Top Factors Driving the Corporate Wellness Market Growth
The global corporate wellness market was valued at USD 51,120.4 million in 2020 and is expected to grow at a CAGR of 9.5% during the forecast period as per recent study by Quince Market Insights.
Corporate wellness and health are rapidly gaining interest as companies look to counter the continuous rise in corporate healthcare investments. Employer-sponsored corporate wellness programs are initiated keeping the aim for controlling healthcare expenses over time, improving employee productivity, and optimizing overall business performance by encouraging healthy behaviors. Corporate wellness programs are supposed to improve awareness, change behavior patterns, and create an environment that supports good health practices among employees. But they vary according to the employers and can include biometric screening for clinical measures for health, health risk assessments for analyzing the lifestyle health habits and wellness activities that develop a healthy lifestyle by encouraging behaviors.
Multi-billion-dollar health industry comes up with unique wellness programs. They are offered as an employee benefit by almost all the organizations and are supported by the affordable care act, which helps the employers to financially reward employees for their participation in such programs, often in the form of cash compensation as well as discounted health insurance premiums.
The Adoption and the Success Rate of Corporate Wellness Programs
According to a survey published in science daily, the result of the corporate health in America is close to 50% to upon the corporate places in the nation offer various types of Health Promotion and Wellness programs. Another study shows a more positive trend stating that almost 90% of the companies make use of the corporate wellness program and the most advanced ones are biometric health screenings, fitness classes, nutritional programs and educational seminars on topics such as work-life balance and smoking cessation. No matter what the studies state, almost many companies are still starting when it comes to understanding how to positively influence employee health and wellness with an aim to achieve the above-mentioned goals. In fact, it is an ongoing debate in this industry whether corporate wellness programs achieved the expected outcomes.
Key Factors for Considering About Corporate Wellness
- Plan and Manage: Setting up proper planning as well as execution and leadership support and buy-in from different levels of the company.
- Proper Communication: Finding various ways to make the communication very transparent what the drives the programs.
- Holistic Wellness: Taking into consideration other dimensions of the employees such as emotional and mental health, career, finances, environment, substance abuse, social connection, and others.
- Many Packages: Creating a combination of activities and niche options customizable according to the individual goals, situational requirements, motivation, and preferences. Individual achievements can have a positive impact on employee morale and motivation
- Value Measurements: Return on investment on corporate programs is quite challenging. Value on investment can offer detailed insights and incorporate areas like wellness culture, health status, employee education and use data from the employee surveys and different other sources.
- Small Steps: Imagine that all employees are already engaged in certain activities. Motivating them with small steps instead of major changes will provide more consistent follow-through and improving the self-empowerment through the small success, which will add up to the big results over a period.
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