Korn Ferry study revealed a bleak fact that workplace stress shows no sign of slowing down. Workplace stress is reported higher than in the past years, taking a significant toll on employee and corporate performance. According to the data, stress levels have risen 20 percent in three decades, with 16 percent of employees surveyed have left a job due to stress. This is particularly the case among the younger generation, as almost half (50 percent) Millennials reported that they have left a job due to burnout. In addition, 43 percent of younger workers report that they have taken a day off due to mental illness.
With a new decade is approaching, more and more organisations are committed to reform their employee wellbeing strategy in order to help employees feel more content and engaged in their jobs. Research and Markets report revealed that global corporate wellness market size is growing and projected to reach USD90.7 billion by 2026, expanding by 6.8 percent. This growth is predicted due to the proven results and benefits that corporate wellness can cut healthcare costs and improve productivity in any sector.
When paying attention to corporate wellness, employers should be meticulous to not invest in the wrong wellness programs. Investing in the wrong wellness initiative will not only cost a company financially, but it will also give no significant differences in absenteeism, healthcare spending, or job performance, a study reported.
So, how to avoid the wrong investment? The best answer is to keep yourself updated with wellness trends. Here are the wellness trends you should watch for in 2020.
Companies are offering corporate benefits to improve internal productivity and profitability such as free life coaching or nap rooms. While these trends will not fade away, as reported by Business Insider, corporates in the UK are also increasingly granting more leaves to its employees. The extended leave is currently only granted for employees with new puppies.
However, it does not close the chance that companies will increasingly respond to the needs and wants of employees, especially the younger generation by offering a range of mental and physical health benefits from treadmill desks to subsidised gym memberships, mindfulness apps, as well as extended paid leave with or without puppies.
Company rewards are shifting from tangible products to experiential rewards that improve mental health, employer-sponsored social experiences such as traditional afternoon tea for two and an enjoyable meal. Corporate gift categories such as charity and experiences are also steadily increasing in popularity, CR Worldwide reported.
This indicates a growing commitment to employee mental and physical wellbeing with more employers are offering extra leisure time and providing technology for health and fitness-related leisure activities. CR survey also revealed that there is an increase in corporate spending on corporate travel incentive which related to nature like gorilla trekking in Rwanda or rhino notching.
Not only a nature-based program, but companies are also investing in an inside-office wellness program with a purifying device, Well & Good survey found. Indoor air quality is often two to five times worse than what’s outside due to building materials, cleaning supplies, paints, insecticides, and combustion sources. Hence, experts predict that the global air purifier market will grow a healthy rate of 9 to 12 percent annually between now and 2023, which would have it valued at over US$33 billion in three years time.
Another tech wellness trend is the use of online platforms with Application Programming Interfaces (APIs) that can integrate live sales data, transactions, employee milestones, and other performance metrics. CR report showed that nearly 40 percent of enterprises now use automated real-time systems to track and reward employee performance. There has been an increase in enterprises harnessing live employee data and even issuing real-time rewards which can be redeemed on smartphones. This trend will likely increase with the use of machine-learning systems to analyse individual employee data from multiple platforms and devices, generating person-centric rewards and incentives.
Moreover, companies start introducing awards which are nominated and promoted with a peer-to-peer basis. Peer-to-peer nominations were the highest-ranked featured among online employee engagement programmes. Combining this program with technology, in the future, many enterprises will have a form of social recognition into their rewards platforms with APIs or Single Sign Ons that can integrate with company intranets, concluded CR study.
“Employers that are taking time to implement wellness strategies that recognise their employees, reward them with benefits that are meaningful, and actively encourage a sense of togetherness, are creating stronger employer brands organically, and from the inside out.”