Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Corporate Wellness market. Market segmentation includes by Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Other Services); Organization Size (Small, Medium, Large).
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 bottomline 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.
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 379. Among this pool, 76 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 13 unique participations, a total of 6 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
Key Competitors Covered in the Report -
Sodexo India On-site Services
Bupa Wellness Pty Ltd.
Central Corporate Wellness
CXA Group Pte. Ltd.
Jardine Lloyd Thompson Pty Ltd.
Truworth Health Technologies Pvt. Ltd.
Wellness Corporate Solutions
Segments Covered in the Report -
Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Other Services)
Organization Size (Small, Medium, Large)
Geographies Analyzed in the Report -
Rest of Europe
Rest of World.
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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.