Rising Trends that will Enhance Corporate Wellness Industry in 2020
Corporate wellness is an activity by which employers promote health and wellness culture at the workplace. It includes encouraging the workforce to have healthy meals, manage stress, exercise every day, and others. Many big corporate wellness companies are striving to implement advanced corporate wellness platform to provide digital health benefits solution to the employers. 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 in 2020.
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.
Personalization
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.
Monetary Benefits
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.
Mental Well-Being
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 of dealing with the mental health problems of employees.
Sleep Impairment
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.
Artificial Intelligence
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
Fitness Challenges
Organizations are understanding the value of fit employees for long term success of the business. After the world has evolved digitally, organizing walking competition in the organization is just a tap away. Step challenge apps have made the world easy for employers as they can run a step challenge competition across the organization without much infrastructure needed. Exciting gifts and cash rewards for winning employees draws maximum participation from the workforce in such competitions.
Flexible Working Hours
Companies have accepted flexible working hours for the employees. After many years of evolution of the corporate sector, it has been observed that employees who work in flexible hours or remotely with being time-bound are more productive. This trend will definitely play a crucial role in the organization’s success in the coming years.
Mindfulness
Mindfulness is being recognised by the companies as a powerful tool to increase focus, self-awareness and decision making amongst the workforce. It is also observed that employees who practise mindfulness, distract less from their work. Mindfulness will evolve more in the coming decade as many mid and large scale businesses have started giving mindfulness training to their employees. Read tips to embrace corporate mindfulness.
Health Coaching
To reduce the number of sick days and the healthcare cost of the company as well as employees, companies have started providing them with health coaching. This makes them aware of the daily routine of healthy eating and living habits. By attending regular health coaching sessions, employees start understanding the health risks associated with them due to certain unhealthy habits. They will strive to adopt and maintain healthy behaviors whether in the workplace or with family. In the long run, health coaching helps both employees and employers to reduce healthcare cost and boost productivity & morale. Learn more about health coaching to enhance workplace strategy.
The corporate world is drifting towards an employee-centric culture and rightly so. Satisfied employees make for content customers which will consequently help you keep your business afloat. Investing in happy employees will go a long way to further the interests of the company in the long run.
Want to incorporate the future-ready corporate wellness strategy in your workplace? Just drop us an email for a demo session and our expert will connect with you.