How Corporate Health in India will Impact Economy
India’s economy is growing rapidly and experts have already predicted that India would be the largest market for the global investors in the next ten years. This economical scale-up in India will also create employment on a large scale from the corporate industries. It will result in an increased demand for workplace wellness and employee health benefits solutions to reduce the health cost of the companies.
India’s move towards the journey of becoming the economic superpower is likely to create most of the work opportunities in Asia. This will open up the doors for corporate organizations in terms of expansion and globalization of the Indian economy.
As the economy scales up and it increases the number of jobs, the workplaces will become the hub for corporate wellness companies to offer employee health and well-being services. Building a healthy and productive workforce will be crucial for companies in India.
The need for Corporate Wellness
Since most of the workforce in India constitutes a youth population and the fact is that they suffer from the other form of health issues such as stress or mental health complexities. India’s youth is considered as the productive population and if they suffer from chronic diseases, it will directly have an adverse impact on the GDP of the country.
The young employees of India spend most of their time in the workplace that leads to higher stress and sedentary lifestyles. Therefore workplace wellness programs must cover disease prevention strategies. In the coming decade, this will raise the needs of employee assistance programs and the wellness solutions that support the mental well-being of employees.
The Start-ups Understand the Importance of Corporate Wellness
Although it is the government of India who is accountable for the good health of the people. However, the big employers in India have started understanding that government alone is not enough to control chronic diseases which are caused by sedentary lifestyles of people. As a result, many start-ups in India are catering to the wellness needs of the organization and providing corporate wellness as one of the benefits to the employees. The start-ups are trying to build easy to implement wellness programs to make their workforce healthy and fit. Also, they offer exciting services in the wellness programs to encourage them for holistic wellness. These services include the following:
- Health risk assessment (HRA) to find out the complete health picture of the organization. HRA will give the details of possible health risks organization is currently suffering with.
- Starting and managing the appropriate wellness initiatives to improve the gaps so the health risks can be reduced to the lowest.
- Access to wellness resources such as health coaches, onsite camps, health tips, health webinars, pathology labs and more.
- EAP services in which the personal or professional problems causing bad health of employees are entertained via phone call or video conferencing.
- Regular health checkups of employees as preventive care.
How Technology is Driving Wellness Programs
Technology is the biggest driver of wellness programs and it will further evolve to take over the complete touch base of the workplace wellness. Now there are digital health platforms, wearables and other data sources that can generate important health insights to deliver more credible and effective wellness programs which is more beneficial to the employees.
Chronic diseases such as diabetes, high blood pressure, obesity and more are spreading across the corporate sector and badly affecting the health of the youth population. It doesn’t only harm workforce health and increases the health cost of the employees and employers but also adversely impacts their workplace engagement and productivity. In 2011, the World Economic Forum anticipated the loss to the global economy from chronic diseases to rise to more than $40 trillion by 2029.
If you’re an employer and realised that, a healthy workforce is a must to make the business profitable, get in touch with us to build a workplace wellness program catering to all health needs of your workforce.