Monday, 16 May 2016
Demand for Corporate Wellness Programs fueled by Concerns over Employee Wellness
The global corporate wellness market has been experiencing a robust rise since the last few years. A number of organizations are purchasing wellness programs in order to ensure the wellbeing of their employees, as it continues to be a matter of significant concern for employers across the world. Apart from this, the increasing health insurance costs that companies have to cover, are also compelling these organizations to take up corporate wellness services such as biometric screening.
According to a research study, published by Transparency Market Research (TMR), the continual increase in the healthcare costs, together with hefty discounts offered on wellness programs by major players, is boosting the worldwide corporate wellness market significantly. In addition to this, various government regulations, mandating enterprises to implement wellness programs for their employees, are likely to drive the market growth in the coming years.
TMR analysts answer the major questions that companies in the global corporate wellness market need to ask:
What are the major challenges faced by employers that are encouraging them to deploy corporate wellness programs in their organizations?
Employers across the world are facing a number of health-related challenges that are diminishing the potentials of both their workforce and their organizations. The increasing prevalence of obesity, hypertension, depression, and other chronic diseases such as diabetes and cardiovascular diseases in employees has raised their concerns over the operational efficiency of their companies.
Employee retention has also emerged as one of the major issues that employers around the world are facing nowadays. The implementation of corporate wellness programs can help them in retaining their valuable human resource as these programs increase employee satisfaction, encouraging them to perform better.
Is Affordable Care Act motivating employees in the U.S. to enroll in corporate wellness programs?
Companies in Europe and North America have tried and tested the concept of workplace wellness. Specifically, in the U.S., large firms believe that these programs enhance employees’ health and result in a significant reduction in the medical spending incurred by them. Due to this, they encourage their employees to take up these services on a regular basis. The U.S. Affordable Care Act is also playing a significant role in motivating employees to enroll in corporate wellness programs in this country.
According to the latest reform in this act, the cap on incentives offered to employees for participating in wellness programs has been increased from 20% to 30% of the overall cost of the program. This development is attracting a number of employees towards corporate wellness programs in the U.S. Even in other countries, such government reforms encourage employees to actively participate in corporate wellness programs.
Browse Research Report: http://www.transparencymarketresearch.com/corporate-wellness-market.html
Which regional corporate wellness market is exhibiting highest potential?
North America and Europe have arrived at maturity in the global corporate wellness market. Major players are finding lucrative opportunities for proliferation of corporate wellness programs in Asia Pacific, as being an emerging market it holds immense potential for growth. The rising incidence of non-communicable chronic diseases in this region supports this theory.
With increasing industrialization, the scope of the corporate wellness market is increasing in Asia Pacific, as a number of major international corporate wellness services providers are trying to get a foothold in this region.
FitLinxx, Corporate Wellness Solutions, GCC Group, Trotter Wellness, Provant Health Solutions are some of the major corporate wellness services providers in the global arena.