Consulting Firms Offering Wellbeing Solutions
To create case studies of wellbeing initiatives delivered to companies by small or big (including the big four) consulting firms that focus on positive psychology or employee wellbeing to deliver better strategic or commercial outcomes for these companies. In addition, to find out if Deloitte has done anything in this space and what language Deloitte is using.
Deloitte's "2018 Global Human Capital Trends" Report
- Deloitte's "2018 Global Human Capital Trends" report states that "more than 40 percent of all workers face high stress in their jobs, negatively affecting their productivity, health, and family stability."
- While hourly workers complain of inflexible schedules, white-collar workers complain about job-related emails and messages that hamper their personal lives. As a consequence, executives are working more and taking less vacations now than earlier.
- Deloitte's millennial survey has revealed that a majority of millennials in 19 out of 30 countries believe that they are not going to be happier than their parents.
- Research has revealed that the "costs of lost productivity are 2.3 times higher than medical and pharmacy costs."
- A study conducted by the Dow Chemical Company has revealed that 'presenteeism' (the phenomenon of the employee being physically present at the job for more hours than required) cost the company "an average of $6,721 per employee per year."
- As a consequence, above $2 billion worth of venture capital has been invested in the last two years in creating wellbeing tools, apps, and videos to assess and monitor the wellbeing of employees.
- The corporate wellness market in the US was valued at $8 billion in 2018. This is expected to reach $11.3 billion in 2021.
- In the Deloitte report, 86% of the surveyed employees stated that they value flexible schedules the most. However, only 50% of the companies surveyed have such schedules.
- The percentages of the other parameters that employees prefer vs the percentages of the companies that offer these are as follows: telecommuting (70% vs 27%), designated wellness space in office (67% vs 27%), wellbeing expense reimbursements (67% vs 26%), healthy snacks (63% vs 32%), employee assistance programs (63% vs 30%), mental health counseling (60% vs 21%), wellness counseling (60% vs 35%), health monitoring (59% vs 24%), and back-up daycare (53% vs 8%).
- A company that has integrated wellness into its business strategy is Danone, the multinational food company. Danone's "Dan’Cares program provides medical coverage for most significant health-related risks." Also, Danone has started a global parental leave policy.
- Consulting firms like Limeade and VirginPulse have tapped into the corporate wellness market by offering corporate wellbeing solutions to executives through their respective integrated mobile apps.
Case Study#1) The Wellbeing Project
- The Wellbeing Project is a UK-based consulting firm that "focuses on the wellbeing and performance of the organization as well as the physical and mental performance of the individuals within it."
- The Wellbeing Project works with companies in several industries and provides services like leadership training, resilience training, health promotion workshops, wellbeing workshops, and stress management programs.
- The Wellbeing Project has its own Virtual Wellbeing Academy that offers wellbeing programs to remote workers. The company also conducts psychometric tests, assessments, and audits to offer complete wellbeing solutions to employees.
- The vision of The Wellbeing Project is putting "healthy high performance, resilience, and wellbeing at the heart of every business." Its mission is making "it as easy as possible for employers to create a culture of wellness where employees excel and businesses thrive."
- The wellbeing programs conducted by The Wellbeing Project have resulted in an average return on investment (ROI) of 4.2:1.
- The Wellbeing Project has delivered successful wellbeing programs to companies like Scottish Water, Lend Lease, EDF Energy, the Royal Shakespeare Company, Allianz Insurance, and Macmillan Cancer Support, among others.
Summary of the Initial Research
- In the one hour allotted for our initial research, we could not find any information about the wellbeing solutions offered by Deloitte to other companies. However, we found that Deloitte has its own wellness program for its employees. Deloitte has conducted research around the importance of wellbeing programs for corporates titled the "2018 Global Human Capital Trends." We utilized this report to present what Deloitte is saying about wellbeing programs.
- We also presented a case study of The Wellbeing Project, the UK-based consulting firm that offers wellbeing solutions to companies. In absence of any mention about the geographic scope, we conducted a global search. There are several other such consulting firms, both small and big, that offer wellbeing solutions to companies.
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