Corporate wellness programs have become increasingly commonplace in the modern workplace. According to Statista, the size of the global corporate wellness market is expected to grow to $87.2 billion by 2027, up more than 5% from the figure in 2020 — and it’s only going to keep climbing from here.
Here’s everything you need to know about corporate wellness programs.
Corporate Wellness Programs: What Are the Key Benefits?
Why are countless organizations investing in corporate wellness programs? The benefits are widespread, positively impacting employers and employees alike. Some of the most substantial, game-changing benefits include:
Better Talent Acquisition
Today’s job seekers expect potential employers to offer corporate wellness programs as part of their benefits packages. That’s why enhanced recruitment is a key perk of corporate wellness programs.
Greater Employee Retention
In addition to a competitive hiring advantage, corporate wellness programs also lead to greater talent retention. Why? Happy, healthy and engaged employees are less likely to jump ship for another company.
Lower Healthcare Premiums
Healthcare cost savings? Yes, please! A healthier workforce typically leads to lower, more cost-friendly insurance premiums, benefiting every single employee as well as the organization as a whole.
Increased Employee Engagement
Corporate health and wellbeing programs also increase employee engagement. When employees feel their employers are invested in their personal health and wellbeing, they’re more likely to be engaged on the job — not to mention more likely to be productive in their respectful roles.
Reduced Employee Stress
The most effective and holistic health and wellbeing programs incorporate mental health and stress management resources. These tips help to improve work-life balance and reduce employee stress and burnout.
Enhanced Company Innovation
Companies with healthy and engaged employees are not only more productive but also more innovative overall. Because employees are more present and energized on the job, they’re more likely to push the limits when dreaming up new ideas and approaches.
Elevated Company Culture
Corporate wellness programs can create significant culture shifts. They can help establish a culture of health and wellbeing at your organization, boosting employee morale and building camaraderie among team members in the process.
How to Launch an Effective Corporate Wellness Program
Here are the steps your organization should take to launch an effective corporate wellness program that checks off every box:
- Conduct an initial health and wellbeing audit. Start with a health and wellbeing audit to determine in which areas your organization can most improve.
- Create specific goals, a strategy and a timeline. Use your audit learnings to craft specific goals, as well as a strategy and timeline to bring them to life.
- Instill a workplace culture of health and wellbeing. Culture plays a big role when it comes to increasing corporate wellness program engagement. Build a workplace culture that celebrates, promotes and practices healthy lifestyle choices.
- Make it social by including group wellness challenges. The research is clear: Social connections in the workplace are incredibly valuable in numerous ways. Make it social and increase employee engagement with group wellness challenges.
- Track your progress and optimize over time with data. Track your progress toward meeting your strategic health and wellbeing goals over time. From there, you can optimize your strategy moving forward, using data to drive decision-making.
- Use technology to pull all resources together in one place. Technology is critical for success in today’s health and wellbeing space. Use a solution like Virgin Pulse’s Homebase for Health® to bring all relevant resources together in one place.
Corporate wellness programs are no doubt beneficial for employees and employers — but you need a strategy and the right technology in place to be successful. Contact us for a demo and learn more.