Building a Wellness Program - Strictly Writing

According to the information and data in the annex, Write a report describing your analysis and rationale for your decision.
Please read the attached file carefully，sorucing only from the following sites

Hoops Inc
Basketball Manufacturing
Company
Size: 200 Full-Time
Employees

Avg. salary at a similar
company (Spalding Sports U.S.): $50,000 https://www.careerbliss.com/spalding/salaries/
Reference：
Revenue of similar company: https://www.zoominfo.com/c/wilson-sporting-goods-co/139935796
– Used 100 million for our revenue since our comapny is significantly smaller
Turnover costs calculation guide: https://www.hgexperts.com/expert-witness-articles/understanding-and-calculating-the-cost-of-turnover-6333
Avg turnover rate by industry (U.S. Bureau of labor statistics): https://www.bls.gov/news.release/jolts.t16.htm
Maintaince cost of factory: 15% of total revenue https://www.upkeep.com/learning/maintenance-statistics

LEAP to Wellness Program

What is a wellness program?

Wellness programs are usually offered through the
workplace and are intended to improve and promote health and fitness. Employers
will often encourage employee participation by offering discounts, cash
rewards, gym memberships, and other incentives. Examples of wellness programs
often encompass weight loss programs, diabetes management, or preventative
health screenings. At Hoops Inc. the morale and productivity of employees have
been impacted as a result of the pandemic and the HR Team has decided to pitch
a Wellness Program to the HR Senior Executive, in order to promote employee health
and wellness, reduce stress levels, and create a fun competition for employees.
The Wellness Program will also aim to save the organization money by improving
the health of a company’s workforce, by teaching employees to prioritize their
physical and mental well-being. This means that if employees are receiving
medical care less frequently, it will save them and the organization money in
healthcare expenses.

DIRECT COST
Like any program or
incentive implemented in a company, the cost of employee care has a wide range.
For example, the average cost of wellness programs per employee per year is anywhere from $150 to $2,000,
according to some studies. The average cost of a wellness program was
$762 per employee in 2019 (indeed, 2021).
The corporate wellness pricing models will vary by vendor, so for Hoops,
we are going to look for a discount based on the size of our company. Or it may
mean prioritizing our flexibility and adaptability. Based on our research, the wide range of
corporate wellness pricing models comes with a wide range in results.
Ultimately, the right price will meet the unique needs of our staff today, and
grow with us if proven valuable.

Our proposal is to
introduce a 3rd party organization that can power a Wellness Dashboard for
employees to access the following wellness perks:

●
Employees to complete wellness profile
●
Nutrition classes (Lunch and learn)
●
Enter dates of Primary Physician visit for a
wellness check
●
Preventative: chronic disease, complete 3 calls
with a coach, health screenings, eye screening, and dental screenings
●
Meditation/mindfulness/stress management
●
Financial wellbeing

The yearly fee to maintain
the portal is $14,000 ($70 per employee). The portal will be administered by
our current HR Specialist, so the company will save money on indirect costs.

What’s in it for Hoops Inc. Employees?
In addition to achieving
your well-being goals, employees can earn incentives in the form of points for
participating in the above activities. These points will be converted into money
value at the end of the fiscal year.

The following is a
list of all indirect costs in order of our “LEAP to Wellness” Program.

Level

Total Points

Incentive

1 – Beginner

1,000

$50
Payout applied to employee’s paycheck

2 – Intermediate

2,000

$85
Payout applied to employee’s paycheck

3 – Advanced

3,0000

$115 Payout applied to
employee’s paycheck

4 – Expert

4,0000

$125 Payout applied to
employee’s paycheck

Importance of Wellness Programs

In recent years the push
for employee health incentives or gym memberships has continued to increase. A
study by SHRM found that 52 percent of workers said they had more energy to be
more productive at work by participating in a wellness program (Cashort, 2020).

Not only do wellness
programs boost productivity, but it can also influence healthcare costs.
Wellness programs aim to work as a preventative measure for avoiding illness,
while improving or maintaining an employee’s general health. The healthier
employees are, the less days they tend to miss due to illness, as well as
reducing their risk for chronic disease or conditions.

Indirect Cost

We all know that indirect costs are things such as accounting and
legal expenses, administrative salaries, office expenses, rent, security
expenses, telephone expenses, and utilities (basically administrative and
facilities cost).

Overall Direct Cost – $14,000($70 per
employee)

Level

Total Points

Incentive

Total Cost

1 – Beginner(40%)

1,000

$50
Payout applied to employee’s paycheck

$50*80 = $4,000

2 – Intermediate(30%)

2,000

$85
Payout applied to employee’s paycheck

$85*60 = $5,100

3 – Advanced(20%)

3,0000

$115 Payout applied to
employee’s paycheck

$115*40 = $4,600

4 – Expert(10%)

4,0000

$125 Payout applied to
employee’s paycheck

$125*20 = $2,500

IC Pool
Total cost of incentives – $16,200
Vacation, Holiday, and Sick Leave – $416,600
Health Insurance – $10,000
Fica Taxes – $16,000
Equipment Depreciation – $5,000
Utilities – $3,500
Indirect Supplies – $2,500
Consulting Fees – $2,000
Internal Marketing – $1500
Total Indirect – $473,300
Benefits:
–
Reduced Turnover
–
Increased performance
–
Promotion of a
compassionate culture
–
Brand development
–
Attract top talent

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