Global corporate wellness market was valued at USD 56.5 billion in the year 2021, and it is expected to reach USD 99.8 billion by 2028, increasing at a CAGR of 7.0% from 2022 to 2028.
Westford, USA, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Corporate wellness market is gaining in popularity as organizations strive to maintain a healthier work force. The benefits of corporate wellness are numerous and include improved morale, reduced absenteeism, and increased productivity. In addition to the traditional physical health benefits, corporate wellness programs can also focus on mental well-being, social support, stress reduction, and environmental sustainability.
Some of the key components of a corporate wellness market include diet and fitness counseling, stress relief programs, meditation and mindfulness training, and medical screenings. Some companies also offer group yoga classes, tai chi sessions, or mindfulness meditation sessions.
Increasingly diverse workforce demands more flexible working hours; the rise in chronic diseases such as obesity has led to an increase in health-care costs; millennials want jobs that foster creativity and self-expression; and customers increasingly expect businesses to be cool and environmentally conscious. In fact, according to a report by SkyQuest, nearly two-thirds (62%) of employers who offer corporate wellness programs see an increase in employee engagement as a result.
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Our recent report on corporate wellness market revealed that improving employee health and wellbeing can save businesses an estimated $178 billion in indirect costs, such as lower employee absenteeism, increased safety, productivity and work satisfaction. In fact, the study found that 41% of US employees would leave their job if it weren’t for the positive impact their health and wellbeing have on their work life.
SkyQuest is pleased to announce the release of its 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 corporations identify opportunities to improve employee health and wellbeing.
Only 62% Companies Have Corporate Wellness Program, SkyQuest Survey
SkyQuest conducted a survey on global corporate wellness market. The survey asked participating companies about their wellness programs, and how they are faring. More than 1,200 companies participated in the survey, and the findings provide valuable insights into how companies are addressing wellness within their organizations. The following are some of the most interesting takeaways from the survey:
62% of respondents said that their company has a formal wellness program.
Approximately one-third (33%) of respondents in the survey on corporate wellness market said that their wellness program comprises “both physical and mental health interventions. Employers are including wellness initiatives as part of their overall strategy to improve employee satisfaction and retention.
The survey also found that employees rank workplace fitness and health programs as important (47%) and feel more engaged at work when they participate in them. Clearly, offering these types of programs is an important way for companies to improve the overall physical wellbeing of their employees while also reducing absenteeism and waste.
64% of American companies now conduct some form of wellness survey, up from just 50% four years ago.
More than two-thirds (69%) of respondents reported having a solid 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 (48%) of respondents reported increasing employee productivity as a result of their wellness program.
71% said that they had strengthened relationships with employees as a result of their wellness programs.
Yet while most companies are doing something to promote employee wellness, there is a noticeable lack of standardized initiatives across workplaces. Only 26% of respondents say their company has a comprehensive wellness strategy, while nearly twice as many (48%) say they only have individualized programs that focus on the needs of each individual department or division.
In order to catch up to the growing trends in corporate wellness market, most respondents recommend that their companies invest more resources into developing comprehensive wellness strategies (76%), implementing interventions that are tailored specifically for 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 key players in the market, including their products, services, business strategies, and financials. It also includes a SWOT analysis of each player. SkyQuest's report is an essential resource for companies looking to gain a comprehensive understanding of the corporate wellness market.
Top Trends in Global Corporate Wellness Market
As the healthcare system continues to rapidly evolve and grow more complex, companies have begun to take notice and respond with innovative wellness programs. Given the mounting medical costs and skyrocketing rates of chronic disease, corporations are beginning to see the value in investing in employee well-being.
In line with this the global corporate wellness market is witnessing following key trends:
Personalize Programs: One of the key benefits of corporate wellness programs is that they can be personalized for each employee. This means that each individual can receive tailored advice and assistance in achieving their health and fitness goals. Programs that focus on one's unique needs are typically more successful than those that are generalized.
Emphasize Motivation: Many 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 might offer discounts on company-provided products or access to exclusive fitness facilities.
Supporting a diverse set of wellness initiatives: Many organizations in the global corporate wellness market focus on one dimension of health (e.g., weight loss), but they should also consider promoting physical activity, mental health, sleep, stress management, and social well-being initiatives. A well-rounded program will be more successful in promoting healthy behavior changes and reducing employee costs.
Investing in technology tools: Companies are using new technologies to promote their wellness programs, such as mobile apps, web portals, and social media platforms. These tools make it easy for employees to find information and connect with one another for collective support. They also help companies track how well their wellness initiatives are performing.
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Top Players in Global Corporate Wellness Market
ComPsych Corporation (US)
Wellness Corporate Solutions (US)
Virgin Pulse (US)
Privia Health (US)
UnitedHealth Group (US)
Quest Diagnostics (US)
Central Corporate Wellness (Singapore)
Vitality Group International Inc. (US)
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