Corporate Gym Membership Benefits
Besides being cost-effective solutions for the company, corporate gym memberships help to reduce stress and depression among employees, increase employee job satisfaction, motivation, and productivity, promote employee retention, promote team building, and improve company culture. These additional benefits of providing corporate gym memberships to employees are discussed below in detail.
Reduce Stress and Depression Among Employees
- Research has shown that regular physical activity releases neurotransmitters like endorphins, dopamine, serotonin, and norepinephrine in the brain.
- Endorphins interact with receptors in the brain and reduce the perception of pain. "Endorphins also trigger a positive feeling in the body, similar to that of morphine." This helps to reduce stress and anxiety.
- Regular exercising also increases the serotonin levels in the brain. This helps in improving the mood, an overall sense of well-being, sleep cycles, and appetite, which are negatively affected by depression.
- Dopamine is a chemical messenger that plays a major role in how people feel pleasure. It helps people to think, plan, strive, and focus on their goals.
- Regular exercising also helps maintain the balance of stress hormones in the body, such as adrenaline. This hormone plays an important role in the fight-or-flight response of an individual.
- Two of the leading causes of absenteeism and lowered productivity at work are stress and depression. Employees who exercise regularly tend to be happier, less stressed and depressed, and can also effectively control their emotions at the workplace.
Increase Employee Job Satisfaction, Motivation, and Productivity and Promote Employee Retention
- Endorphins and serotonin are also known as happy hormones because they elevate the mood and give a sense of well-being. There is a direct correlation between happiness and positivity in the workplace and improved productivity. According to research conducted by the University of Oxford's Saïd Business School, there is at least a 13% rise in productivity when employees are happy and positive compared to when they are unhappy.
- Regular exercise keeps employees fit, stress-free, energetic, happy, and motivated at work. "This combined with a happier work environment can boost job satisfaction, though of course there can be other factors at play in this."
- An increase in employee motivation, productivity, and job satisfaction leads to an increase in employee retention. Happier and healthier employees tend to remain in their jobs for a longer period of time than unhappy and unhealthy employees.
- When a company incorporates gym memberships "as part of the employee health and fitness benefits plan," it is considered by the employees as an important employee benefit. Employees would be scared of losing the benefits upon leaving the company. This promotes employee retention within the company.
- According to a study, disengaged employees cost companies in the US a cumulative $450-500 billion every year. Also, companies with highly engaged employees are 21% more profitable than other companies. Industry experts have also revealed that health benefits are one of the biggest reasons why employees choose to stay at a particular company in the US. These statements emphasize why companies should lay stress on corporate gym memberships in order to increase employee retention.
Promote Team Building and Improve Company Culture
- Fitness experts are of the opinion that working in teams make employees "less likely to quit, more energetic to train, and highly motivated to achieve their goals."
- A corporate gym membership plan "fosters better teamwork because it gives opportunities for employees from various departments or groups to meet and interact. This helps in building strong internal relationships resulting in a more well-knit workforce." Group members can interact better with each other "during their free time and discuss projects during group exercise sessions." This promotes teamwork and team building.
- Team building exercises during gym sessions also increase employee motivation, improve productivity, promote increased collaboration among teams, lead to better communication among team members, and encourage creativity. All these have a positive effect on the company culture.
- Multiple studies have revealed that company culture is a huge factor for employees in US companies. According to a study conducted by Robert Half International, Inc., 35% of employees in the US would not accept a job if the company culture did not appeal to them.
- According to a study conducted by Randstad North America, Inc., 38% of employees in the US would leave their current job if they do not feel wanted within the team or if the company culture no longer appeals to them. "An even larger group (58%) have left jobs, or are considering leaving, because of negative office politics."
- In a survey conducted by Glassdoor, 65% of employees in the US said that company culture is "one of the main reasons for staying in their job."
- In the 2019 national Workplace Culture Survey conducted by Eagle Hill Consulting, the majority of US workers surveyed stated that the company culture "influences much of their job performance — doing their best work (77%), their productivity and efficiency (76%) and their ability to best serve customers (74%)." Considering the above statements, companies that incorporate gym memberships within their employee schemes have a greater chance of fostering a better company culture and improving employee retention than companies that do not incorporate gym memberships.
Cost-effective Solutions for the Company
- It has already been established that employees that stay fit and healthy have more chance of averting "chronic, long-term illnesses that require expensive medications or pricey surgeries."
- Offering gym memberships to employees is a cost-effective solution for the company since "gym memberships are usually less expensive than monthly prescriptions" or expensive medical bills. With corporate gym memberships, companies can even negotiate corporate discounts for their employees in local gyms. Overall, gym memberships go a long way in reducing a company's healthcare costs.
- Companies in the US "usually consider healthcare provision a far more prevalent in the employment contract. They believe that employees who exercise on a regular basis save them major costs. When a company offers health and fitness benefits such as a membership plan of a gym to an employee, it will create a significant impact on the cost incurred on medical provisions."
- According to the 'SHRM Employee Benefits 2019' report, 58% of companies in the US have wellness programs for their employees. The corresponding percentage in 2015 was 70%. This decrease has corresponded with the increased healthcare spending by US companies in recent years.
- "According to a RAND Corporation study, every $1 invested in overall wellness efforts yields a return on investment of $1.50. When the investment is in programs targeting chronic diseases, such as diabetes and obesity, the ROI increases to $3.80."
- A study conducted by the American Psychological Association (APA) has established that "more than $500 billion is siphoned off from the US economy because of workplace stress, and 550 million workdays are lost each year due to stress on the job. 60%-80% of workplace accidents are attributed to stress, and it is estimated that more than 80% of doctor visits are due to stress. Workplace stress has been linked to health problems ranging from metabolic syndrome to cardiovascular disease and mortality." These are the underlying hidden costs undertaken by companies in the US that can be significantly reduced by providing corporate gym memberships to employees.