Wow – it’s already February? 2024 is certainly off to a fast start!
A new year often involves exploring a new approach to life, including exercise and diet according to a recent Forbes poll.
Behavioral scientists refer to this as the fresh start effect, using a popular landmark in time to try something different to achieve new goals.
While this usually applies to people trying to achieve their New Year’s Resolutions, this new mindset can also apply to organizations committed to raising the bar on areas such as productivity, employee engagement and health and wellness – all of which are linked to successful businesses.
The latter should be a particular focus of companies in the Asia Pacific as various reports – including one from Aon – indicate employer-sponsored medical plan costs are expected to continue to rise this year. This after doubling over the past 10 years!
This is attributed partially to the after effects of the COVID-19 pandemic with CNBC reporting last September that mental health was a particular area of concern. Chronic conditions such as physical inactivity and poor stress management have also been on the rise which contribute to expensive health care treatments and lost productivity through absenteeism.
It’s for these reasons – and many others – that organizations need to realize that prioritizing the health and wellness of their employees represents an investment – not an expense.
Say ‘No’ to the status quo
With medical costs rising, organizations ultimately have two choices:
Stay the course and hope that these increases subside
Take the initiative to address these costs.
Aon highlighted several ways that organizations can take proactive measures to address cost increases which would have the dual effect of benefitting their employees’ health and wellbeing. This includes long-term initiatives such as:
Developing a ‘value-based’ design that provides employees with a flexible way of choosing benefits to meet their individual needs and goals
Implementing wellbeing initiatives that can help reduce stress and improve health that serve to provide preventative care
The good news is that such proactive measures are being increasingly implemented and paying dividends. According to Aon’s 2022-2023 Global Wellbeing Survey:
Forty-nine per cent of employers have increased their investment in wellbeing initiatives since 2020, and
The effectiveness of these initiatives have doubled
With these positive results, isn’t it time for more organizations to step up to the plate and invest in health and wellness?
Update on launch of platform
As I have shared in recent blog posts, our company is in the midst of developing a new platform that will provide access to a range of resources and services focused on health and wellness. It will help address many of the current issues organizations are grappling with through a collaborative, one-stop shop.
If your organization is interested in learning more about the platform – or a vendor interested in exploring this opportunity – send an email to email@example.com. We would be happy to provide an overview along with arranging a demo of the platform which is expected to enjoy a soft launch in the second quarter of this year.
With a new year just started, this is a perfect time to review your current operations and consider a fresh start to your company’s approach towards health and wellness.