Need to Gain Approval for Wellbeing Program Budgets? Learn about our Magic Pill!
Gaining approval for wellbeing programs budgets is not really a simple matter. For example, how do you convert reductions of blood pressure and stress into financial terms? It can be a real struggle to convince financial decision makers that corporate wellbeing programs are, in reality, investments.
So, wouldn’t it be nice if we had a magic pill to convince them without having to show a financial justification?
Gain approval of wellbeing programs with someone who has been doing it for 25 years!
The name of the magic pill is Wellcast. Our software has been calculating the ROI of prevention programs for over 25 years globally.
And another bit of good news is that wellbeing programs generate ROI´s that beat the ROI´s of most investments proposed by other internal departments. However, the problem is that Benefits Managers and HR personnel are not familiar with the tools and formulas to do so.
In other words, we simply have trouble translating the great things we do for our employees into monetary terms, using the language of financial personnel.
I was a difficult convert.
After obtaining an MS in Finance from MIT, and as a senior executive and founder of several companies, I, personally, was a difficult convert.
For years I believed that it was impossible to calculate financial returns from wellbeing programs. I knew I had to allocate budgets to these programs but, if pressed, I could not really provide a credible financial justification for doing so. Promises of reductions or control of health plan premiums and medical costs were mostly pie in the sky, but I had to have something to hang my hat on.
Stick with me to learn how to win approval of wellbeing programs.
Over the next few months, my blogs will help you turn the table and gain approval of wellbeing program budgets every time. Yes, it is a big promise, but stick with me! And I will not even use the calculations generated by actuaries promising big savings in premiums or medical costs.
Continue following me, and soon you will change your title from Benefits and HR Managers into Human Investment Managers.
My blogs will ask interesting questions and, even better, provide answers. The Grand Finale will be the 7th blog which will actually take you step by step through the process of calculating the financial rate of return of a wellbeing program that impacts several conditions.
Of course, you can peak at our web site if you want to learn more about the science behind our magic: www.wellcastroi.com.
Of course, please invite other benefits, HR, medical directors, procurement and financial administrators to read my blogs.
