Most businesses need to show that the money that they invested in the program has resulted in some savings. As a first step, you can calculate ROI by subtracting the cost of the investment from the gain and dividing that result by the cost of the investment. The answer will be a percentage. Keep in mind the most important part of the calculation is deciding what a cost is versus a gain. Depending on the way a vaccination program is set up, ROI can vary from company to company.
Achieving a more nuanced view of ROI, however, takes time and involves considering a range of factors. Reducing costs is not the only benefit. In fact, vaccination programs often show success through other measures, including increased productivity, decreased absenteeism, and decreased presenteeism. Other areas to consider in determining the ROI include health and employee engagement outcomes. Health outcomes encompass decreases in the occurrence of employees being sick, related complications, while employees engagement outcomes included improved productivity, increased satisfaction with the workplace and a sense that the organization is concerned with the well-being of its employees.
Sample Return on Investment Calculation
|Average estimated cost of a lost workday for your employees||$200|
|Average number of lost workdays due to influenza||5 days|
|Total estimated cost of lost workdays due to influenza (per employee)||$1,000|
|Number of employees||100|
|Percentage of employees who get the flu each year (typically 10-20%)||20|
|Estimated impact of influenza on your organization||$20,000|