THE WELLBEING BOOM
Global Wellness spend in 2015 was $3.72tn.
Whilst the workplace wellness market is currently valued at $47.5 billion it is a small value when compared to the economic loss due to a lowered productivity caused by an unhealthy and disengaged workforce.
Whilst the workplace wellness market is currently valued at $47.5 billion, this figure pales in comparison to the economic loss due to a lowered productivity caused by an unhealthy and disengaged workforce.
According to Global Wellness Institute, this figure is predicted to be $2.2 trillion, roughly 12% of US GDP. Still, it is now a firmly established recruitment and retention tool for a wide range of companies. In the UK, the government is backing the need for better employee wellbeing care as it recognises the need to reduce long-term absenteeism due to sickness.
As it stands, 1.8 million people a year have to take 4 weeks off work due to long-term sickness.
Mind, a mental health charity, has in recent years advocated for better mental health awareness in the workforce. They state that “in the last few years, we’ve seen employers make great strides when it comes to tackling stress and supporting the mental wellbeing of their staff, including those with a diagnosed mental health problem”.