Corporate Wellness is All the Rage, and Getting Hotter
Wellness, both as a concept and a buzzword, is one of the hottest topics in modern times. With early roots dating back all the way to 3000 BC with Ayurveda and traditional Chinese medicine, wellness gained momentum in the latter half of the 20th century. Now, wellness routines, theories and practices are everywhere we look. Finally, the term’s myriad meanings have crossed over into the corporate realm, as companies seize the concept and do so with surprising force.
The global corporate wellness market is forecast to surge to $87 billion by 2026, according to global market analyst MRFR. In comparison, the firm valued the market at 56.7 billion in 2020. Grand View Research is even more bullish, forecasting the figure at 93.4 billion by 2028. Through these years, the U.S. will maintain the largest share of the market globally, at one-third the size.
So, What is Corporate Wellness?
The Centers for Disease Control defines these programs as “a coordinated and comprehensive set of health promotion and protection strategies" that include "programs, policies, benefits, environmental supports, and links to the surrounding community designed to encourage the health and safety of all employees.”
The advent of Millennials and Gen-Z into the workforce is making mental health and wellness a focus in the workplace. A survey by BenefitsPro magazine found that 8 in 10 Gen Z workers believe employees should offer mental and emotional health support, about 11% more than millennials and Gen Xers.
“Gen Z and millennial employees may expect a different kind of well-being package than older generations, but once offered, they are far more likely to use it. Our research finds that Gen Z and millennial employees are generally three to five times more likely to make use of well-being programs than GenXrs or boomers,” the editors wrote.
Wellness at Work is Gaining Steam
Lessons from the Covid-19 pandemic have also put wellness at the forefront for most companies, underscoring that employees are their most valuable assets. As of 2020, about 81% of large companies had wellness programs, as did 53% of smaller firms (sized from three to 200 employees).
Companies known for their robust program corporate wellness packages include tech giants Google and Microsoft and workplace app developer Asana. But technology firms are not the only ones prioritizing workplace wellness. Related has been well ahead of this curve for residents and employees alike, for instance through close partnerships with Equinox, Soul Cycle and House Chef that stretch throughout its portfolio.
Most importantly, there is evidence that corporate wellness programs work. A recent study in the scientific journal Health Affairs found that after three years, more employees reported actively managing their weight and increased their share of regular exercise, which are healthy behaviors associated with reduced rate of chronic illness. And numerous research studies have determined that healthy employees are more productive. Those with healthy eating habits were 25% more likely to have higher job performance and those who exercised regularly and ate healthily experienced 27% fewer absenteeism rates, according to a study by Brigham and Young.
The message seems clear: companies that don't make employee health part of their ethos risk getting left behind. It’s refreshing to see companies prioritizing employee health through major investments that are sure to keep them relevant in our new normal.
The Related Life is written and produced by the Related Life Editorial Team. Be sure to follow us on Facebook and Instagram for the latest events, news and announcements in your area, and tag us for a chance to be featured @therelatedlife and #therelatedlife.