Westford, USA, September 20, 2022 (Globe Newswire) – Corporate Wellness Market It is gaining popularity as organizations strive to maintain a healthier workforce. The benefits of corporate wellness are numerous and include improved morale, reduced absenteeism, and increased productivity. In addition to traditional physical health benefits, corporate wellness programs can also focus on mental health, social support, stress reduction, and environmental sustainability.
Some of the key components of the corporate wellness market include diet and fitness counseling, stress relief programs, meditation and mindfulness training, and medical examinations. Some companies also offer group yoga classes, tai chi sessions, or mindfulness meditation sessions.
An increasingly diverse workforce requires more flexible working hours; The rise in chronic diseases such as obesity has increased health care costs; Millennials want jobs that foster creativity and self-expression; Customers increasingly expect businesses to be cool and environmentally conscious. In fact, according to a report by SkyQuest, nearly two-thirds (62%) of employers that offer corporate wellness programs are seeing an increase in employee engagement as a result.
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Our latest report on the Corporate Wellness Market revealed that improving employee health and well-being can save companies an estimated $178 billion in indirect costs, such as reduced employee absenteeism and increased safety, productivity and work satisfaction. In fact, the study found that 41% of American employees would quit their job if it wasn’t for the positive impact their health and well-being had on their working lives.
SkyQuest is pleased to announce the release of the Corporate Wellness Market Report. This report provides an in-depth analysis of the market, including key trends, growth drivers, challenges, and opportunities. The report provides valuable insights into this rapidly growing market, helping companies identify opportunities to improve employee health and well-being.
Only 62% of companies have a corporate health program, SkyQuest survey
SkyQuest conducted a survey on the global corporate wellness market. The survey asked participating companies about their health programs and how they work. More than 1,200 companies took part in the survey, and the results provided valuable insights into how companies approach wellness within their organizations. Here are some of the more interesting points from the survey:
- 62% of respondents said that their company has a formal wellness program.
- Nearly a third (33%) of respondents to the corporate wellness market survey said their wellness program includes “interventions for physical and mental health. Employers include wellness initiatives as part of their overall strategy to improve employee satisfaction and retention.”
- The survey also found that employees rate workplace fitness and health programs as important (47%) and feel more involved at work when they participate in them. Obviously, offering these types of programs is an important way for companies to improve the general physical well-being of their employees while also reducing absenteeism and waste.
- 64% of US companies now conduct some form of wellness survey, up from just 50% four years ago.
- More than two thirds of respondents (69%) reported having a strong understanding of the benefits of employee health and well-being. This understanding is extremely important to companies in the global corporate wellness market, as it impacts workplace productivity and morale.
- Nearly half of the respondents (48%) reported increased employee productivity as a result of their health program.
- 71% said they had strengthened their relationships with employees as a result of their wellness programmes.
- However, while most companies do something to promote employee health, there is a noticeable lack of standardized initiatives across workplaces. Only 26% of respondents said their company had a comprehensive health strategy, while nearly twice that (48%) said they only had individual programs focused on the needs of each department or department.
- In order to catch up with the growing trends in the corporate wellness market, most respondents recommend that their companies invest more resources in developing comprehensive wellness strategies (76%), implementing interventions tailored to their employees (70%), and providing funding for employee participation in these activities (66%) .
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The report provides an in-depth analysis of the major players in the market, including their products, services, business strategies, and financial statements. It also includes a SWOT analysis for each player. The SkyQuest Report is an essential resource for companies looking to gain a comprehensive understanding of the corporate wellness market.
Top trends in the global corporate wellness market
As the healthcare system continues to evolve rapidly and increases in complexity, companies are beginning to pay attention and respond with innovative health programs. Given the increasing medical costs and high rates of chronic disease, companies are beginning to see the value of investing in employee well-being.
In line with this, the global corporate wellness market is witnessing the following major trends:
- Software customizationOne of the main benefits of corporate wellness programs is that they can be customized for each employee. This means that each individual can receive advice and assistance tailored to their health and fitness goals. Programs that focus on an individual’s unique needs are usually more successful than programs that are generalized.
- Emphasis on motivationMany employees find it difficult to stick to healthy habits on their own. Solutions that emphasize motivation are often more successful than those that rely solely on rewards or punishments. For example, programs may offer discounts on products offered by the company or access to exclusive fitness facilities.
- Support a variety of wellness initiativesMany organizations in the global corporate wellness market focus on a single dimension of health (eg, weight loss), but they should also consider promoting physical activity, mental health, sleep, stress management, and social well-being initiatives. A comprehensive program will be more successful in promoting healthy behavioral changes and reducing personnel costs.
- Investing in technology tools: Companies are using new technologies to promote their health programs, such as mobile apps, web portals, and social media platforms. These tools make it easy for employees to find information and connect with each other for group support. It also helps companies track how well their health initiatives are performing.
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Top players in the global corporate wellness market
- ComPsych Corporation (US)
- Corporate Wellness Solutions (US)
- Virgin Pulse (USA)
- Privia Health (USA)
- United Health Group (US)
- Task Diagnostics (US)
- EXOS (US)
- Corporate Wellness Center (Singapore)
- Sodexo (France)
- Vitality Group International Inc. (United State)
Related reports in the SkyQuest library:
Global Companion Diagnostic Market
Global IOT in Healthcare Market
Global 5G infrastructure in the healthcare market
Global health information technology integration market
Global Brain Sensor Smart Gang Market
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