Is Innovative Corporate Wellness Programs the New Success Mantra for Large Companies?

The evolution of the workplace wellness concept is driving the need for superiorly designed corporate wellness programs in the global market. Many organizations are facing challenges such as health risks spanning physical inactivity, poor nutrition, shortage of sleep, obesity and stress are prone to absenteeism, presenteeism, and bad health. Such issues are leading the enterprises to adopt well-structured corporate wellness programs that align with their culture, environment, values, wellbeing needs, and motivation factors. The efforts towards creating a healthier workforce, improving efficiency, and strengthening business performance are propelling the demand for corporate wellness programs in the global market. The growing use of wellness portals that act as a hub for worksite programs and incorporate challenges, incentive tracking, employee health records, check-ins, and educational material will create lucrative opportunities for leading vendors in the global market. Technology, AI,and data integration are expected to revolutionize the way the industry works and create an environment where it stays relevant and competitive.

The global corporate wellness market is estimated to reach values of approximately $72 billion by 2023, growing at a CAGR of more than 8% during 2017-2023.

Read the complete market forecast for global corporate wellness market: https://www.arizton.com/market-reports/corporate-wellness-market

The different end-users investing in lucrative corporate wellness programs in the global market are discussed below:

· Large Private Sector Businesses

Various legislative measures are acting as indicators for large private sector businesses to adopt programs that help to fix specific health problems at work such as alcohol and drug abuse, from a complementary angle to the traditional measures. Some of the most popular corporate wellness programs adopted by large business organizations are health management programs, EAPs, stress management programs, health and wellness websites, HRAs, wellness coaching, health and fitness challenges, disease management programs, biometric screenings, and an onsite fitness center.Innovation is high among this segment with companies implementing strategies that reflect their culture and mission in the market. For instance, EMC offers a color-coded cafeteria that is based on increasing the number of plants in the diets of employees, thus getting them to eat healthily. Such efforts will drive the demand for superior corporate wellness programs in the global market. The large private sector businesses in the global market are expected to grow at a CAGR of more than 8% during 2017-2023.

· Medium Private Sector Businesses

Medium private sector businesses are incorporating corporate wellness programs primarily because of healthcare costs in Western economies and talent attraction in regions such as the APAC. HRAs, personalized health management, and biometric screenings are the most popular offerings in this segment in the global market. Various companies are looking for a combination of primary interventions, screenings, and health education programs at large.Organizations usually resort to a multi-level approach where wellness is implemented at either an organizational level or environmental level, with social and physical environment aiding in making nutrition and better ergonomics an easy choice. Moreover, online services are gaining momentum within the market and propelling the demand for corporate wellness programs.The medium private sector businesses in the global market are estimated to grow at a CAGR of around 9% during 2017-2023.

· Public Sector Companies

Corporate wellness programs in the public sector are driven by low employee turnover as employees tend to have longer careers. HRAs and biometric screenings are the among the most popular corporate wellness programs in the public sector. Preventative health programs are gaining immense importance in this segment. Nutrition-based educational and awareness programs account for the largest share of the pie, followed by weight loss and stress reduction segments with more than three-fourths of the employers offering them. Also, risk detection programs that focus on tackling health risks such as diabetes, hypertension, cholesterol, and obesity will gain traction in his segment over the next few years. The public sector companies in the global market are anticipated to grow at a CAGR of over8% during the forecast period.

· Small Private Sector Businesses

The low long-term health costs, followed by improved morale, and rise in productivity are key factors driving the adoption of corporate wellness programs in the small private sector businesses segment. Most of these wellness programs are individual-based, particularly in countries such as China and Canada where employees offer discounts for a local leisure center or put labels in place to increase the uptake of healthy food choices. HRAs, smoking cessation, weight loss, and counseling related to legal, psychological, and financial issues are the corporate wellness programs adopted by these companies in the global market. Some of the most popular initiatives include onsite lunch and learn sessions, discounts for memberships that are lifestyle-oriented, healthy vending machines, community events, flex time, incorporation of health promotion policies, and challenges.The small private sector businesses in the global market are projected to grow at a CAGR of around 8% during the forecast period.

· Non-profit Organizations

The primary driver for corporate wellness programs in non-profit organizations is recruiting,and retention as salaries are low than businesses, thereby creating a need to provide more employee-friendly benefits in countries such as the US. Stress management and self-care programs are gaining immense importance in these organizations in the global market. The most popular corporate wellness programs in this segment are biometric screening.Resource and information sharing are increasingly becoming a part of corporate wellness programs via applications and portals. Personalized resources are being provided through these avenues and helping manage their health online.The non-profit organizations in the global market are likely to grow at a CAGR of more than 6% during 2017-2023.

Leading vendors in the global corporate wellness market are:

Compsych
Wellness Corporate Solutions
Virgin Pulse
Provant Health Solutions
Sodexo

Source: https://www.arizton.com/blog/corporate-wellness-programs/

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