Voluntary workforce turnover is an expensive problem for many employers. Annually, nearly 30% of U.S. workers leave their job, and the majority of this turnover is preventable. Experts estimate that an individual employee’s departure will cost a company 1.5-2.0 times that employee’s salary due to costs associated with things like hiring, training, and productivity. This results in U.S. businesses losing an estimated $1 trillion annually due to voluntary turnover. Perhaps even more damaging than these significant financial implications is the impact losing an employee can have on innovation, culture, and morale. And once companies do try to replace talent, recruiting presents its own unique challenges; unemployment rates are dropping dramatically as the pandemic subsides and standing out against other employers in a competitive labor market continues to be a challenge.
In an effort to both attract and retain talent, companies often offer competitive benefits packages that typically include things like insurance, paid time off, and retirement benefits. One large and growing component of a competitive benefits package is wellness programming. However, wellness programs are usually collections of various point solutions, leading to a complicated and fragmented employee experience and ultimately underutilization. One analysis of a large employer’s wellness program found that only 20% of eligible employees participated.
All of these challenges create a tremendous opportunity for innovation—which is why we’re thrilled to announce our investment in JOON, which is developing a modernized benefits solution that makes employee wellness easy for employers and their workforce. Rock Health is proud to join Alpha Edison, Sweetgreen Co-Founder Jon Neman, Livongo Co-Founder Alex Bitoun, and others in JOON’s $2.3M Seed financing.
JOON’s turnkey platform offers companies a customizable wellbeing program. JOON gives employees the freedom to choose what’s meaningful to them by automatically verifying and reimbursing eligible purchases within the employer-set categories, such as fitness, food, mental health, family care, and education. Employers can choose monthly allowances and wellbeing categories that they would like to offer to their employees, and then JOON conveniently links to employees’ existing credit/debit cards and bank accounts.
As the COVID-19 pandemic has taught us, employers must equip themselves to be highly flexible and support employees whether they are in the office or working remotely. JOON offers a wellness solution that reflects the 21st-century workforce. Whether you are an employer looking for a differentiated benefits offering or a wellness vendor working to expand your reach, we know you’ll be excited by what JOON has to offer.