Investment in employee wellbeing can reduce absenteeism and boost productivity
Melbourne, Australia (PRWEB) July 24, 2012
The Corporate Wellness Services industry in Australia is in good health. According to IBISWorld analyst Steven Connell, “the industry recorded robust growth over the past five years as companies and government recognised the benefits of promoting health and wellbeing in the workplace”. A wealth of research conducted during the past decade has shown that investing in employees' health and wellbeing can have enormous benefits in terms of reducing costs associated with absenteeism and injury, and boosting productivity. Growth in the industry has also been driven by government programs that check the health of employees and promote healthier lifestyles. During 2012-13, the industry will again receive a clean bill of health as businesses desire to boost productivity and government programs and grants underpin revenue growth of 7.4% to $134.2 million.
The Corporate Wellness Services industry is expected to have a low level of market share concentration. The industry comprises a fairly large number of small and medium-size businesses. Barriers to entry are low and the industry is growing. “This means more small players are entering the industry, and existing small players are growing to become medium-size firms, expanding geographically and in terms of the services offered” says Connell. UK-based health services giant BUPA recently acquired major industry player PEAK in order to expand into the industry. Additionally, global employment services firm Ingeus recently expanded its Australian operations with the acquisition of psychology services provider Assure. Thus, although concentration is considered low, it is increasing.
The industry is expected to remain in good shape during the five years through 2017-18.
Government programs and grants designed to promote healthier lifestyles among employees will continue to underpin industry growth, particularly in Victoria, although other states are expected to follow suit. The industry will also benefit as strengthening economic conditions and a desire to boost productivity encourages businesses to invest in corporate wellness. The continuing shift from blue-collar to white-collar professions in Australia and a cyclical upturn in the finance and insurance sector will also support investment. Online delivery of wellness services such as fitness and dietary programs and health and fitness monitoring is forecast to expand over the next five years. For more information, visit IBISWorld’s Corporate Wellness Services industry report in Australia industry page.
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IBISWorld industry Report Key Topics
This industry includes companies that primarily provide workplace programs that offer a combination of educational, organisational and environmental activities designed to support behaviour that is conducive to the health of employees in a business, and their families. This does not include programs designed internally by existing human resources personnel.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Technology & Systems
Regulation & Policy
About IBISWorld Inc.
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.