Partner Article

Everyone's banking on your health: the surprising business of wellbeing

Gone are the days when it was only your GP and your boss concerned about your health. In an unexpected twist, a diverse array of businesses are now banking on your wellbeing. From gyms to credit card companies, there's a growing recognition that a healthy customer is good for business. We can look through rose-tinted glasses and imagine a world driven solely by social responsibility, but ultimately it is that shift in responsibility that is reshaping business models and consumer experiences across industries. As we unpack this phenomenon, we'll explore how this unlikely alliance of businesses might just be the key to tackling some of our most pressing health challenges.

The usual suspects and new players 

Traditionally, the responsibility for our health has fallen squarely on the shoulders of the NHS and, to a significant extent, our employers. Companies have long understood that a healthy workforce is a productive one, driving the development of comprehensive employee health benefits, from private health insurance to on-site gyms and mental health support. Let’s not be too cold about this, either - the majority of founders and ‘People’ heads do legitimately care, and want to find the best wellbeing options for an increasingly diverse workforce. 

But now, we're seeing an intriguing expansion of this concept beyond the workplace. Employers are realising that their employees' health is influenced by factors outside the office, and they're looking for ways to support wellbeing in all aspects of life.

Take, for instance, the world of financial services. Innovative credit card companies are now looking to offer points for healthcare instead of hotels. It's a startling shift in priorities that reflects a growing understanding of health as a valuable commodity. Even more surprisingly, gyms and leisure centres could be just as, if not better placed to be providing the benefits you’d traditionally expect of an employer. They’re transforming from places focused solely on fitness to comprehensive health and wellbeing hubs. Surely the very place that individuals visit to improve their physical wellbeing could also be extending to broader health benefits too? Now, these hubs are moving past the concept of fitness and focusing more holistically at the concept of ‘healthy’ in every aspect of life.

Unconventional health champions

Consider the transformation happening in the gym industry. Traditional gyms are evolving into community health hubs, offering not just exercise equipment but comprehensive health services. They're partnering with physiotherapists, mental health providers, and nutrition experts to provide holistic health support. Why? Because they've realised that a gym membership isn't just about looking good anymore – it's about being healthy. And healthy visitors lead to membership longevity, and member retention. 

These gyms are becoming social hubs too, with WhatsApp groups, community events, and health education programmes. Some are even offering workspace facilities, recognising that health and lifestyle integration is key to member retention. When members view their gym as a comprehensive health resource rather than just a place to exercise, they're more likely to maintain their memberships and engage with the community long-term.

The business case for health 

So why this sudden interest in our health from such diverse quarters? The answer lies in a fundamental shift in how businesses view health investment. While there's certainly a profit motive, organisations are discovering that health investment delivers returns far beyond the immediate bottom line.

Consider these compelling numbers: Work-related stress and burnout cost the UK economy £28 billion per year, with 23 million working days lost annually to poor mental health. For organisations, the business case is clear - investing in preventive health is a strategic imperative.

For gyms and leisure centres, the evolution into health hubs makes perfect business sense. Some facilities report significant engagement increases when they offer personalised health services alongside traditional fitness options. This creates a virtuous cycle: healthier members are more engaged, leading to better retention rates and enabling further investment in health services.

This approach extends across sectors. Universities see better academic performance from healthier students. Retail businesses benefit from more engaged customers. Even traditional financial institutions are beginning to view health as an investment rather than a cost centre. The cost of replacing skilled employees can range from 50% to 200% of their annual salary - suddenly, investing in comprehensive health support doesn't seem so extravagant.

Stretching further: opportunities and growing pains

While this trend towards business investment in health is largely positive, it's not without its challenges. There's a fine line between supporting health and exploiting it for profit. We need to be vigilant about data privacy and ensure that health information isn't misused for marketing purposes. There's also the risk of creating a two-tier health system, where those who can afford premium services get better care.

As technology continues to advance, particularly in areas like wearable devices and AI-driven health monitoring, we're likely to see even more businesses getting involved in health promotion. The key will be harnessing this corporate interest for the greater good through partnerships between businesses, healthcare providers, and public health bodies.

The growing business interest in our health presents both opportunities and challenges. As HR professionals, we're uniquely positioned to shape how this trend develops within our organisations. By embracing innovative approaches to employee wellbeing, we can improve the health of our workforce while contributing to a broader societal shift towards prioritising health. In a world where everyone's banking on our health, let's make sure we're investing wisely.

Article written by David Joerring, CEO and Founder of HealthKey

This was posted in Bdaily's Members' News section by HealthKey .