Rising Trends that will Enhance Corporate Wellness Industry in 2019
Corporate wellness is an activity by which employers promote health and wellness culture at the workplace. Having corporate wellness planned and executed in a correct manner helps companies to achieve the best outcomes in terms of employees’ health and engagement.
Currently, the size of the corporate wellness industry is approximate $10 billion and as per the ‘Research and Markets’ report, it is expected to reach USD 84.9 by the end of the year 2025. The reason behind this increased demand for corporate wellness programs is the higher insurance cost that results in an economic burden on the companies. Besides, In the past few years, companies have recognized workplace wellness as a part of a business strategy that contributes to increasing business performance.
The corporate wellness programs are designed to target health issue most of the employees in the organization suffer with such as obesity, stress, high blood pressure, diabetes, smoking, lack of work out etc. Various companies in the world have started partnering with corporate wellness companies to prevent certain diseases among their employees and improve productivity at work.
The corporate wellness industry is evolving day by day by adhering new trends and tactics to produce a maximum outcome for businesses. See below some of the rising trends which will reshape the future of the corporate wellness industry.
Digital Health Check and Delivery Platforms
Integration of data corresponding to different health metrics with digital platforms have shown an amazing improvement in employees’ health. Having a digital platform, mobile apps or wearable actively used in the companies can record and deliver crucial health insights of employees. This helps employees to engage with their health most of the time when they are not at work as well. Corporate wellness companies such as Truworth offers various programs like weight loss management, nutrition, health risk assessment, coaching, biometric tracking and personalized group fitness challenges e.t.c through its digital platform “the wellness corner”.
Catering health data on a digital platform allows the employer to design a well-defined and tailored wellness strategy as per the interest and need of the employees. This implies that digital platforms will continue to evolve in future to drive maximum revenue of the corporate wellness industry.
You must read How Digital technology Helps in Workplace Wellness.
In an organization, it is tough to create a wellness program that caters the need of all employees because every employee will have a different health issue. Here comes the personalized wellness approach into play. With the evolution of the wellness industry digitally in the past two decades, employees are now looking for a personalized solution to their health issues. Having health data tracked and housed by digital platforms allows employers to present a polished and effective wellness program. Companies have initiated cutting down the offerings of their wellness programs as the data integration helps them to create a short targeted approach to wellness. This will allow employees to take control of their health.
No other benefit is as effective as the financial reward given to the employees to raise their happiness level. If an employee is going through a financial crisis, the stress factor is natural to grow which can reduce productivity at work. It will increase the rate of presenteeism, absenteeism and an unhealthy lifestyle. Employees have started thinking of beyond the traditional saving plans in order to improve debt reduction, planning of healthcare cost after the retirement. Smart organizations have recognized the need for financial stability for their employees. In fact, 1 in every 5 employees needs financial guidance from their employer according to the CIPD report.
According to the World Health Organization, Stress can be considered as a plague of the 21st century which is rapidly growing among the workers. It has a strong and adverse impact on the mental well-being of the employees
As per the India times report, about 90% of the Indian population is suffering from stress which is more than the global average of 86%.
Companies in India have started analyzing these facts and introduced stress management programs for their employees. These programs include workplace mindfulness training, stress relieving tactics, meditation, workplace yoga sessions etc. Many organizations are preferring a more holistic approach rather than adopting the traditional way to dealing with the mental health problems of employees.
Sleep impairment can be considered as one of the causes of being stressed. Some wellness experts call it “stress booster”.
According to a report from the Times of India in 2015, 93% of Indians are sleep impaired due to their unhealthy lifestyle habits. This is a clear warning for Indian companies to bring a well-defined wellness approach to change the lifestyle of the employees who are suffering from sleep loss.
Many companies have started addressing sleep impairment by promoting sleep awareness programs in the workplace. They are also working to provide them access to the premium resources and tools, implementing the personalized program for the employees based upon the level of suffering.
AI will certainly make its space in many big corporate wellness companies because of its capability of understanding the current trends and make a detailed forecast for the future. Companies have an option to analyse the big data produced through AI and use it to further improve their wellness initiatives. AI can help employers implementing gamification and personalization to increase engagement in the wellness programs
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