Decoding Insurance

Understanding the changing dynamics of employee wellness in 2022

Understanding the changing dynamics of employee wellness in 2022

If there’s one thing that the Covid-19 pandemic has taught us, it is that strong human values and a general sense of compassion can go a long way. And a concept that has really come of age in these difficult times is Corporate Insurance or Group Health Cover. Until two years back, Corporate Insurance was largely  seen as a customary employee benefit offered by large corporates. In the past two years, it has made the essential shift from being an emergency fund to becoming a healthy lifestyle companion. 

On the topic of employee wellness, the corporate world has moved beyond the distinction of big or small firms and ventured to do right by each employee. Now, as we are grappling with the third wave of the deadly pandemic and reports of a new variant are already out, it has become vital for employers to understand the evolving nature of Group Health Insurance.

Employers must take a holistic approach to guaranteeing their employees' emotional and physical well-being. To maintain general wellness, the plans should include wellness programmes, mental health counseling, yoga sessions, and gym memberships. Apart from that, they can use technology to keep track of staff health. Employees might be rewarded or given wellness points based on their fitness level. Smart-wear or smartphone apps may effortlessly track physical activity, sleep, and water consumption, and share that information with a specific group of people. 

 Further, according to reports, 78% employees have stated that they would stay associated with an organization for a longer period of time if the company offers comprehensive group health cover. In addition to that, when employers invest one dollar in the employee wellness program it yields about 6 dollars in holistic care savings. Lastly, improving the management of mental health in the workspace could enable employers in saving upto 30% or more of these costs. These reports conclude that there is a direct correlation between wellness services offered by employers and the productivity business goals of the employee company. Thus, employers must keep up with the quick pace of change in the corporate sector, especially in light of the COVID-19 outbreak. The pandemic has pushed the importance of overall wellness in the spotlight.

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