As employers continuously look for ways to improve the health and productivity of their team members, we’re finding more and more solutions arise within the corporate wellness sectors. But why - some of you may ask? Wellness programs have seen to provide a wealth of benefits to employers including, but not limited to:
Lowering health care costs,
Achieving higher employee productivity,
Reducing workers’ compensation and disability-related costs,
And improving employee morale and loyalty.
A report from Harvard Business School found that American-based companies’ medical expenses fell by $3.27 for every dollar spent on wellness programs, and that employee absenteeism expenses fell by $2.73. We are truly seeing the positive impact wellness can have on employee productivity and satisfaction levels as more organizations are embarking on this journey for their team members.
One interesting part with corporate wellness is the evolution of the concept. Just a few years ago, wellness was defined as taking a 30-60 minute exercise through a fitness program. Today, wellness has a whole new meaning whereas consumers are looking at holistic programs: physical health, mental health, sleep, nutrition, etc. Flipping on the other side, wellness brands are realizing the immense opportunity corporations have to make a larger impact with a smaller footprint - and less marketing resources.
The global corporate wellness market was valued at $52.8B in 2020 and is expected to expand at a CAGR of 7.0% from 2021 to 2028. So, who are the top players in the space right now? Let’s take a look:
Wellable empowers organizations to create wellness programs through a digital experience of onsite services and rewards.
GoodRx helps reduce employee’s out-of-pocket medical expenses through a wide range of insurance plans.
Nectar has gamified the wellness experience through incentives which reinforce healthy behaviors.
Vitality has a partnership with Apple to allow employees to earn an Apple Watch.
Gympass partners with employers to provide a membership offering to access multiple fitness concepts.
Looking to hear more about the corporate wellness industry? 👋 Drop us a line at firstname.lastname@example.org.