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Financial Planning
January 11, 2023

Corporate health and wellness trends for 2023

The past few years have made people realise how much they value their health – and at the same time, companies now appreciate how much they need their employees to stay healthy and productive. For this reason, employee wellness is set to become an increasing priority, as companies look to keep their employees happy and productive in a sustainable and balanced way. According to the 2022 Employee Wellness Industry Trends Report by Wellable Labs, 76% of US companies are investing more in stress management and resilience resources for their team members.

In South Africa, it makes sense that this trend of investing more in employees’ wellbeing will hit our shores too, if it hasn’t already. For some companies this could look like investing in a formal wellness offering, while for others it may be finding a way to help employees live a more balanced life, or even just offering them more personal support than they’ve had before.

With that in mind, here are four wellness trends that we should see in companies in 2023 and beyond:

1. More of a work/life balance

The move to working from home during lockdown was a drastic change for many people, but also held many unanticipated benefits: employees spent less time commuting, they were more productive due to fewer distractions, and they had more time to do things like exercise and be with their families. But with the gradual return to the office, companies are now being reminded of the advantages of having their employees on site – higher morale, better problem solving and a general sense of employee wellbeing due to the physical connection of being around others. To get the best of both worlds, many companies have now introduced a hybrid work policy, where employees come into the office for part of the time and work from home for the rest. This mix seems to promotes a better work/life balance for all, and looks set to continue.

2. Valuing mental health

As the longer term economic and social effects of the pandemic have become clearer, mental health issues have arisen among people of all ages. Companies have therefore come to value the importance of mental health for their employees, especially in terms of managing things like burnout and work satisfaction. Companies are therefore starting to promote mental health in the workplace more than ever – whether that means giving their employees more time off, more flexible work hours, or even just lessening the stigma of employees asking for support if they’re struggling with their mental health.

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3. Increased corporate medical aid take up

For many small to medium enterprises, the prospect of offering medical aid to employees may have seemed like an unattainable luxury in the past. However, now that the job market is becoming increasingly competitive in terms of attracting skills and experience, companies

may be looking for ways to attract these employees – and retain them to reduce staff turnover which affects any business’s bottom line. Many medical aid schemes in South Africa have a corporate offering that’s especially geared towards companies offering their employees a medical aid option as part of their benefits. Fedhealth, for example, has a corporate medical aid offering that includes a range of plans, from entry-level options that are more affordable for low-income earners, to comprehensive cover for employees with families.

4. Financial wellbeing

With the current economic situation having already been exacerbated by the pandemic, many people are feeling overwhelmed when it comes to their personal finances, whether it’s making their salary stretch, or dealing with debt. Few things impact our stress levels more than money worries – and this stress affects an employee’s overall health, wellbeing and work productivity. For companies focusing on employee wellness, this could now include a financial focus too, whether it’s financial assessments and advice, financial planning support or even financial education sessions for employees.

While the last few years have been challenging for both employees and companies, it’s also been a time of change that has resulted in some positive effects, such as prioritising our health and wellbeing. Companies who want to survive this turbulent climate need to show that they value their employees and one way of doing this is by offering a holistic package that takes care of many facets of an employee’s life, from health to finances – and everything in between.

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