Article: Holistic wellness at work: A new paradigm for thriving cultures

Culture

Holistic wellness at work: A new paradigm for thriving cultures

The future of workplace wellbeing is evolving, integrating physical, mental, and financial wellness. Explore how organisations are innovating to drive employee engagement and productivity.
Holistic wellness at work: A new paradigm for thriving cultures

Over the years, the way we think about workplace and employee wellbeing has changed dramatically. It’s no longer just about offering basic perks—it’s about truly understanding what people need to feel healthy, supported, and fulfilled. Today, wellbeing is a much broader concept, covering physical, mental, and financial health, but also emotional, social, and even spiritual wellbeing.

Some companies are taking it even further. They’re looking at how to create meaningful jobs, help employees build sustainable work habits, support better leadership, and foster cultures that make people feel safe, included, and valued.

If we think about where it all started, many organisations focused on physical health—offering health camps, fitness programs, and medical checkups. Over time, mental health became a bigger priority, with Employee Assistance Programmes (EAPs) providing counselling and stress management. These efforts really came into focus during the pandemic, as employees leaned on these resources more than ever to get through tough times.

Wellbeing has come a long way, and it’s clear we’re still learning how to make work truly work for everyone.

The health and wellness market

The global health and wellness market is on a remarkable growth trajectory. According to Vision Research reports, it was valued at USD 4.9 trillion in 2022 and is projected to soar to USD 13.8 trillion by 2032, encompassing a wide array of products, services, and techniques designed to promote health and overall wellbeing.

In India, the wellness market is thriving as well, expected to surpass USD 72 billion by 2025. These impressive figures highlight the expanding significance of wellness and its promising future. Among the newest and most impactful trends in this space is financial wellness—a concept centred around an individual’s ability to make sound financial decisions, manage their finances effectively, and reduce financial stress.

Financial wellness programs offer tangible benefits, fostering greater employee engagement by empowering individuals and increasing their overall satisfaction. These programs enable employees to handle financial obligations like student loans and plan for their futures confidently.

Employers are embracing various approaches, including workshops on saving, budgeting, debt management, and investing. Some go a step further by offering personalised financial plans through dedicated service providers, tailored to individual needs.

The growing focus on financial wellness stems from a deeper understanding of its impact on mental health and productivity. Financial stress is increasingly recognised as a key driver of mental stress, affecting workplace engagement. PwC’s 2023 study underscores this, revealing that financially stressed employees are less engaged at work, highlighting the need for holistic wellness strategies that address financial health as an integral part of employee wellbeing.

A survey by the India Workplace Financial Wellness Association (2023) reported that 65% of large corporates in India offer some form of financial wellness program. This is increasing in small and medium-sized organisations as well.

Interestingly, a study by Joshi and Kumar in 2023 analysed the ROI of these programs in many large organisations and found an average 3.5 times greater return for every rupee spent on healthcare costs.

Leadership focus

One Mind at Work’s 2024 annual survey of organisations around the globe (representing more than two million workers) found that 67% of senior leaders expressed a commitment to workforce mental health, and 74% of organisations now invest in some form of mental health training.

Organisations are also holding leaders more accountable for the environments they create beyond their financial performance. Mercer shares that in 2024, 50% of executives will have employee health and wellbeing metrics on their scorecards (up from 20% before the pandemic).

Innovation and technology

A lot of innovation is defining the future of employee wellness, connecting interdisciplinary insights, developments in technology, AI, and new cultural and leadership practices. With the growing adoption of telehealth and digital therapeutic tools, including games, a wide range of new apps and technologies—such as AI-powered virtual reality (VR) experiences—are increasingly being integrated into workplace well-being programs.

Both from the diagnostic side and the service or solution provider side, there is heavy use of digitisation, technology, machine learning, and AI. From the user or employee side, it helps organisations identify patterns or emerging themes leading to stress in the system and impacting employee well-being and engagement.

As a solution, some EAP or physical wellness apps leverage chatbots, coaches, diagnostic tools, AI-generated therapists, or personalised training schedules.

Mental health considerations

Last but not least, in the mental health space, organisations need to be cognizant of the law of the land as they ensure that organisations proactively care for workplace health and take responsibility for the cultures they promote.

For example, in the UK and Australia, mental health considerations are integrated into health and safety laws, thus employers must assume a duty of care to prevent and mitigate mental health ill-health risks alongside physical ones. Singapore’s Ministry of Health has recently boosted efforts to address its population’s mental health, including legislation targeted toward employment practices.

The future of workplace wellbeing is rich with opportunity and a big lever for employee engagement, enhanced productivity, and a thriving culture.

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Topics: Culture, Life @ Work, #Future of Work, #Wellbeing

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