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How diverse is the Global Corporate Wellness Market

Global Corporate Wellness Market

There is an entire Global Corporate Wellness Market built around the creation and delivery of corporate wellness services. These include different things like health risk assessments, fitness routines, health screening and weight management and, as a result, there’s been significant growth in revenue recently.

Such services or wellness programs are designed to give employees support when it comes to understanding health risks involved when neglecting their wellbeing for the sake of work, and also when accepting what is termed as healthy behavior for the workplace.

One advantage out of doing so is that they can get to lower the health care expenditure. Or reduce the costs incurred when treating the outcomes of unhealthy workplace life, in surgeries, specialist visits, hospitalization or emergency room visits. The other advantages affect their office life and how effective they are at the jobs they’re supposed to do. Such as a decrease in absenteeism, improvement in the quality of life and an increase in productivity.   

Growth factors and challenges    

Although it might seem like it, corporate wellness is far from being the next big health fad. There are several factors that are contributing to the growth inside this industry and helping players to diversify the kind of wellness offerings or solutions that they build. 

  • The increase in the instances of non-communicable diseases, particularly those that are caused by stress in the workplace, long working hours.
  • Initiatives and support from government and other authorities involved in healthcare.      
  • An increase in the number of white-collar employees, most of whom have to adhere to long commutes, heavy workloads and are usually away from home for a significant amount of time. 
  • An overall consciousness about the need to maintain better health.
  • Employers who are eager to incorporate wellness programs, even mandatory laws for implementing wellness programs in factories, offices.     

There are just some of the factors that are driving growth in the corporate wellness market in the Asia Pacific regions. In the US, Europe there are lots of practices that in effect in offices and are held on a regular basis involving all employees. Some states in these countries have made it mandatory for employers to plan out certain initiatives.

In both areas of the world, things are easier said than done. For example, many corporate wellness services are costly to implement and in other instances, they are executed in an efficient way.      

How this concept got started

It has evolved over time, owing to economic transformation and how nature jobs and work have changed. Historically, it was the labour-capital relationship that had shaped the notions of establishing ways to enhance, improve the wellbeing, safety, and health of the worker.

A few of the programs and laws we have today for supporting corporate wellness had originated from the labour movements earlier on, and that has encouraged protecting the worker’s safety and health. It has to be done because, in those days, workers didn’t have benefits, insurance and had some tough working conditions.         

Corporate wellness originated a long time ago; in the Industrial Revolution that sought to better the life and working conditions of the worker or in the very first occupational safety and health legislation that had been passed in the US sometime in the 19th century.     

What the concept is like today

In India and other parts of the world, the size of the corporate wellness sector is growing, as more people get focused on health. Even employers are now on track, having a better understanding of the importance that these programs have and the positive returns they have in the form of better productivity and employee efficiency.

Benefitting the employee

Wellness initiatives improve the health of employees, and in turn, they help the company to reduce the attrition rate and increase productivity. The output levels and profits are affected in a bad way when employees are absent, owing to poor health.

Various measures can be applied to prevent this, and even improve their health at the same time. It makes sense to facilitate awareness of better health fitness activities at the workplace, as this is where employees spend most of their time. Healthcare costs are high, and wellness initiatives are being built around this in the form of discounts offered.

This is what employers have in mind when developing their own wellness programs. The corporate wellness industry also has a myriad of service providers that specialize in fitness, nutrition, psychological.

They bundle consultations, plans, programs in a comprehensive way. Even if services like these are expensive, employers are gaining from professional advice in a convenient, accessible way right there in the workplace and there are other things that they gain as well.

  • Assessing the stress levels of employees and approaches to get that fixed.  
  • Assessing certain things, events and work approaches that act as stressors and devising ways to cope with them.
  • Understanding the nature of the work that the company is involved in and how this impacts the employees.
  • Showing how organizations can handle stress management, at a corporate and individual level.

Recommending changes that can be applied to the workplace environment, so that’s it’s more positive.

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