Corporate Wellness becoming a norm opens up opportunities
Companies and sectors benefiting from this opportunity
The market is lagging behind and needs more corporate wellness programme suppliers; opportunities particularly for:
- Data-driven solutions
- Wearables e.g. smartwatches and activity trackers
- Software platforms
- Expertise in 'prevention'
The reputation of Finland as a health- and wellness country, advanced technology, expertise in the 'prevention' allows favourable situation for companies interested in the market.
Team Finland activities available for Finnish companies
Business Finland's London office has excellent knowledge of the market as well as local networks and contacts which will ease the market entry.
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Read more about this opportunity
The corporate wellness services industry is growing and approximately 45% of UK companies have a corporate wellness programme in action. The industry is forecast to grow at a nearly 3% annual rate which indicates faster growth than in the overall economy. However, as even The Secretary of State for Health and Social Care Matt Hancock acknowledges the UK is lagging behind. More attention needs to be directed to prevention in health care and both public and private companies are pressured to invest in corporate wellness programmes.
The core of corporate wellness is the realisation that improved health of an employee has a positive impact on the employee's performance. Regardless of if the company is small-, medium-, or large it will benefit from investing in corporate wellness. Current suppliers are wellness service providers that offer in-house, as well as outsourced, health management services. The industry consists of approximately 90 businesses that employ over 3350 people – however most companies employ less than 20 people. The industry is expected to have a medium level of market share concentration in the next 5 year where four top players hold majority of the market share. Easy access for clients, customisable product portfolio and good reputation are key enablers for success.
Most demand for corporate wellness programmes is coming from large, global organisations where costs of services can be spread over the infrastructure. Also local companies invest in corporate wellness but often choose to use outsourced wellness providers such as corporate memberships to wellness clubs. Smallest of companies tend to organise health and wellbeing activities independently. In the future, most medium-size companies will invest in a corporate wellness programme which will create need for more suppliers.
Technology, data, and increased understanding of employees' motivation to stay healthy are in focus of future corporate wellness programmes. Data integration is the biggest driver including software platform and wearables. Employee engagement platforms where wellness incentives are integrated with other employee activities are gaining popularity and these often use gamification features. The future outlook of corporate wellness in the UK creates opportunities for Finnish companies. The greatest opportunity is for companies who adapt to sufficient technological, data-driven analytics combined with wearables, such as smartwatches and activity trackers.
Technology-savvy millennials are demanding greater work-life balance and the stress management segment is likeliest to have the fastest growth. Out of all corporate wellness issues the mental health issues have the biggest impact on employee's performance.
The key message for Finnish companies is that the corporate wellness market in the UK is growing and companies must respond to the Government's pressure. The reputation of Finland as a health- and wellness country, advanced technology, pioneers in the 'prevention' allows favourable situation for companies interested in the market.