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Building Your Wellness Budget

September 27

 


Building Your Wellness Budget

 

Wellness Budget

It’s tough. As wellness practitioners it can be very difficult to justify your wellness programs through a return-on-investment lens. You know it is the ‘right thing to do’, even if the ROI  is not easily or immediately seen. To ensure viability and sustainability of your wellness programs, a clear understanding of the budgeting  process is needed.

Budgeting has three distinct areas: budget principles, budget justification and budget sustainability

Budgeting Principles:

How is your budget decided?

• Top-down budget planning? – This is where the wellness department is given a finite dollar amount and you must run your program within that defined limit. You decide which programs are most important and how to include new initiatives.

• Bottom-up budget approach? – This is where the you, as the wellness practitioner,  submits a budget itemizing the program offerings. You must choose which initiatives to include in a budget and be able to justify why those in particular are being offered.

Budgets can be further broken down into functional and intervention areas:

  • Functional: includes expenses for facilities and personnel
  • Intervention area budgets: separate out costs for topical areas such as risk factors or health conditions

 

Budget Justification:

To be able to answer questions on why your budget should be renewed or increased ensure that:

  • Program planning will provide you with results at various intervals – what measurements are you going to utilize?
  • Management is told when to expect various results
  • Results are shared on a frequent basis

Mental Health Online Course

 

Budget Sustainability

How do you ensure long term sustaninability of your wellness programs?

  • Use hot issues to expand your budget
  • Centralize and pool health related expenditures. Examine existing corporate programs such as occupational health, health and safety, training and development, communication policies, etc. and see if they can be aligned under your comprehensive wellness plan

 

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To ensure viability and sustainability of your wellness programs, a clear understanding of the budgeting process is needed. Beverly Beuermann-King Click to tweet

 

Beverly’s Comments:
You will need a thorough understanding of how and by whom budget decisions are made within your company in order to be able to effectively present your budgets and their rationale to top-level management. As budgets tighten, you need to develop buy-in from these decision makers in order to sustain your wellness plan. When providing your budget justifications, be realistic with your outcomes and help them to understand that generally you will be looking at a 3-5 year plan in order to see a bottom-line impact, but there will be some short-term results as you progress towards these goals.

 

Questions

Do you have a set wellness budget?
Is it important to your decision makers?
Do you have an adequate budget to meet your wellness goals?

 

If you have some strategies to share – comment on this posting!

 

Contact Beverly For Training

 

 

 

Additional Resources

Corporate Wellness E-briefs

Building A Well Workplace – Four Reasons Why Health Promotion Makes Good Business Sense

Corporate Wellness Programs – A Business Case

Workplace Wellness: Critical Questions In Putting Wellness Programs Together

Workplace Wellness: Measuring Wellness Outcomes

Workplace Wellness: 5 Reasons Why Excellent Programs Fail

Workplace Wellness: Moving From Health Promotion To A Healthy Organization

Boosting Your Wellness Programs To The Next Level

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Written By Beverly Beuermann-King

Building Resiliency Through Stress and Mental Health Strategies.
For over 20 years, Beverly has used her S-O-S Principle™ with teams who want to control their reactions to stress, build resiliency against life’s challenges and live full and flourishing lives. Beverly works with teams and leaders to shift from stressed out to resilient, enabling them to be more engaged, productive and healthy.

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Reader Interactions

Comments

  1. Laura says

    November 2 at 4:50 am

    Thanks so much for this helpful info. Sometimes I think the struggle for companies to adopt a corporate wellness strategy, especially when it comes to the financial aspect, is knowing where to start in budgeting the money. You have created a great resource to help overcome that hurdle.

    Reply

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