There is no argument that exercise improves physical health and mental well-being. According to research, 62% of people in the US state their health is more important now than before the pandemic. But why would employers want to expend the cost of an office gym, fitness programs, or offer gym memberships as a benefit to employees?
In a 2022 study by MetLife, over 55% of employees are looking for health and wellness perks like gym memberships as a requirement for accepting a new job. This number has more than doubled since the pandemic. Offering benefits and perks has become increasingly important to attract and retain employees and are continuing to trend in 2023.
Additionally, there are many other potential benefits to providing gym memberships to your employees. In this article, we will go over what those could be.
1: Lower Healthcare Premiums
A company can reduce the overall cost of healthcare by providing gym memberships to employees. Healthier, physically active employees potentially have fewer chronic illnesses and injuries, significantly reducing insurance claims and costs of medical treatments. This is a win-win-win, on the one hand, the employee can be healthier, which is beneficial for the employee but also for the company. And on the other hand, it can reduce healthcare premiums which is a win for the company if healthcare is a company benefit.
2: Improve Employee Job Performance
Exercise releases dopamine, which increases energy and improves concentration, learning, and memory. It is also known to increase creativity, energy, and stamina. An increase in brain function and productivity is noticeable within a few weeks of beginning an exercise regimen. All of these factors could directly impact the efficiency of the employee when working.
3: Attract top talent
In a competitive job market, benefits like gym memberships can be the deciding factor for an employee looking for more than just dollars for hours. According to Deloitte, the 3rd most sought-after well-being perk behind remote work and flex schedule is reimbursement for personal well-being. Offering a perk like this could significantly increase your competitiveness in the job market without having to offer more base salary.
4: Improve employee job satisfaction
Benefits and perks like gym membership can increase job satisfaction and employee retention. According to Villanova University, “employees who report high job satisfaction tend to achieve higher productivity.” Employers offering additional perks and benefits are likelier to have loyal employees who are less likely to leave their jobs. This is what makes gym memberships and programs to make your employees healthier so interesting. On the one hand, the program itself can have a positive impact on employee productivity. While on the other hand, the offering of the perk itself could increase job satisfaction which in turn could also lead to higher productivity.
5: Minimize sick days
It’s simple: physically active people are likelier to be healthier than their nonexercising counterparts. Therefore, a healthy employee is less likely to get sick and less likely to take sick leave. This in turn could increase the overall production of your employees.
6: Improve employees’ physical health
Exercise strengthens your bones, joints, and muscles, which reduces the risk of injury and chronic pain. Regular exercise decreases health risks like metabolic syndrome, heart disease, diabetes, and stroke, to name a few. This could have many benefits like previously mentioned like a potential increase in productivity or fewer sick days. It could actually have an even more direct impact depending on what kind of work the employees do. If there is a lot of physical work involved then the employee’s physical health directly impacts the efficiency and effectiveness of the work done.
7: Improve employees’ mental health
A healthier employee is a happier employee, literally. Poor mental healthcare, financial stress, work issues, and burnout are rising. Exercise releases endorphins which help fight depression and can improve mental health and stabilize mood. Regular exercise can also reduce stress and boost self-esteem and total emotional well-being.
Conclusion
There are many different reasons why it is a good idea to offer gym memberships as a perk for your employees. On the one hand, it can help the company attract new candidates. As well as potentially improve the efficiency of your employees or potentially even save you money on healthcare insurance.
On the other hand, offering gym memberships can also be a big help for the employee. It can help the employee to stay healthy, be more active, and have many other personal benefits to the employee.
BONUS: In some cases, providing healthcare may be a tax deduction. Please check with your CPA or accounting specialist for clarification based on your business situation.