Corporate Wellness Market Pegged for Robust Expansion During 2023

Sedentary lifestyle of most of the corporate employees have added to the coverall pool of individuals suffering from hypertension, obesity, depression and other diseases such as diabetes, and cardiovascular diseases. Indirectly this has increased expenses for the corporations, as companies have to spend more on human resource management. To tackle the problem, corporate wellness initiatives are taken by companies to improve and maintain the health of employees. These programs help companies in many ways in reducing attrition rate and increasing productivity. Company profits are negatively affected by reduced productivity as a result of absenteeism. This can be prevented through a various measures to improve employee wellbeing. Regular fitness activities also motivate employees at work place and helps in reducing the overall healthcare costs. Workplace is also an important destination for increasing health awareness as employees spend most of their time at work. Consistent rise in the healthcare costs and discounts offered for employees participating in wellness programs, increased demand for corporate wellness services. Corporate wellness industry primarily involves fitness consultants, nutrition consultants, psychological therapists, and organizations who offer all the aforementioned services under a single roof.

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Government initiatives in mandating companies to implement well programs for employees will boost the market growth. In the U.S., with recent reforms in the Affordable Care Act increased the cap on incentives granted to employees for participating in health related wellness programs from 20% to 30% of the total cost. Such reforms will motivate employees to actively participate in the corporate wellness programs. Employee retention is also major issues corporate across the globe are facing today. Implementing corporate wellness programs will help in retaining valuable human resource as it increases employee satisfaction and motivates employees to perform better.

Earlier corporate wellness programs were implemented in larger organizations, which had the funds to implement such policies. But with increasing adoption of the programs in smaller organizations, the market is expected to propel at a faster rate in the future. Increasing industrialization in developing counties will also support the market growth. Employers are now committed to improving health of their employees.

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Corporates are conducting lifestyle coaching, biometric screenings; and are also encouraging service providers to synchronize hospital care as well. Companies are also looking forward to implement evidence based treatment schemes for employees. Corporate wellness programs are thus emerging as a routine employer sponsored initiative for health improvement of employees.

The corporate wellness programs find success in proper execution of the plan, where employee’s active participation is a key factor and companies must implement corporate wellness programs as a long term process for better results. Proper education and awareness for the wellness programs is necessary for its effective implementation. Currently major restraint for the corporate wellness market is the inefficient execution of plan which has ultimately resulted to increased costs for the companies. Employers need to discover efficient and effective models to implement the wellness programs. Although reward based approach has been successful in many organizations, better models beneficial to employers as well as employees will ensure deeper market penetration.

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Although North America and European companies have tried and tested the concept of corporate wellness, the market especially hold potential in Asia Pacific region. Being an emerging market, global companies are trying to build their hold in these regions. Thus increasing industrialization will increase scope of corporate wellness programs. Some of the players in the corporate wellness market include Corporate Wellness Solutions, Trotter Wellness, GCC Group, FitLinxx, Provant Health Solutions and many others. Fitbit, an activity monitor manufacturer has also expanded its business for providing corporate wellness solutions.

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