Workplace Wellness Market: Partnership and expansion strategies to improve workplace wellness services
Market players have been adopting various strategies to solve existing issues and provide improved services to employees across the globe. Partnership and expansion are among the major strategies adopted by them. Integrating capabilities of both companies will result in better services than before. These services are aimed at ensuring the wellness of different aspects such as stress, physical, and others of employees. Moreover, expansion strategy is adopted to ensure mental wellness and provide ease in access to therapists for employees. The demand for workplace wellness services will expand in the coming years. According to the report published by Allied Market Research, the North America workplace wellness market was valued at $15,755.33 million in 2020, and is projected to reach $24,298.52 million by 2028, registering a CAGR of 5.9% from 2021 to 2028.. Following are some of the activities taking place across the world.
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Rise in incidence of chronic diseases, and increase in awareness and implementation of wellness programs by employers are the prime factors fueling the growth of the global workplace wellness market. On the other hand, huge costs levied to the respective companies curb the growth to some extent. Nevertheless, untapped developing economies are expected to create a plethora of opportunities in the near future.
Partnership is one of the major strategies adopted by market players to combine expertise and provide improved solutions. Myzone partnered with workplace wellness platform provider Wellonomics. Myzone solutions will be integrated into the Wellnomics app for encouraging clients in improving physical activities. Wellnomics has been instrumental in offering an innovative approach to improve happiness and well-being of a team of employees in a workplace. The platform provides a thorough assessment of different factors such as sleep, stress, health, financial, social, and work.
Commenting on the partnership, Glen Thurgood, the CEO at Wellonomics, outlined that the integration of Myzone platform will improve engagement of employees and provide fun to enhance physical activities. The purpose of the partnership is to combine expertise of both companies to precisely measure and offer positive change in well-being through enhanced engagement. David Stalker, the CEO at Myzone EMEA, commented that increasing digital initiatives by partnering with other players is crucial in bringing benefits of physical activities to more employees than before. This partnership will result in better understanding of needs of employees and increase the standards of service provided to them.
Along with partnerships, expansion is another strategy adopted by market players to raise their market share and serve more customers. Plumm, one of the leading U.K.-based workplace wellbeing services providers, expanded its operations in the U.A.E. The company aims to reduce the issue of burnout of employees in the U.A.E. Mental health is one of the major priorities of employees and Plumm aims to promote workplace wellness by bridging the gap existing in availing therapy. The firm will provide access to therapists through video or chat support. With over 150 accredited therapists and specialized coaches available to offer their services, the firm can provide personalized services employees. Plumm will provide employers a fully anonymized real-time analytics platform for offering a better understanding of overall wellbeing of their teams.
