DUBLIN–(BUSINESS WIRE)–The “Corporate Wellness – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Happy Employees Are Productive Employees & Productive Employees Help Organizations Thrive. Corporate Wellness is Poised to Emerge Into a US$92.6 Billion Global Opportunity
The global market for Corporate Wellness is projected to reach US$92.6 billion by the year 2027, trailing a post COVID-19 CAGR of 7.3% over the analysis period 2020 through 2027. Workplace stress is the silently emerging public health crisis and the biggest threat to employee health in the 21st century.
Workload arising out of mismatch between skill & task and expectations & available resources is a major cause of workplace stress. COVID-19 has induced unprecedented changes across the world, affecting all aspects of life. The pandemic has caused widespread disruption to everyday life and normal routines. While closure and suspension of businesses resulted in millions of workers losing their jobs, those retaining their jobs have been jolted out of their regular routines. Employees who have to report to work physically are affected by personal responsibilities such as care giving for dependents such as children and elderly at home.
On the other hand, employees who are required to work remotely from their home are being stressed out by the blurring lines between work time and personal time. In addition, the stress of not being able to interact with co-workers is also affecting the morale and mental well-being of remote workers. In addition, lack of access to tools and equipment for completing work efficiently is affecting the productivity of employees and is leading to added stress on workers.
Companies around the world are adjusting their corporate wellness plans to match the current public health crisis and given the devastating magnitude of the pandemic, the impact has been fairly positive. Integration of wellness programs in the workplace, be it physical or virtual, has becomes the biggest priority for companies worldwide. Standing testimony to the flexible, agile and prompt adaptation of wellness programs to meet current challenges is the growing popularity of corporate strategies revolving around utilizing videoconferencing tools like zoom to host social events and group workouts.
Although lockdowns, restrictions, and office closures have resulted in a major portion of the workforce excluding essential services workers, migrating to WFM models, it still remains important to ensure that employees are able to access and continue utilizing workplace wellness programs. As a result, most wellness programs which until now were focused on employees being present in the physical office are now undergoing sea changes in the way these programs are being built and delivered to employees. For instance, wellness programs today are offering access to online workouts and fitness apps so employees can exercise while working from home in isolation.
Also, being provided as art of the program is access to online counselling services for mental health, financial distress, relationship problems. Other new features and functionalities being added into wellness programs include allowances for purchasing simple pieces of fitness equipment such as dumbbells or resistance bands to help employees work out at home; invitations to attend webinars on a range of topics ranging from healthy eating to stress management; special reimbursements for purchasing WFM equipment such as computer tables, chairs, monitors based on findings acquired through virtual ergonomic and workplace safety assessments for remote employees; provide nutrition and healthy eating information; creating special spaces on the company intranet for employees to form groups, discuss health and fitness goals, and engage in virtual fitness challenges; among others.
Companies have also stepped up and increased compensation offered for gym memberships. As COVID-19 infections continue to rise and spread, visits to gyms have and will continue to decline in the year 2020 and in the year 2021 also until the arrival of a vaccine. However, the increased compensation provided by employers for gym fees is helping employees enroll for online video conferencing based workout classes and sessions. With increased money at their disposal, employees are also in a better position to buy yoga mats, resistance bands, and other basic workout equipment for at-home exercises. The decision to continue providing reimbursement for gym memberships and workout classes is a major benefit for employees and their long-term health who otherwise given the pandemic’s negative financial impact might affect ability to spend on fitness & exercise.
Wellness programs can therefore encourage high levels of participation even when employees are working from home (WF), especially at a time when there has been robust media coverage on the importance of maintaining health and wellness amidst the pandemic to boost immunity, prevent illnesses and reduce absenteeism. Employee absenteeism is a major pain point for employers as it weighs heavily on the workflow, performance and productivity of an organization. Defined as unscheduled absences or pattern of regular absence at workplace without legitimate reason, employee absenteeism is detrimental to overall health of an organization.
The impact of absenteeism is far-reaching and affects morale, profitability and business objectives. Employee absenteeism is the biggest corporate bottom line killer costing companies $4,100 per year for each hourly worker & $3,460 each year for salaried employees, in additional expenditure. Sick employees increase the healthcare expenditure of companies a time when healthcare costs are spiraling & business conditions are becoming tougher. Corporate Wellness Programs are no longer an option for companies but a necessity & a part of maintaining human assets in an organization.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Workplace Stress: The Silently Emerging Public Health Crisis & the Biggest Threat for Employee Health in the 21st Century
- Health & Economic Consequences of Workplace Stress
- How Corporate Wellness Programs Can Help?
- COVID-19 Pandemic Amplifies Work Related Stress Making Corporate Wellness More Important Now Than Ever
- Wellness Becomes a Bigger Priority for Companies Amid the Pandemic
- Here’s Why Exercise & Fitness Amid the Pandemic Should Take Precedence in Corporate Wellness Programs
- Recent Market Activity
- World Brands
2. FOCUS ON SELECT PLAYERS
- Bupa Wellness Pty Ltd.
- Central Corporate Wellness
- ComPsych Corporation
- CXA Group Pte. Ltd.
- Jardine Lloyd Thompson Pty Ltd.
- Optum, Inc.
- Sodexo Onsite Services Pvt. Ltd.
- SOL Wellness
- Truworth Health Technologies Pvt. Ltd.
- Wellness Corporate Solutions
3. MARKET TRENDS & DRIVERS
- Healthcare Costs Continue to Spiral, Growing Much Faster Than National GDP
- Rising Employers’ Health Costs Underlines the Importance of Well Drafted & Managed Wellness Programs
- The Pandemic Pushes Up Healthcare Costs Even Higher Forcing Companies to Strategize on Wellness Programs to Contain Costs
- Negative Impact of Employee Absenteeism on Corporate Balance Sheet Drives the Focus Squarely on Wellness Programs
- Widely Prevalent Nicotine Addiction & Abuse Encourages Companies to Implement Innovative Smoking Cessation Programs
- Rise in Chronic Diseases Makes Health Risk Assessment, Fitness & Health Screening Important Aspects of An Effective Wellness Program
- COVID-19 Experience Will Drive Increased Adoption of New Infectious Disease Testing, Tracking & Employee Health Screening Tools
- COVID-19 Accelerates Telemedicine’s Natural Fit into Corporate Wellness Strategies
- Globesity: The Global Epidemic of Obesity Forces Companies to Include Nutrition & Weight Management as Part of Wellness Programs
- Workplace Fitness Center & Onsite Gyms Grow in Popularity
- Cafeterias Wellness Programs: A Vital Part of Obesity Management at the Workplace
- Mental Health As Part of Corporate Wellness Programs Gains Sudden Popularity Amid the COVID-19 Pandemic
- Mental Health Apps As Part of Corporate Wellness Programs Grow in Popularity
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
- UNITED STATES
- UNITED KINGDOM
- REST OF EUROPE
- REST OF WORLD
- Total Companies Profiled: 152
For more information about this report visit https://www.researchandmarkets.com/r/lx12nk
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Categories: National Headlines