The office culture around the world has made great strides in terms of technology, but at the cost of a decrease in mental and physical health. Technology did provide convenience to the employees in an organization but on the flip side, it had a negative impact on the physical and mental health of the employees.
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With large time durations on the work desk, an employee now struggles to maintain a healthy living. Maintaining a balance between physical health and work has become difficult. To ease this difficulty, concepts like corporate wellness emerged. Based on these factors, the corporate wellness market will observe good growth prospects across the forecast period of 2018-2026.
A corporate wellness program is an employers’ approach toward achieving a healthy workplace. These programs comprise numerous health-boosting activities for the employees. The activities are designed to fit in the daily routines of the individuals. They form an vital aspect for employee acquisition and retention. These programs are customized according to the size and type of a particular organization.
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Undertaking employee wellness initiatives is of grave importance for many organizations and workplaces. It is an important aspect for developing the productivity and the health of the employees. Reduced absenteeism, decreased job turnover, and job satisfaction are major benefits that have a positive impact on the growth of the corporate wellness market.
Transparency Market Research’s (TMR’s) research report on corporate wellness market has every component that will assist the stakeholder in understanding the current scenario. Top trends in the corporate wellness market are included in the report that enables stakeholders and CXOs to take calculated risks.
The overall market survey of corporate wellness by TMR suggests a promising growth period. According to the TMR experts, the market for corporate wellness is prognosticated to expand at a healthy CAGR of 8.8 percent during the assessment period of 2018-2026.
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Tech-Enabled Corporate Wellness Programs to Propel Growth Prospects
The utilization of technology for designing and structuring corporate wellness programs may serve as a good growth generator for the corporate wellness market. The players in the corporate wellness market are leveraging technology to enhance their wellness programs.
For instance, LifeOmic, a health cloud platform and mobile app developer recently launched its first corporate wellness solution. Known as LifeOmic Precision Wellness, this program includes the use of its app, LIFE Extend. Employees can also create social circles within the organization through this program. Such developments prove to be beneficial for the growth of the corporate wellness market.
Wearable Device Integration to Boost Growth
Many corporate wellness programs are now integrated with technologies that help in connecting wearable devices such as Fitbit and Apple Watch. The integration of these devices enhances the value of corporate wellness. In addition, the employees can get unlimited access to these programs anywhere. Therefore, these benefits help in increasing the growth rate of the corporate wellness market.
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Remote Working Corporate Wellness Programs to Sow the Seeds of Growth
The advent of the novel coronavirus pandemic forced a large number of employees to work from home. This factor led to an increase in the remote working mechanism. Remote workplace wellness is gaining considerable traction. The pandemic has not been fully overturned yet. Due to this factor, the remote working arrangement is expected to continue for a longer time. Many renowned companies have also announced permanent work-from-home for their employees.
Seeing the popularity of remote working, many players in the corporate wellness market are designing their programs accordingly. The market analysis of corporate wellness by TMR predicts that the growing awareness among a large number of organizations and companies regarding employee wellness will bring tremendous growth opportunities.
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