Allegacy's Winning Strategy: The ROI of Employee Wellness

In today's dynamic corporate world, companies are constantly on the lookout for innovative strategies to enhance employee engagement, boost productivity, and reduce healthcare expenses. One method that's been gaining traction is the incorporation of sports, fitness, and well-being into the corporate ethos. Not only does this uplift the overall life quality of employees, but it also brings about significant business advantages. Let's explore the inspiring journey of Allegacy Federal Credit Union and see how their commitment to a culture of well-being has propelled them to new heights.

Allegacy Federal Credit Union, boasting a team of 330 dedicated employees, oversees over $1 billion in assets, marking its position as one of North Carolina's premier credit unions. Garrick Throckmorton, AVP Organizational Development, attributes their remarkable success to their unwavering dedication to workplace wellness. He believes that investing in employee well-being is not just morally right but also a strategic business move.

The turning point for Allegacy came in 2009 when their visionary CEO identified the need to enhance the life quality of their workforce. This insight birthed the AllHealth program, a holistic initiative that caters to the physical, emotional, social, and financial aspects of well-being. What makes AllHealth stand out is its personalized approach, ensuring that the program "meets each individual where they are."

A significant catalyst for Allegacy's success has been its incentive scheme, which not only rewards achievements but also fosters participation and commitment. Employees are treated to enticing perks like a 20% discount on gym memberships and the chance to earn up to $1,000 in health savings accounts by participating in the program. These incentives not only motivate employees but also empower them to take control of their health journey.

Recognizing the importance of mental health, Allegacy covers visits to the mental healthcare providers chosen by their employees, ensuring that mental well-being is prioritized.

Effective communication is at the heart of the program's success. Beyond a weekly newsletter and a dedicated website, Allegacy employs a wellness committee and liaisons from various departments to keep everyone informed and engaged. Throckmorton underscores the value of these liaisons, noting that "the message comes from a familiar face."

The well-rounded nature of the wellness program, backed by strong leadership, a deep-rooted culture of well-being, tailored programs, smart incentives, and strategic communication, has achieved remarkable outcomes. Participation rates soared from 81% in the program's inaugural year to an impressive 95% in 2015. Moreover, employees slashed their health risks by a whopping 50% since the program's launch.

But the benefits don't stop at improved health. Allegacy's wellness initiative has also yielded tangible business results. The company enjoyed no increase in medical premiums for three straight years (2011-2013). Employee surveys revealed a staggering 225% boost in morale, a 116% increase in engagement, and a 113% improvement in the overall culture score. Throckmorton proudly shares that 94% of employees would recommend Allegacy as an employer to their peers, showcasing the high levels of job satisfaction.

Allegacy Federal Credit Union stands as a shining testament to the transformative power of corporate wellness initiatives. By prioritizing the well-being of their team, Allegacy not only enhanced individual lives but also garnered significant business rewards. As more firms realize the importance of sports, fitness, and well-being in the workplace, the path to success might just lie in cherishing and nurturing those who drive the business forward - the employees.