Gone are the days when health and wellness was considered something of a fad, as more and more people are making it a priority. The proof is in the numbers, with the global wellness industry now three times greater than that of the pharmaceutical industry. People are now getting proactive when it comes to their health, which may explain the shift in spending. People are spending upwards of $3.4 trillion globally on things like fitness products, healthy foods, and preventative health.
The corporate culture is beginning to catch up, although some businesses are not exactly keeping pace. When forced to make a career choice, health-minded individuals often choose companies that have shown that they care about the wellbeing of their employees. A survey performed by Virgin Health Miles, now Virgin Pulse, showed that roughly 87% of employees took health and wellness offerings into account when deciding who to work for.
A good health and wellness program is more than just bait to lure in new employees, though, as it needs to continue after the hire has been made. Four employers were recognized with The American Psychological Association’s (APA) Psychologically Healthy Workplace Award, with those businesses seeing an average turnover of around 6%, which is astounding when you consider that the national average sits at 38%. The U.S. Department of Labor also conducted a study on the subject, and it showed that companies with a great health and wellness program saw an ROI of 3-to-1 in financial gains, thanks in large part to fewer sick days and reduced turnover among their employees.
There really is no such thing as a perfect path for businesses to follow when implementing a health and wellness story, but there are small steps that can be taken to get started. Simply offering healthy products to employees is a good way to get things rolling, and it can be as simple as providing some of the following products:
The line between business and fitness clothing is becoming blurred, as many companies believe that athleisure wear is now acceptable in the workplace. By the end of this decade, activewear is projected to hit $83 billion in sales, according to Morgan Stanley Plus. This type of clothing is currently trendy, and can serve as a great promotional gift to both employees and clients. Sweatshirts, zip-up jackets, and other activewear emblazoned with a company logo serves as a great gift, as well as an excellent marketing tool.
By the time 2018 rolls around, it is estimated that the fitness tracker industry will have a value of around $6 billion. It certainly helps that they are becoming affordable, and are now considered an essential part of health and wellness. Companies may consider looking at adding fitness trackers as part of a rewards program.
Yoga Alliance conducted a survey in 2016 that showed there were 36.7 million people practicing yoga, with that group spending $16.8 billion on clothing and accessories. This is another area ripe for branding, with company logos able to be put on everything from water bottles to duffel bags and yoga mats. Some companies even promote wellness by offering yoga classes to their employees.
The best health and wellness programs embrace prevention. Flu is a productivity killer for businesses to the tune of around $10.4 billion each year in days lost to illness. Hand sanitizers and antibacterial wipes tackle the problem at the source and prevent germs being spread in the workplace.
There’s an abundance of healthy products to choose from to fit just about any budget. Focusing on health and wellness products to promote your company is good for the health and wellness of your employees, clients and your business.