Why your company needs a wellbeing strategy
Studies show that healthcare costs continue to increase faster than base inflation rates. Aon’s 2022 Global Medical Trend Rates Report found the average rate for medical costs is 7.4% (7.2% in 2021). The ongoing increase represents a challenge for employers and human resources managers controlling healthcare related costs.
According to the World Health Organization (WHO), nearly 70% of deaths worldwide are associated to conditions such as cancer, stroke, heart disease, diabetes, and chronic lung disease. In addition, depression and anxiety cost the global economy $1 trillion per year in lost productivity, also according to the WHO.
At Aon, we believe employers can do more for their employees’ wellbeing and productivity, particularly if we acknowledge there is a direct correlation between health and performance.
Progressive employers recognize that employees spend a significant amount of time at work; thus, they are well placed to support workers to be healthier, which in turn benefits everyone. Employers that are committed to positively influencing employee health and promoting behavior change, should start with a review of their own values and ensure that their corporate culture is truly aligned. Also, embedding lifestyle change models into a wellbeing strategy can significantly be enhanced if technology and data are utilized.
The popularity of mobile platforms such as tablets, smartphones, wearables, and smartwatches continue to facilitate the rapid expansion of the mobile health market – a market that some predict will be worth more than $150 billion by 2025.
From a preventive and lifestyle perspective, mobile apps such as Well One by Aon can be an effective way of engaging employees about their health, helping employers obtain key metrics and triggering behavioral changes, by introducing an element of gamification and social connection, while promoting health.
In conclusion, the approach toward workplace wellbeing needs to evolve. There’s plenty information that demonstrates the correlation between health problems and productivity also proving that, while people are generally living longer, they are doing so in deteriorating health.
Considering everything that is currently happening with the aftermath of the pandemic, employers should deliver a real influence, creating wellbeing strategies and a work culture that supports both productivity and health.
In fact, in a recent benefits study conducted by Aon, 46% of participating local companies said they are evaluating expanding investment in wellbeing programs in the coming year.
Are you up for the challenge? Watch the following video about the health solution, Wellbeing by Aon, for details.