Corporate Wellness Programs are one of the fastest growing and most lucrative aspects of the health and wellness industry and they offer unlimited earning possibilities for wellness businesses and practitioners.
What are Corporate Wellness Programs?
In order to increase morale and find less expensive alternatives to rising employee healthcare costs, many companies are instigating Corporate Wellness Programs for their teams. Popular offerings focus on everything from nutrition education, live fitness classes, mindfulness training and yoga as well as lunchtime massages.
For wellness practitioners from personal trainers, massage therapists, to yoga and Pilates instructors, providing corporate wellness packages to local businesses provides both scheduling flexibility, freedom from overhead costs, and access to innumerable potential future clients.
Why are CWPs in such high demand?
- Exercise classes and health club membership ranked No. 2 and 3, respectively, behind full medical checkups, in terms of subsidized benefits that employees would like to receive.
- The success of early corporate wellness programs (particularly the positive impact on the bottom line) has spurred many companies to adopt health-based programs for their own employees. According to the Society for Human Resource Management, 77% of employers currently offer some sort of formal health and wellness program and 31% of America’s larger corporations subsidized their employees’ health club memberships.
- Employers reported a 56% increase in employee morale after launching a corporate wellness program.
- 82% of Americans said they would exercise regularly if their employer subsidized health club memberships.
Today, it seems that many employees’ wishes are coming true-yet it isn’t pure corporate altruism. With skyrocketing healthcare costs, many businesses are realizing that they stand to payout far less if they invest in employee fitness, nutrition, and stress reduction through preventative wellness programs rather than mitigate future HMO costs.
How to profit from the Corporate Wellness agenda:
The first step is to create a series of turnkey packages that are designed to fit a variety of business sizes and cultures, and then to relay on good, old fashioned grassroots marketing to network with said companies in order to distribute your service information. Yet the question remains, once you’ve put your package together, how do you convince employers of its necessity? Incorporate these great facts and they won’t be able to say no:
- The obesity epidemic and unhealthy lifestyles of employees have led to lower worker productivity, higher compensation claims and higher heath insurance costs – severely hurting U.S. companies’ bottom line (Merriman Curhan Ford Fitness and Wellness Report, 2008.)
- Obese employees cost private employers approximately $45 billion a year due to medical expenses and excessive absenteeism (Weights and Measures: What Employers Should Know About Obesity, by Barbara Rosen and Linda Barrington, The Conference Board, 2008).
- Companies are projected to pay an average of $9,312 per employee for health care in 2008, up from $6,385 in 2003 (2008 Health Care Cost Survey, Towers Perrin).
- Health insurance costs are the fastest-growing cost component for employers (“Will Health Benefit Costs Eclipse Profits?” McKinsey & Company, September 2004).