If you read our previous blog you know we started our series by examining market insights that we've gathered through contributing broker and consultant partners.
Though our research, we found that 4 out of 5 brokers and consultants that we polled thought that clients had made the wrong choice when selecting a wellness vendor. This statistic is not surprising. Who among us hasn't gone through an evaluation before a big purchase, made the purchase and then realized afterward that you probably would have been better off making a different choice? The two questions that arise from this finding are:
- How do we not make the same mistake next time?
- Now that you realize a mistake has been made, what do you do to remedy it?
The first question is one that the Wellness Research Institute is actively implementing solutions to address. The second is a question we are working to quantify the answer to. For example, what percent of organizations honestly know they made a mistake, but do not make a change? Unlike purchasing a car or a refrigerator, a wellness program is something an organization can change their mind on and simply reallocate the budget to a different vendor. We touched on this subject in our blog post that cited on average, clients switched wellness vendors every 2-3 years. In the end, admitting a mistake may be the best ending for everyone involved, including the wellness provider.
This admission not only leaves the employer with a better partner, but preserves that employer’s faith in wellness as a whole. This short-term revenue loss for the provider, avoids the “double negative” of an employer that isn't happy with their current vendor and therefore loses faith in the ability of wellness programs to have a positive impact. A new partnership with a wellness provider that is fundamentally aligned with the employer’s goals and philosophy, fosters support for the wellness industry and ensures it will continue to advance and be supported by organizations.