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.
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. 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.
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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.
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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