In today’s highly competitive and rapidly evolving business environment, maintaining a healthy, happy, and productive workforce is essential for an organization’s long-term success (Goetzel et al., 2014). Employee wellness is directly linked to key business outcomes, including productivity, employee engagement, and overall organizational performance (Berry et al., 2010). Therefore, prioritizing and investing in employee health and wellness programs is not just a matter of corporate social responsibility but a strategic business decision with demonstrable returns.
A critical facet of these programs is incorporating an effective incentive mechanism. It was found that incentives and rewards encourage participation in wellness programs and inspire sustained change in health behaviors (Mitchell et al., 2013). However, the effectiveness of an incentive program largely depends on its structure and the relevance of the rewards to the participants. This is where a points-based marketplace system proves to be a game-changer.
A points-based marketplace system in the context of a health and wellness program creates an engaging and motivating environment where participants can earn points for healthy behaviors. Points were exchanged for rewards, which can be chosen by the participants from a variety of options available in a virtual marketplace (Zhang et al., 2016). This approach provides flexibility and personalization, which have been identified as crucial factors for the success of health and wellness programs (Anderson et al., 2005).
This whitepaper will explore the benefits of implementing a points-based marketplace within a health and wellness incentive program. It will provide an understanding of the system, its importance in health and wellness programs, benefits, successful case studies, and steps for implementation. The paper will conclude with insights into the future of points-based marketplaces in health and wellness programs. The aim is to enable organizations to understand and harness the potential of this system in fostering a healthy and productive work environment.