When it comes to measuring the health and productivity of employees, employers should focus on the three I's: identifying needs, implementing programs and assessing impact, says Bill Molmen, J.D., co-founder and general counsel of Integrated Benefits Institute.

First in the process comes identifying needs, which goes beyond targeting traditional medical costs. Most employers today tend to think only in terms of health care benefits and fail to consider other aspects of the business that can be affected by poor health. While there is certainly a need to control health care costs, employers should also identify other impacted areas of the business.

"Many employers stop at medical costs and savings," Molmen says. "That's what they think health is all about, but they don't consider the additional real costs related to poor health. There's the lost time, wage replacement benefits and the related additional costs on lost productivity when a team is affected, and a replacement can't be found, so a product or service doesn't get out the door."