6 reasons for businesses to consider corporate wellness programs post-COVID
Dubai, United Arab Emirates; 21stMarch 2021 – A recent study suggests that the global corporate wellness market is expected to garner growth at 7.1% over the forecast period from 2020 to 2027 and reach $99.36 billion by 2027. Corporate wellness plays an important role in boosting the employees’ health within an organization, as most of them suffer from hypertension, stress, depression, amongst other conditions.
2020 has been a year of varied changes, as COVID-19 forced employees to work from home and having minimum physical interaction with their peers. Long hours of meetings on Zoom took a toll on the mental productivity of an individual.
However, with the onset of vaccines and slowly employees returning to work, Lee Whyberd, a life-coach, holistic healer and Founder of Lee Wellness Meditation Centre sharesthe top reasons for businesses to enrol their employees for robust corporate wellness programs. Not only can these programs give an organization the competitive edge to attract and retain top talent but also help them with increased productivity, optimized human talent and resource investments.
Wellness programs in an organization boost the morale of an employee since it demonstrates care and goodwill, which in turn positively affects personal development. It promotes effective employee engagement, which results in happy employees and happier workplaces. It is always important to nurture the emotional and social aspects of wellbeing of an employee by providing them access to round-the-clock psychological services and counselling support. Industry research agrees that the typical return on a wellness program is said to be from $3-$6 for every $1 invested.
Productivity is another factor that gets affected when employees are not at their best, physically and mentally. A recent survey conducted in the United States demonstrated that more than 40 percent of the respondents highlighted poor mental health as the number one reason for the loss in productivity. Wellness programs promote a culture within an organization that shows care and empathy for the employees, urging them to lead a healthier lifestyle. The long-term effects of a corporate wellness program can improve an employee’s quality of work.
Lack and loss of productivity due to health reasons can lead to absenteeism. Harvard University researchers reviewed 36 studies of corporate wellness programs, following which they found a company’s absenteeism cost fell $2.73 for every dollar spent on wellness programs. Wellbeing initiatives tackle elements such as employees’ mental and emotional health, social connectivity, and job satisfaction.
Workplace relationships are incredibly important for employee wellbeing. It is a lot more than “getting along” with a co-worker. Strong connections make employees healthier and happier, which leads to improvement in performance. Wellness programs strike a balance between job duties and relationships, leading to a nice professional network. It fosters an environment that supports mutual respect, bonding and trust among peers.
Reduced risk of elevated health risks
Health risks not only drive-up healthcare costs but they also drain business profitability because employees in poor health are more likely to be absent from work and less productive on the job. Hence, it is in a company’s best interest to provide corporate wellness solutions to improve employee health, not only for the sake of its profitability but for each employee’s overall wellbeing. This will have a positive effect on a company’s bottom line, as the drop in cost for absenteeism and medical expenses will outweigh the cost of implementing a wellness program.
Reduce health insurance claims
Between 70 to 90 percent of health care spending is caused by preventable, modifiable health risks.The right corporate wellness strategies can help a company save hundreds of dollars from employee health costs and insurance premiums. If employees remain healthy, less claims are filed, which lowers the expected future claims cost.
The benefits of corporate wellness programs cannot be overstated. However, to develop a healthy culture, organizations should focus on creating wellness programs that are all-encompassing, exciting and engaging.The most effective programs now are well-rounded and include physical, mental health, meditation, exercises, and mindful eating plans.Workplace wellness initiatives can be done at very minimal costs, given business leaders rely on professional experts to do so.