counterparts. Emotional wellness includes being attentive to one’s own thoughts, feelings and behavior. Emotional wellness of the employees is very crucial for the organization to grow.

3. Financial Wellness:

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM THE MANAGEMENT ACCOUNTANTView All

UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA

With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.

6 mins read
The Management Accountant
February 2021

IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM

The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.

8 mins read
The Management Accountant
February 2021

INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021

On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.

6 mins read
The Management Accountant
February 2021

EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST

When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.

7 mins read
The Management Accountant
February 2021

DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0

The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.

10 mins read
The Management Accountant
February 2021

MSME And Its Impact On Indian Economy

Abstract Small businesses are the backbone of any economy. Micro, small and medium enterprises provide employment and economic opportunities to millions of Indians. The growth of MSME will bring the underprivileged to a good position in the economy. Instead of making the rich richer, overall growth will make a prosperous India.

5 mins read
The Management Accountant
December 2020

Government Procurement From MSME's The Present & The Future

Abstract The MSMEs in India are considered to be the real engines of growth for the economy and their healthy participation in Government Procurement will have its own beneficial spin offs to the society. Government is doing a lot to encourage them but still some more things will empower these lilliputs to become economic giants and contribute in nation building.

5 mins read
The Management Accountant
December 2020

VISION OF “ATMA NIRBHAR BHARAT” ROLE AND SIGNIFICANCE OF MSME

The present paper aims to explore the changing role of MSMEs (Micro, Small and Medium Enterprises) in making India ‘Atmanirbhar’.

8 mins read
The Management Accountant
December 2020

REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs

Abstract There has been an unprecedented slowdown due to Covid-19 and MSMEs are worst affected. Given their pivotal role in Indian economy, urgent measures need to be taken for their survival, revival and growth. Indian Government has taken various initiatives including Atma Nirbhar Package, however, still majority MSMEs are looking for timely guidance and hand holding at this critical phase. CMAs are known for rich experience in finance, domain expertise in cost management and sound knowledge of Indian regulatory mechanism. CMAs can play role as ‘Economic Warrior’ while offering customised strategy for revival of ailing MSMEs which will in turn boost up economic growth and help our grand nation to be ‘USD 5 Trillion’ economy soon.

7 mins read
The Management Accountant
December 2020

MICRO, SMALL & MEDIUM ENTERPRISES IN NEW TECHNOLOGICAL ERA CHALLENGES & ROAD AHEAD

Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.

7 mins read
The Management Accountant
December 2020
RELATED STORIES

The HEALTHY WELLNESS FROM THEHEALTHY.COM

A Diabetes Cure : New research shows that some people can reverse what used to be a lifelong curse

3 mins read
Reader's Digest US
November 2022

Common Misconceptions About Addiction

DR. PARI DESHMUKH is a board certified psychiatrist, a certified psychotherapist, and a meditation trainer in both Heartfulness and Mindfulness. He is also an elected fellow of the American Psychiatric Association and the Society of Addiction Medicine. He has a special interest in the common ground of science and spirituality, and their implications on the betterment of our mental health. Here he addresses some basic aspects of addiction, including common misconceptions.

5 mins read
Heartfulness eMagazine
September 2022

AFTER BEING DIAGNOSED WITH DIABETES, SHE FOUND INDOOR CYCLING

RIDING CHANGED MY LIFE KARA YAQUINTA

1 min read
Bicycling US
Issue 04, 2022

The Blueberry DIET

To Banish Belly Fat!

2 mins read
Women Fitness
July 2022

Use Your iPhone to Stay Healthy

I recently decided to use the iPhone's built-in Health app as the centralized depository for all my health data.

2 mins read
iPhone Life Magazine
Summer 2022

Why Was I So Tired and Thirsty All the Time?

Life can be exhausting-but a dangerous underlying condition makes it so much worse.

4 mins read
Prevention
June 2022

Meet Your Vagus Nerve

Here's what this noteworthy nerve does, and how you can work it to stay calm.

1 min read
Prevention
June 2022

Two birds, one stone

Concerned your diet may be lacking important nutrients that keep your body functioning at its prime? Consider adding some dynamic duos.

3 mins read
Clean Eating
Spring 2022 / April - June 2022

Culture Cure

FILL UP ON NUTRITIONAL KNOWLEDGE, THEN DECIPHER THE YOGURT CATEGORY WITH EASE.

2 mins read
Women's Health
April 2022

GENE-EDITING HOLDS HOPE FOR TYPE 1 DIABETES CURE

A LONG-AWAITED cure for type 1 diabetes is on the horizon — thanks to groundbreaking transplant therapy and geneediting, experts say.

1 min read
National Enquirer
April 11, 2022