CHICAGO, Feb. 23, 2017 /PRNewswire/ -- Shortlister, the leading authority in sourcing human capital and wellness providers, released new research that provides insight on the future of the well-being industry and what employer purchasers are seeking from the vendor market.
Shortlister surveyed the well-being subject matter experts at the nation's top employee benefits consultants to get their take on the state of the wellness/well-being industry. The findings of this survey are contained in the Shortlister Well-being Industry Prospectus 2017 report.
The experts indicated that:
- Employers are unanimously:
- Shifting to an approach of total "well-being" that includes emotional and financial well-being, rather than the traditional approach, which only addressed physical health
- Adding more niche solutions (e.g., diabetes management, financial wellness, etc.)
- 2 out of 3 respondents reported an increased demand in:
- Prioritizing wellness/well-being initiatives as a strategic business objective
- Looking for a platform/hub partner to thoughtfully integrate their benefit initiatives
- Mobile-first or native mobile apps to improve member access to wellness resources
- The largest negative trend observed was employers actively moving away from carrier wellness programs in favor of third-party vendors
"One factor that surprised us was seeing how these trends are accentuated in the large employer market" said Joe Miller, President of Shortlister. "Large employers are driving the demand for the emerging well-being solutions, such as financial wellness and stress or resilience programs. Small and mid-sized employers are later on the adoption curve and the market is slow to provide solutions to these down-market employers."
One of the primary areas that the experts predicted would help bolster the effectiveness of well-being programs, was in the approach to employee engagement. 50% of respondents indicated this was a key area of impact, as employers turn away from the "wellness" moniker and look to adopt a more holistic approach to employee health, engagement and emotional well-being.
"What we found most promising about the future of the well-being industry was a growth in genuine interest from employers to implement resources that support a holistic approach to employee well-being," said Tom Ciccotti, Shortlister's Executive Vice President. "From financial wellness to emotional well-being programs, we're observing a clear shift away from attempting to quantify an ROI solely in terms of medical claim reduction to the realization that the right well-being initiatives can foster a culture where employees feel appreciated, empowered and view their organization as an "employer of choice".
Shortlister is the premier source for employee benefits consultants and employers to source vendors in the human capital space. Their specialty areas include wellness companies, disease management vendors, employee assistance programs, financial wellness vendors, benefits administration solutions, ACA compliance software and many more.