Today’s employee wellness programs have done a complete 180 compared to previous years’ plans, which focused primarily on physical health and safety. Now you’ll find plans that include social, mental, financial, and emotional well-being benefits. The game-changing influence of wellness programs is clear, as two-thirds of organizations have them as a natural extension of their brand and workplace culture.
Just look at Virgin Pulse. They’ve made an integrated workplace initiative around the month of June. It’s known as Employee Wellbeing Month (#EWM18). And, 2018 marks the 10th anniversary for this global event! As described on their web site, the month “highlights how wellbeing-minded organizations lead to more productive, engaged workforces and create magnetic company cultures that drive recruitment and retention.” Well, said, and who wouldn’t want that?
Employee Wellbeing is on the Rise
It’s clear that “wellbeing-minded” organizations are ready to commit to employee wellness and achieve a greater employee experience. The consequences are too great not to. For example, according to one study, workers who aren’t fully functioning on the job cost employers about $250 billion annually. That’s more than the cost of absenteeism ($225 billion).
The expansion of corporate wellness programs has made offerings more robust and tech-savvy. According to an IBISWorld Industry Report, the wellness services market is expected to reach $11.3 billion by 2021.
4 Key Employee Wellness Program Trends
With employers making sizable investments in these initiatives, they are also increasing their internal communication and marketing efforts to heighten engagement from their employees. A new survey by the National Business Group on Health indicates that 86 percent of employers offer financial incentives in their wellness programs – an 11 percent increase from 2017.
Let’s take a look at the trends influencing wellness programs in 2018:
- Fitness and tech. Fitness wearables and applications are huge, and companies are offering health and fitness coaching through employer-paid services.
- Financial wellness. With 49 percent of employees being concerned, anxious, or fearful about their financial well-being, organizations are stepping up to the plate and offering services that promote financial security.
- Mental health programs. Employers are placing an emphasis on investing in the mental well-being of their workforce with things like confidential counseling.
- Identity theft protection. We saw more data breaches in 2017 than ever before and organizations have begun to realize the impact identity theft can have on its workforce. Willis Towers Watson found that 63 percent of organizations will offer identity protection as a benefit by 2021.
As technology continues to advance more rapidly than ever, employee wellness programs are becoming increasingly tailored to employees’ preferences. And, to remain competitive, embracing these programs as a strategic priority is no longer optional.
Wellbeing-Minded Organizations are Adopting ID Theft Protection
Whether voluntary or paid for by the organization, identity theft protection is the fastest-growing wellness perk in the employee benefit space. It guards your employees’ financial, social, and mental well-being against a serious and growing problem. Not to mention, it’s a non-taxable, non-reportable benefit.
If you are interested in protecting your employees and their families, take a Free Trial of IdentityForce to see security in action.