Personal health is a key component of work-life balance and overall wellbeing. Companies developing and delivering corporate wellness programmes need to ensure they’re hitting the mark in terms of engagement and helping employees to become healthy and well. VOI and ROI (see article) are key aspects for this industry. We talk to award-winning technology company CoreHealth Technologies about their corporate wellness platform.
As the focus on personal health grows around the world, so do the needs of those delivering corporate health programmes. These wellness companies need to prove their products and services offer great service and value. As so many people now closely monitor their own health and fitness – via apps, wearables and devices – it’s vital that wellness providers deliver programmes which are interesting and fun while developing solid relationships with the employees they support.
Enter CoreHealth. CoreHealth is a ground breaking all-in-one corporate wellness platform which offers its customers total control. Customers include corporate wellness companies, employee assistance providers, insurers and their wellness divisions, human resources consulting firms, health coaching companies and group benefits brokers. Their corporate wellness platform gives providers the control to develop and deliver health and wellness programmes to workforces around the globe – eliminating the need for an in-house programmer. Via access to the exclusive CoreHealth Wellness Network, customers are also able to innovate, create and integrate third-party, best-in-class wellness programmes seamlessly within the platform and faster than on any of their competitors’ platforms.
Because every organisation varies both in preferences and needs, the CoreHealth platform simplifies and speeds up the delivery of corporate wellness programmes via a fully branded and tailored portal which users find engaging and fun as they track their journey to wellness. Organisations can control thousands of activities from within the platform, including health assessments, coaching, challenges, self-help programmes, surveys, social sharing, rewards and more. The platform is able to process data pertaining to hundreds of organisations and millions of employees around the world. The possibilities are endless.
VOI vs ROI
All wellness professionals need to know what they want to accomplish with workplace wellness, determine how they are going to measure the results and then clearly articulate them to management in a language they can relate to. This is where CoreHealth can support wellness professionals, by capturing data from within the platform and via third-party systems and then enable them to present their data to senior leadership in a clear and effective format.
There is currently a hot topic of discussion in the wellness industry; the difference between Value on Investment (aka VOI) and the more traditional Return on Investment (aka ROI), and at first glance they can often be mistaken for being the same thing. Wellness organisations are moving away from the more traditional ROI – a yardstick used to measure investment which relies almost entirely on financial reporting and leaning more towards VOI. The difference with VOI is that organisations will be able to explore the success of investments based on wider factors, such as employee morale, productivity, employee absenteeism or workplace safety, in addition to the hard costs. Using this approach, there are likely to be savings to be made in other areas which will augment the overall cost effectiveness of wellness initiatives.
The general consensus on the application of VOI is that by expanding and developing the complexity of the data measurement, it may then become more apparent as to whether or not the investments being made are worthwhile, or simply if the organisation is running effectively.
Whether wellness programmes are measured by ROI or VOI, or a combination of both, reporting your results isn’t always easy. In fact, some organisations are reluctant to report ROI in case they fail to achieve their desired results. However, that’s not a good approach. How are you able to demonstrate the effect your efforts have on results? How are you able to deliver that message clearly to your C-Suite (those at the top of your organisation, the chiefs!)? Even if you don’t achieve the desired results the first time, at least you have a starting point to evaluate what worked well and what could be done better next time and then measure the before and after.
But as well as considering your ROI – what about your VOI? Effectively communicating and shifting behaviour is just as important as the numbers. If the leadership hasn’t bought in to wellness, the numbers won’t matter. In either case, CoreHealth is able to help you deliver a measurable report, identifying success and areas for improvement to help you demonstrate your value.
Knowing where to start
Before you start to consider the metrics you should be using, it’s vital to understand what the C-Suite wants to measure and how they want to receive the information. There’s no point in spending time measuring engagement and employee activity levels if those metrics aren’t top priority for leadership. The CoreHealth platform will help you work out your priorities – based on those of your C-Suite – and drill down into the who, what, why and how in a visually appealing format which reflects progress made from one period to another.
What kind of metrics?
The platform, and its capability to pull data from third-party systems, has a staggering level of user opportunity. It can present data covering everything from illness and absentee costs to reducing workplace accidents or trends in employee engagement in a way the C-Suite expects in its Executive Dashboard. Once you know which metrics are to be explored, the platform offers a chance to examine how long term trends influence effectiveness within the workplace, and demonstrates where changes can be made.
The future of CoreHealth
CoreHealth Technologies was founded in 2004 to bring the art of design and the power of technology together in new and inspiring ways to help people live healthy lifestyles. Since then, its platform has become the leading corporate wellness solution, trusted by over 1,000 organisations, from small and medium-sized enterprises to Fortune 500 companies. The platform serves over two million employees worldwide, in multiple languages, and this figure is growing every day.
Silicon Review Magazine cited CoreHealth as one of the 50 fastest growing tech companies of 2016, and with titles like Most Outstanding Corporate Wellness Platform under their belt, is it any wonder they were chosen as Business Worldwide Magazine’s ‘Corporate Wellness Platform of the Year’?
Discover the CoreHealth corporate wellness platform by visiting their website at https://corehealth.global.