{"id":323,"date":"2022-03-30T09:38:24","date_gmt":"2022-03-30T12:38:24","guid":{"rendered":"https:\/\/wellcastroi.com\/?p=323"},"modified":"2022-04-08T08:53:17","modified_gmt":"2022-04-08T11:53:17","slug":"common-doubts-converting-wellbeing-benefits-into-investments","status":"publish","type":"post","link":"https:\/\/wellcastroi.com\/en\/common-doubts-converting-wellbeing-benefits-into-investments\/","title":{"rendered":"Common Doubts when Converting Wellbeing Benefits into Investments"},"content":{"rendered":"\n<p>In my quest to explain how to convert wellbeing benefits into investments, let\u00b4s start with a basic question:<\/p>\n\n\n\n<p>What is the difference between a benefit and an investment?&nbsp;<\/p>\n\n\n\n<p><strong>A benefit is a program offered to employees for competitive reasons<\/strong>&nbsp;(\u201cother employers offer it so we also have to\u201d) or because there is a&nbsp;<strong>common-sense feeling that it will be good for the physical or behavioral wellbeing of employees<\/strong>&nbsp;and, consequently, result in some type of cost savings.<\/p>\n\n\n\n<p>However, in comparison, an investment is&nbsp;<strong>an outlay of cash<\/strong>&nbsp;that&nbsp;<strong>will result in a predicted flow of income or cost savings in the future<\/strong>, based on a set of assumptions, resulting in an Internal Rate of Return.<\/p>\n\n\n\n<p><strong>It<\/strong><strong> is obviously easier to obtain approval of wellbeing programs if they are presented as investments<\/strong>, rather than benefits, utilizing the same financial calculations utilized by other departments in seeking approval of budgets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Some of the Most Common Doubts You Might Have<\/h3>\n\n\n\n<p>But let\u00b4s face the facts: When one thinks of converting wellbeing benefits into investments,&nbsp;<strong>several uncomfortable feelings run through one\u00b4s veins<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>How do I convert the improvements in wellbeing into financial terms? For example, how do I convert reductions of physical risk and behavioral factors, like blood pressure and stress, into monetary terms?<\/li><li>How do I calculate how many employees with high-risk factors will incur conditions such as CHD and Diabetes or will develop behavioral issues?<\/li><li>How many employees at risk must participate in programs and what is the minimum effectiveness rate that I need to attain to break even on the investment?<\/li><li>Do I have the right tools to measure productivity gains in presenteeism and absenteeism?<\/li><li>How do I convert future savings into today\u00b4s money?<\/li><li>How do I apply the formula for Internal Rate of Return?<\/li><li>Do I rely on some promise of estimated medical cost or premium savings, when I know there is always some reason that these costs increase no matter what I do?<\/li><li>How do I convert the conclusions of the seemingly endless studies of National improvements in absenteeism and presenteeism, promising billions of dollars in savings, down to the level of my company?<\/li><li>How do I present the assumptions and results to financial personnel using their own language?&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Follow My Blog to Find the Answers to These Questions<\/h3>\n\n\n\n<p>My next blogs will start answering these questions on how to convert wellbeing benefits into investments.&nbsp;<strong>For a sneak preview, visit our website<\/strong>,&nbsp;<a href=\"http:\/\/www.wellcastroi.com\/\">www.wellcastroi.com<\/a>&nbsp;which explains how we perform our magic.<\/p>\n\n\n\n<p>Of course, please invite other benefits, HR, medical directors, procurement, and financial administrators to read my blogs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In my quest to explain how to convert wellbeing benefits into investments, let\u00b4s start with a basic question: What is the difference between a benefit<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":3,"featured_media":321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[61,63,65,62,64],"class_list":["post-323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-benefits","tag-internal-rate-of-return","tag-investment","tag-presenteeism","tag-wellbeing-program"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Common Doubts when Converting Wellbeing Benefits into Investments<\/title>\n<meta name=\"description\" content=\"Discover some of the common doubts and anxieties when converting wellbeing benefits into investments, and how to deal with them.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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