Wellness Programs on the Rise for Banking & Finance Employers

September 19, 2012    

According to the newly released 2012 Compensation Data Banking & Finance survey results, employers are providing many options to their employees concerning health and wellness programs. With prevention becoming the buzzword, organizations have taken steps to increase their employees’ health and wellness through various programs.

For years, wellness programs consisted of traditional options such as weight management, tobacco cessation programs or offering flu shots and immunizations. However, recently other wellness options have become increasingly popular. Biometric screenings, which measure an individual’s blood pressure, body mass index (BMI), cholesterol and blood glucose in an effort to identify risk factors, are a good example of this trend. In 2009, only 18.6 percent of banking and finance participants offered biometric screenings, compared to 34 percent in 2012.

“The upshot of a well-executed wellness program does not lie just with reduced medical costs,” said Amy Kaminski, director of marketing for Compdata Surveys. “Many employers are experiencing a positive impact on their bottom line as a result of greater employee productivity and reduced absenteeism.”

Physical fitness facility access, onsite health clinics and offering rewards and incentives have also increased over the last few years. However, the percentage of organizations reporting using HAS/HRA contributions as a reward has decreased from 34.2 percent in 2011 to just 29.1 percent in 2012. More than 30 percent of participating employers reported utilizing insurance discounts as a reward in 2012.

The three biggest forms of alternative treatments offered remained the same as last year with chiropractic, nutritional counseling and acupuncture respectively taking the top three spots. More than 98 percent of reporting employers offered chiropractic treatments, while 23 percent of participants offered acupuncture this year. Nutritional counseling has gained popularity with banking and finance organizations, increasing from 20.7 percent in 2011 to more than 24 percent this year.

About the Survey
The 2012 Compensation Data Banking & Finance results provide a comprehensive look at pay data, benefits information and pay practices with an effective date of February 1, 2012. The survey covered more than 100 industry-specific job titles and 400 benchmark titles, ranging from entry-level to top executives, with data collected from nearly 12,000 banking and finance organizations across the country.

Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.

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