The Associated Chambers of Commerce & Industry of India
"The Knowledge Chamber: Serving the Nation since 1920"

Corporate Wellness can save India Inc revenue to US$ 20 bln: ASSOCHAM

 

Monday, January 15, 2018


New Delhi, January 15, 2018:
Adoption of Corporate wellness program can save India Inc. income up to US$ 20 billion by 2018 through a reduction in absenteeism rate by 1.00 percent and at the same time improve chronic and lifestyle diseases of corporates and employees, according to the Associated Chambers of Commerce and Industry of India (ASSOCHAM) latest paper. 
 
The chamber analysis further reveals that on an average for every rupee being spent on employee wellness programme, employers get Rs. 132.33 as a saving on absenteeism cost and Rs.6.62 back as reduced health care costs.
 
These findings are condensed in a paper based on the paper ‘Corporate Wellness Programme: Benefits to Organisation & Economy” covered sectors like Engineering, FMCG, Financial Services, IT/ITeS, Infrastructure, Market Research/KPO, Media and Real Estate.
 
The paper also found that 83 per cent of respondents are willing to contribute a percentage of their salary in company sponsored wellness program; however 17 per cent are not at all willing to participate in it, adds the paper.
 
 
On impact of wellness program to corporate employees across sector, the paper disclosed that among IT/ITeS sector employees, 93 per cent feel that company sponsored wellness program act as a motivating factor for them. However 7 per cent feel depressed about the healthcare program.
 
 
 
About 60 per cent employees engaged in media sector consider wellness program as a motivating factor, whereas remaining 40 per cent feel that it acts as a depressing factor. However, in case of FMCG, 75 per cent of employees feel that  it act as a motivating factor, however, 25 per cent consider it as a depressing factor. In financial sector, 84 per cent of employees favor the wellness program while 16 per cent of respondents not interested to participate in these kind of programs, noted the paper.
 
In rest of sectors 100 per cent of employees consider company sponsored wellness program act as a motivating factor for them.
 
Table 6.1: Employees perspective: Motive of participation in a wellness program (Employees in %)
Sector
Concern to lead a healthy life
Incentive from company
Both
Engineering
75
19
6
FMCG
75
13
12
Financial Services
73
27
-
IT/ITeS
55
34
11
Infrastructure
20
60
20
Market Research/KPO
90
10
-
Media
70
30
-
Real Estate
33
60
-

Source : ASSOCHAM
 
The ASSOCHAM observed that out of top 500 Indian companies that are working towards CSR initiatives, offer healthcare programs and facilities in nearby areas where their factory outlets are located and many are serving in rural blocks/districts/village. But ironically 42 per cent of them ignore employee health care as they do not offer any wellness program to them.
 
 
However, the chamber noticed that despite the availability of preventive health care benefits through medical plans, most of the respondents do not take advantage for getting routine health care examination. As some are not aware about benefits that exist and some hesitate to ask. Almost 76 per cent of employees deny accepting that "it"- heart disease, cancer, diabetes, or stroke can happen to them.
 
About 48 per cent of respondents informed that their organization offer corporate wellness program. Out of which 62 per cent of the employees feel that the present wellness program run by their organization needs improvement.
 
However, out of the 52 per cent of the employees revealed that their company do not run any wellness program, 51 per cent of the survey respondents say if in future their company initiates any employee wellness program they would surely participate in it.
 

About ASSOCHAM:

ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org.
 
 
For further details, please contact:
Manju Negi                                                            AVDHESH SHARMA   
ASSOCHAM                                                             ASSOCHAM   
manju.negi@assocham.com                          avdhesh.sharma@assocham.com
011-46550509;                                                         011-46550508;  
 

 

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